Qiagen N.V.

Annual Report (ESEF) • Apr 28, 2025

qgen-2024-12-31-en iso4217:USDiso4217:USDxbrli:sharesxbrli:shares54930036WK3GMCN17Z572024-12-3154930036WK3GMCN17Z572023-12-3154930036WK3GMCN17Z572024-01-012024-12-3154930036WK3GMCN17Z572023-01-012023-12-3154930036WK3GMCN17Z572022-12-3154930036WK3GMCN17Z572022-12-31ifrs-full:IssuedCapitalMember54930036WK3GMCN17Z572022-12-31ifrs-full:SharePremiumMember54930036WK3GMCN17Z572022-12-31ifrs-full:RetainedEarningsMember54930036WK3GMCN17Z572022-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930036WK3GMCN17Z572022-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930036WK3GMCN17Z572022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930036WK3GMCN17Z572022-12-31ifrs-full:TreasurySharesMember54930036WK3GMCN17Z572023-01-012023-12-31ifrs-full:RetainedEarningsMember54930036WK3GMCN17Z572023-01-012023-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930036WK3GMCN17Z572023-01-012023-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930036WK3GMCN17Z572023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930036WK3GMCN17Z572023-01-012023-12-31ifrs-full:SharePremiumMember54930036WK3GMCN17Z572023-01-012023-12-31ifrs-full:TreasurySharesMember54930036WK3GMCN17Z572023-12-31ifrs-full:IssuedCapitalMember54930036WK3GMCN17Z572023-12-31ifrs-full:SharePremiumMember54930036WK3GMCN17Z572023-12-31ifrs-full:RetainedEarningsMember54930036WK3GMCN17Z572023-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930036WK3GMCN17Z572023-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930036WK3GMCN17Z572023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930036WK3GMCN17Z572023-12-31ifrs-full:TreasurySharesMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:IssuedCapitalMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:SharePremiumMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:RetainedEarningsMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930036WK3GMCN17Z572024-01-012024-12-31ifrs-full:TreasurySharesMember54930036WK3GMCN17Z572024-12-31ifrs-full:IssuedCapitalMember54930036WK3GMCN17Z572024-12-31ifrs-full:SharePremiumMember54930036WK3GMCN17Z572024-12-31ifrs-full:RetainedEarningsMember54930036WK3GMCN17Z572024-12-31ifrs-full:ReserveOfCashFlowHedgesMember54930036WK3GMCN17Z572024-12-31ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember54930036WK3GMCN17Z572024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember54930036WK3GMCN17Z572024-12-31ifrs-full:TreasurySharesMember QIAGEN N.V. IFRS Annual Report 2024 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 4 Overview Table of Contents Overview 5 Common Shares Management Report 11 Business and Operating Environment 25 Operating and Financial Review 34 Risks and Risk Management 50 Outlook 51 Sustainability Statement Corporate Governance 150 Message from the Chair 153 Governance Structure 155 Managing Board 157 Supervisory Board 163 Board-Related Matters 165 Shareholder Meetings and Share Capital 170 Additional Information 176 Corporate Governance Statement 177 Supervisory Board Report 185 Remuneration Report 209 Responsibility Statement of the Managing Board Consolidated Financial Statements QIAGEN N.V. and Subsidiaries 211 Consolidated Balance Sheets 213 Consolidated Income Statements 214 Consolidated Statements of Comprehensive Income 215 Consolidated Statements of Cash Flows 218 Consolidated Statements of Changes in Equity Notes to the Consolidated Financial Statements Company Financial Statements of QIAGEN N.V. 324 Company Balance Sheets 326 Company Income Statements 327 Company Statements of Changes in Equity Notes to the Company Financial Statements Other Information 345 Independent Auditor's Report 360 Limited Assurance Report of the Independent Auditor on the 2024 Sustainability Statement 365 Appropriation of Net Income Appendices 367 Memorandum and Articles of Association 379 Taxation 385 Government Regulations 398 Controls and Procedures 399 Signatures QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 5 QIAGEN Shares Market Environment In 2024, the global economy experienced modest growth amid a complex landscape of challenges and developments. The United Nations reported a global economic growth rate of 2.8% for 2024, consistent with the previous year and below the pre-pandemic average of 3.2%. In 2024, global stock markets exhibited robust performance, with notable regional variations. The U.S. stock market saw significant growth in 2024, with the S&P 500 gaining 23% and the Dow Jones Industrial Average rising 13%, fueled by strong performances in technology and industrial sectors alongside easing inflation and favorable monetary policies. Many mega-cap tech companies excelled, driven by advancements in AI (artificial intelligence), cloud computing and digital innovation. The German stock market, led by the DAX Index of the 40 largest blue-chip stocks in Germany (which includes QIAGEN), gained 19% in 2024, driven by economic recovery, declining inflation and supportive European Central Bank policies that included rate cuts. Key sectors such as industrials, automotive and renewable energy advanced on strong exports and technological advancements. Global Shares listed in the U.S. and Europe QIAGEN's Global Shares have been traded in the United States since 1996 and are currently traded on the New York Stock Exchange (NYSE: QGEN) and in Germany on the Frankfurt Stock Exchange (XETRA: QIA) since 1997. Since 2003, they have also been listed in the Prime Standard segment, traded on both the XETRA electronic platform and the Frankfurt Börse floor. These shares provide equal rights to all shareholders and are available for trading in U.S. dollars or euros on either exchange. QIAGEN's listing on the NYSE allows us to tap into a broad base of international investors, particularly in the U.S. The NYSE listing supports our visibility in North American markets, where our products are widely used in research and healthcare. Our listing on the Frankfurt Stock Exchange caters to European investors and reflects the integration of QIAGEN into the European economic landscape as a company headquartered in the Netherlands along with a strong presence in Germany. The dual listing on these important stock exchanges enhances QIAGEN’s global investor base and improves liquidity for our shares while increasing the opportunity to attract investors, particularly those in the U.S. restricted to holding only U.S. dollar-denominated investments. Share Price and Liquidity In 2024, QIAGEN, listed as QGEN on the NYSE and QIA on the Frankfurt Stock Exchange, delivered modest growth in a challenging environment for the industry. On the NYSE, QGEN grew about 3%, reflecting a steady upward trend in line with sector peers. Likewise on the Frankfurt Exchange, QIA rose 9% over the year, mirroring the positive trajectory observed on the NYSE. The stock price increase for QIAGEN in 2024 reflected solid financial performance against broader adverse market conditions and sector-specific challenges, leading to relatively flat growth compared to major indices. The post-pandemic economic recovery drove higher demand for diagnostic and research tools, while competition to develop new innovations continued in the Life Sciences sector. Our shares continued to offer high liquidity, with an average daily trading volume of approximately 1.7 million in 2024 – approximately 1.1 million in the U.S. and 0.5 million in Germany. As of December 31, 2024, the free float, which affects weighting of QIAGEN shares in various indices, was approximately 99%. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 6 QIAGEN Shares Shareholder Structure QIAGEN's global investor base includes over 500 identified institutional investors, with approximately 60% in North America, 35% in Europe and the remainder in other regions. As of the end of 2024, the Managing Board and Supervisory Board collectively held less than 1% of QIAGEN’s outstanding Common Shares. Market Capitalization 2024 Year-end market capitalization (in $ million) 9,899 Year-end market capitalization (in € million) 9,569 Annual Shareholder Meeting At the Annual General Meeting on June 21, 2024, in Venlo, The Netherlands, shareholders overwhelmingly approved all agenda items. A total of 76% of QIAGEN shares were voted at the meeting, representing approximately 170.7 million of QIAGEN's 223.9 million issued shares as of the record date. Details of attendance and voting results are available at corporate.QIAGEN.com. Investor Relations and Shareholder Engagement QIAGEN is dedicated to providing shareholders, analysts and global communities with clear, comprehensive and accessible information about its performance, strategy, vision, mission and future prospects. Engagement efforts include individual calls, roadshows and participation in broker-sponsored investor conferences. In June 2024, QIAGEN hosted its Capital Markets Day at the New York Stock Exchange, outlining its strategic vision and financial targets through 2028. QIAGEN's Investor Relations team has been consistently recognized as having one of the top teams in the EMEA region within the MedTech industry and also among the top five in the Healthcare sector. Investor events hosted by QIAGEN have been particularly recognized for improving investor access through virtual formats. 2024 Shareholder Structure by Geography 2024 Shareholder Structure by Investor Type QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 7 QIAGEN Shares QIAGEN Share Indices and Prices - NYSE Our shares have traded on the New York Stock Exchange (NYSE) since 2018 under the symbol QGEN. Prior to the transition to the NYSE, our Common Shares were traded on NASDAQ since the IPO (Initial Public Offering) in 1996 under the same QGEN ticker. New York Stock Exchange (NYSE) 2024 Year-end price $44.53 High $47.44 Low $39.03 Average daily trading volume (in million shares) 1.12 QIAGEN Share Indices and Prices - Germany Our shares, traded on the Frankfurt Stock Exchange (XETRA) under the symbol QIA since a secondary IPO in September 1997, joined the DAX Index of the 40 largest blue-chip stocks in September 2021, reflecting our status among Germany's top publicly traded companies by market capitalization. Frankfurt Stock Exchange (XETRA) 2024 Year-end price €43.05 High €44.13 Low €36.59 Average daily trading volume (in million shares) 0.54 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 8 QIAGEN Shares QIAGEN Historical Share Price History - NYSE The following tables set forth the annual high and low sale prices for the last five years, the quarterly high and low sale prices for the last two years and the monthly high and low sale prices for the last six months on the NYSE. High ($) Low ($) Annual: 2020 55.27 32.97 2021 59.00 45.58 2022 55.12 40.38 2023 51.18 34.74 2024 47.44 39.03 High ($) Low ($) Quarterly 2023: First Quarter 51.18 45.08 Second Quarter 46.99 43.80 Third Quarter 47.70 38.98 Fourth Quarter 43.73 34.74 Quarterly 2024: First Quarter 45.87 42.08 Second Quarter 46.01 39.03 Third Quarter 47.44 39.73 Fourth Quarter 46.66 40.35 Quarterly 2025: First Quarter (through March 26) 47.93 37.63 High ($) Low ($) Monthly: October 2024 45.51 41.51 November 2024 45.35 40.35 December 2024 46.66 43.23 January 2025 47.93 43.55 February 2025 44.20 38.16 March 2025 (through March 26) 40.13 37.63 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 9 QIAGEN Shares QIAGEN Historical Share Price History - Germany The following tables set forth the annual high and low sale prices for the last five years, the quarterly high and low sale prices for the last two years and the monthly high and low sale prices for the last six months. High (€) Low (€) Annual: 2020 46.95 29.55 2021 51.56 37.38 2022 49.37 37.95 2023 48.36 32.74 2024 44.13 36.59 High (€) Low (€) Quarterly 2023: First Quarter 48.36 41.57 Second Quarter 43.47 39.62 Third Quarter 43.39 36.73 Fourth Quarter 40.07 32.74 Quarterly 2024: First Quarter 42.19 38.77 Second Quarter 42.36 36.59 Third Quarter 42.81 36.75 Fourth Quarter 44.13 38.13 Quarterly 2025: First Quarter (through March 26) 47.53 35.00 High (€) Low (€) Monthly: October 2024 41.23 38.36 November 2024 42.69 38.13 December 2024 44.13 40.88 January 2025 47.53 41.35 February 2025 42.84 36.62 March 2025 (through March 26) 37.10 35.00 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 10 Management Report 11 Business and Operating Environment 25 Operating and Financial Review 34 Risks and Risk Management 50 Outlook 51 Sustainability Statement QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 11 Business and Operating Environment Company Overview QIAGEN is a leading global provider of Sample to Insight solutions, enabling customers to extract and gain valuable molecular insights from samples containing the building blocks of life. Our Sample technologies isolate and process DNA (deoxyribonucleic acid), RNA (ribonucleic acid) and proteins from blood, tissue and other materials. Assay technologies prepare these biomolecules for analysis while bioinformatics software and knowledge bases can be used to interpret data to find actionable insights. Automation solutions bring these processes together into seamless and cost-effective workflows. We serve over 500,000 customers globally in Life Sciences (academia, pharma R&D and industrial applications, primarily forensics) and Molecular Diagnostics for clinical healthcare. As of December 31, 2024, we employed more than 5,700 people in over 35 locations worldwide. QIAGEN was founded in 1984 and began operations in 1986 as a pioneer in the emerging biotechnology sector with a revolutionary method that standardized and accelerated the extraction and purification of nucleic acids from biological samples, which means any material containing DNA, RNA or proteins. As molecular biology and genomic knowledge has grown to influence many areas of daily life, we have expanded to serve the full spectrum of market needs while developing new instruments, consumables and digital solutions, partnering with researchers and pharmaceutical companies, and acquiring companies and technologies that best complement our portfolio. We continue to accelerate our portfolio growth and increase our efficiency and effectiveness while also enhancing our customer experience, our corporate citizenship and our position as an employer of choice. Our strategy is anchored by a commitment to deliver solid profitable growth by focusing our resources on a group of Pillars that represented approximately 70% of sales in 2024 and are expected to reach combined sales of approximately $2 billion in 2028. The Pillars involve three product groups where QIAGEN is developing leadership positions: the digital PCR (Polymerase Chain Reaction) platform QIAcuity, the clinical PCR syndromic testing solution QIAstat-Dx and the QIAGEN Digital Insights portfolio of bioinformatics solutions for improved analysis and interpretation of complex genomic data. Additionally, two Pillars involve product groups where QIAGEN has strong top positions and where we want to consolidate our leadership: Sample technologies that are used to gain access to DNA and RNA from a biological sample and the QuantiFERON technology platform for latent disease detection, best known for its use in detecting tuberculosis (TB). Our growth has been funded through internally generated funds as well as through debt offerings and the public sales of equity securities. Our Global Shares are listed on the New York Stock Exchange under the ticker symbol QGEN and on the Frankfurt Stock Exchange as QIA. QIAGEN N.V. is the holding company for more than 50 consolidated subsidiaries, many of which have the primary function of distributing our products and services on a regional basis. Certain subsidiaries also have research and development or production activities. The Company is registered under its commercial and legal name QIAGEN N.V. with the trade register (kamer van koophandel) of the Dutch region Limburg Noord under file number 12036979. QIAGEN N.V. is incorporated under Dutch law as a public limited liability company (naamloze vennootschap) and is organized as a holding company. Our principal executive office is located at Hulsterweg 82, 5912 PL Venlo, The Netherlands, and our telephone number is +31-77-355-6600. Further information on QIAGEN can be found at www.qiagen.com. The U.S. Securities and Exchange Commission (SEC) website at www.sec.gov contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Information contained in, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this Annual Report. We have included our website address in this document solely as an inactive textual reference. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 12 Business and Operating Environment Operating Environment Economic Environment The global economy grew by approximately 2.8% in 2024, consistent with the previous year. This growth trajectory can be attributed to persistent inflationary pressures, elevated borrowing costs and geopolitical uncertainties which continued to weigh on economic performance. While central banks around the world made strides in moderating inflation, the effects of sustained monetary tightening and higher interest rates curtailed growth in developed economies. The U.S. Dollar Index displayed moderate volatility in 2024, influenced by varying monetary policies, fluctuating commodity prices and divergent regional growth trends. Industry Environment Life Sciences and Molecular Diagnostics continued to experience diverging trends in 2024. While weaker markets in China and reduced capital spending on instruments and automation systems created headwinds for the industry, certain sectors saw notable growth, particularly in areas such as infectious disease testing. The pandemic had led to significant growth in the installed base of instruments, and companies were now seeking to leverage this base for other applications in Life Sciences and Molecular Diagnostics. Although numerous smaller companies have emerged in recent years, larger companies such as QIAGEN boast the crucial advantages of better global R&D, distribution and production capacity, as well as brand recognition, to drive the adoption of their platforms like QIAstat-Dx and QIAcuity for expanded use in infectious disease, oncology, academic and biopharmaceutical research. The addressable Life Sciences and Molecular Diagnostics industry segments generate an estimated $11 billion of annual sales and are expected to maintain a healthy rate of single-digit sales growth in the coming years. Key growth drivers include continued research funding to advance our understanding of biology as well as consistently strong medical demand for molecular clinical testing. QIAGEN Products Our leadership in molecular research and testing solutions leverages our product portfolio across a wide range of applications. These are grouped into two main categories: • Consumables and related revenues involve our consumables kits, bioinformatics solutions, royalties, co-development milestone payments and services (89% of total net sales in 2024); and • Instruments and related services and contracts (11% of total net sales in 2024). QIAGEN Product Groups Sample Technologies Sample technologies represent one of our Pillars and includes products involved in the first step of any molecular lab process. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 13 Business and Operating Environment Our broad portfolio of Sample technologies includes consumables and Applications Cloning qPCR / dPCR DNA amplification Sequencing / NGS Arrays Liquid biopsy Gene editing Microbiome Epigenetics Gene silencing Cellular analytics Proteomics Input demands Processing Target analytes Low / high-volume Manual Genomic DNA Low-quantity Plasmid DNA Tubes / plates cfDNA Input demands Low-quantity Automated mRNA, rRNA High-quantity Low-to miRNA Tubes / plates High-throughput Proteins Circ. Tumor cells Selected biological samples Tissue Stool Cells Saliva Blood Other body fluids Serum Bone Plasma Plants Urine Soil instruments used in sample collection, stabilization, storage, purification and quality control. Some of our consumables are designed to run on our instruments, while others are universal kits designed for use with any molecular- testing platform. These products are used in research and applied testing (forensics/human identification and food safety) in laboratories as well as clinical testing. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 14 Business and Operating Environment Sample technologies Selected QIAGEN brands Primary Sample technology consumables • Nucleic acid stabilization and purification kits designed for primary sample materials (DNA, RNA), manual and automated processing for genotyping, gene expression, viral and bacterial analysis • Mainly based on silica membrane and magnetic bead technologies • QIAamp • PAXgene • AllPrep • DNeasy • AdnaTest • QIAprep&amp • RNeasy • MagAttract • QIAwave Secondary Sample technology consumables • Kits and components for purification of nucleic acids from secondary sample materials (e.g., gel, plasmid DNA) • QIAprep • QIAGEN Plasmid • HiSpeed • QIAquick • QIAfilter • EndoFree • DyeEx Sample technology instruments • Instruments for nucleic acid purification, quality control and accessories • QIAsymphony • EZ2 Connect • TissueLyser III • QIAcube Connect • EZ2 Connect MDx • QIAcube HT • QIAxcel Connect • QIAcube Connect MDx Diagnostic Solutions Diagnostic solutions include our molecular testing platforms and consumables covering two of our Pillars with QuantiFERON and QIAstat-Dx, as well as Precision Diagnostics which involves companion diagnostic co-development revenues from projects with pharmaceutical companies, regulated assays and solutions for laboratory developed tests. Additional areas include Oncology and Sexual & Reproductive Health for detection of various diseases and for other laboratory processes. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 15 Business and Operating Environment Diagnostic solutions Selected QIAGEN brands Immune response consumables • Interferon-Gamma Release Assay (IGRA) for latent TB testing • Assays for post-transplant testing, viral load monitoring • QuantiFERON Oncology and Sexual & Reproductive health consumables • Assays for analysis of genomic variants such as mutations, insertions, deletions and fusions • Assays for prenatal testing and detection of sexually transmitted diseases and HPV • therascreen • AmniSure / PartoSure • ipsogen • digene HC2 Sample to Insight instruments and dedicated assays • One-step molecular analysis of hard-to-diagnose syndromes • Fully integrated PCR testing • QIAstat-Dx • QIAstat-Dx Rise PCR / Nucleic Acid Amplification PCR / Nucleic Acid Amplification involves our research and applied PCR solutions and components. The product group includes another of our Pillars, QIAcuity. We offer optimized solutions for end-point PCR, quantitative PCR and digital PCR. Our kits, assays, instruments and accessories amplify and detect targets and streamline workflow for virtually any application. PCR / Nucleic acid amplification Selected QIAGEN brands Research PCR consumables • Different generations of PCR, quantitative and digital PCR, reverse transcription and combinations (RT-PCR) kits for analysis of gene expression, genotyping and gene regulation, running on QIAGEN or third-party instruments and technologies • QuantiTect • OneStep RT-PCR • OmniScript • QIAcuity • QIAGEN Multiplex • miRCURY • AllTaq • GeneGlobe • QuantiNova • HotStarTaq • UltraRun Long Range Human ID / Forensics assay consumables • Short tandem repeat (STR) assays for Human ID, additional assays for food contamination • Investigator (human ID / forensics) PCR instruments • Digital PCR solutions • qPCR solutions • QIAcuity • Rotor-Gene Q • QIAgility • QIAcuityDx OEM consumables • Custom-developed and configured enzymes and PCR solutions that are sold to OEM customers • Provided on an individualized contract basis QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 16 Business and Operating Environment Genomics / NGS This product group includes our universal NGS (next-generation sequencing) solutions for use with any NGS sequencer as well as the full bioinformatics portfolio offered by QIAGEN Digital Insights, which also represents one of our Pillars. Genomics / NGS Selected QIAGEN brands Universal NGS consumables • Predefined and custom NGS gene panels (DNA, RNA), library prep kits and components, whole genome amplification, DNA methylation analysis, etc. • Sequence-based assays for forensic genetic genealogy • QIAseq • GeneGlobe • REPLI-g • EpiTect • ForenSeq Kintelligence QIAGEN Digital Insights solutions • Bioinformatics solutions analyze and interpret data to deliver actionable insights from NGS. This includes freestanding software or cloud-based solutions and is also integrated into many QIAGEN consumables and instruments • QCI Secondary Analysis • QCI Interpret • QCI Precision • CLC Workbenches • OmicSoft Lands • Ingenuity Pathway Analysis • Biomedical Knowledge Base • HGMD • HSMD • PGXI Custom laboratory and genomic services • Custom services such as DNA sequencing, whole genome amplification and non-cGMP DNA production • Provided on an individualized contract basis Other Revenues from various sources including protein biology products, royalties, intellectual property and freight charges. Principal Markets We sell our products to more than 500,000 customers in two broad customer groups: Molecular Diagnostics (clinical testing) and Life Sciences (academia, pharmaceutical R&D and applied testing). Sales to these groups were as follows: Net sales (in millions) 2024 2023 2022 Molecular Diagnostics $1,078.6 $1,035.5 $1,126.2 Life Sciences 899.6 929.8 1,015.3 Total $1,978.2 $1,965.3 $2,141.5 We estimate the current total addressable market at approximately $11 billion annually with estimates indicating market growth to approximately $13 to $14 billion annually by 2028. Molecular Diagnostics The molecular diagnostics market includes healthcare providers engaged in many aspects of patient care that require accurate diagnoses and insights to guide treatment decisions in oncology, infectious diseases and immune monitoring. We offer one of the broadest portfolios of molecular technologies for healthcare. The success of molecular testing in healthcare depends on the ability to accurately analyze purified nucleic acid samples from sources such as blood, tissue, body fluids and stool. Automated systems process tests reliably and efficiently, often handling hundreds of samples simultaneously. Our range QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 17 Business and Operating Environment of assays for diseases and biomarkers speeds up and simplifies laboratory workflow and standardizes lab procedures. Molecular testing is the most dynamic segment of the global in vitro diagnostics market. The pandemic has demonstrated the value of molecular testing in healthcare, and we expect the market to provide significant growth opportunities. We have built a position as a preferred partner to co-develop companion diagnostics paired with targeted drugs and have created a rich pipeline of molecular tests that are transforming the treatment of cancer and other diseases. We have more than 30 master collaboration agreements with pharmaceutical industry customers, some with multiple co-development projects. In 2024, we continued to expand on these partnerships with new agreements, for example, a collaboration with Eli Lilly to develop an IVD panel for detecting APOE genotypes. We also expanded our partnership with AstraZeneca to develop and commercialize companion diagnostics for complex chronic diseases based on our QIAstat-Dx platform. Additionally, we entered into a master collaboration agreement with Myriad to develop lab-developed and distributable kit-based companion diagnostics in oncology. Companion diagnostics move through clinical trials and regulatory approvals, along with the paired drugs, to commercialization and marketing to healthcare providers. Selected Molecular Diagnostics products Sample technologies Assay technologies Instruments Bioinformatics For extraction from: • Tissue • Blood • Swabs, other Indication areas • Oncology • Immune modulation • Infectious diseases Technologies: QuantiFERON, Polymerase Chain Reaction (PCR), Next-generation sequencing (NGS) • QIAstat-Dx • QIAsymphony RGQ • QIAcube Connect MDx • EZ2 Connect MDx • QIAstat Rise QIAGEN Clinical Insight (QCI) • Hereditary diseases • Somatic and germline cancers • Other diseases Life Sciences The Life Sciences market includes governments and biotechnology companies, where researchers and scientists are using molecular testing technologies to advance scientific knowledge in the pursuit of new breakthroughs that can lead to new medicines and diagnostics for use in clinical healthcare. This market also includes the use of molecular testing technologies for applied applications, in particular for forensics as well as food and veterinary testing. These customers are all often served by public funding and R&D budgets within pharmaceutical companies. We partner with customers across diverse disciplines in academia and industry, providing sample technologies, assay technologies, bioinformatics and services to universities and institutes, pharmaceutical and biotech companies, governments and law enforcement agencies. We provide Sample to Insight solutions to academic and research institutions around the world. We focus on enabling researchers to use high-quality technologies to generate reliable, fast, highly reproducible results, sometimes replacing time-consuming traditional or in-house methods. We often partner with leading institutions on research projects and develop customized solutions such as NGS panels for the sequencing of multiple gene targets. We are a global leader in solutions for governments and industry, particularly in forensic testing and human identification. The value of genetic "fingerprinting" has been proven in criminal investigations and examinations of paternity or ancestry, as well as in food safety. We provide sample collection and analytical solutions for law enforcement and human identification labs as well as advanced technologies for studies of microbiomes and their effect on health and the environment. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 18 Business and Operating Environment We have deep relationships with pharmaceutical and biotechnology companies. Drug discovery and development as well as translational research efforts increasingly employ genomic information, both to guide research in diseases and to differentiate patient populations that are most likely to respond to particular therapies. We estimate that about half of our sales to these companies supports research while the other half supports clinical development, including stratification of patient populations based on genetic information. Also, QIAGEN Digital Insights solutions are widely used to guide pharmaceutical research and treatment options. Selected Life Sciences products Sample technologies Assay technologies Instruments Bioinformatics ~300 different kit types for extraction and purification of DNA, RNA and proteins from tissue, blood, cells, stool, plants, soil and other sample types • Real-time PCR • Digital PCR • Next-generation sequencing • QIAsymphony • QIAcube Connect • QIAcuity digital PCR • Ingenuity Pathway Analysis (IPA) • Genomics Workbench/Server • Microbial Pro Suite/RNA-seq • Microbial Epigenetics Competition The markets for most of our products are very competitive. Competitors may have developed, or could develop in the future, new technologies that compete with our products or even render our products obsolete. In sample technology products, we experience competition in various markets from other companies providing sample preparation products in kit form and assay solutions. These competitors include, but are not limited to, companies with a focus on nucleic acid separation and purification kits, assay solutions, reagents and instrumentation. We compete with other suppliers through innovative technologies and products, offering a comprehensive solution for nucleic acid collection, pre-treatment, separation and purification needs as well as downstream applications. Our products provide significant advantages in terms of speed, reliability, accuracy, convenience, reproducibility and ease of use. Some of our other products within our molecular diagnostics customer class, such as tests for chlamydia, gonorrhea, hepatitis B virus, herpes simplex virus and CMV (cytomegalovirus), compete against existing screening, monitoring and diagnostic technologies, including tissue culture and antigen-based diagnostic methodologies. We believe the primary competitive factors in the market for gene-based probe diagnostics and other screening devices are clinical validation, performance and reliability, ease of use, standardization, cost, proprietary position, competitors' market shares, access to distribution channels, regulatory approvals and reimbursement. We believe our competitors typically do not have the same comprehensive approach to sample to insight solutions as we do, nor do they have the ability to provide the broad range of technologies and depth of products and services that we offer. Current and potential competitors may be in the process of seeking FDA or foreign regulatory approvals for their respective products. Our continued future success will depend in large part on our ability to maintain our technological advantage over competing products, expand our market presence and preserve customer loyalty. There can be no assurance that we will be able to compete effectively in the future or that development by others will not render our technologies or products non-competitive. Global Presence by Product Category and Geographic Market Product Category Information Net sales for the product categories are based on those revenues related to sample and assay products and related revenues including bioinformatics solutions, as well as revenues derived from instrumentation sales. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 19 Business and Operating Environment Net sales (in millions) 2024 2023 2022 Consumables and related revenues $1,760.2 $1,726.2 $1,888.9 Instrumentation 218.0 239.1 252.6 Total $1,978.2 $1,965.3 $2,141.5 Geographical Information We sell our products in more than 170 countries. The following table shows total revenue by geographic market for the past three years (with net sales attributed to countries based on the location of the customer, as certain subsidiaries have international distribution): Net sales (in millions) 2024 2023 2022 United States $942.0 $935.3 $909.6 Other Americas 89.6 84.8 88.1 Total Americas 1,031.6 1,020.1 997.8 Europe, Middle East and Africa 648.5 624.6 733.5 Asia Pacific, Japan and Rest of World 298.2 320.7 410.3 Total $1,978.2 $1,965.3 $2,141.5 Seasonality Our business is not significantly impacted by seasonal factors. Historically, a portion of our sales has been to researchers, universities, government laboratories and private foundations whose funding is dependent upon grants from government agencies, such as the National Institutes of Health and similar bodies. To the extent that our customers experience increases, decreases or delays in funding arrangements and budget approvals, and to the extent that customers' activities are slowed, such as during times of higher unemployment, vacation periods or delays in approvals of government budgets, we may experience fluctuations in sales volumes during the year or delays from one period to the next in the recognition of sales. Additionally, we have customers who are active in the diagnostics testing market, and sales to these customers fluctuate to the extent that their activities are impacted by public health concerns. For example, the timing and severity of viral infections such as influenza or the SARS-CoV-2 virus may impact demand for our products. Research and Development We are committed to expanding our global leadership in Sample to Insight solutions in Molecular Diagnostics and Life Sciences. We target our research and development resources at the most promising technologies to address the unmet needs of our customers in healthcare and research labs in key geographic markets. Innovation at QIAGEN follows parallel paths: • Creating new systems for automation of workflows - platforms for laboratories, hospitals and other users of novel molecular technologies. • Expanding our broad portfolio of novel content - including assays to detect and measure biomarkers for disease or genetic identification. • Integrating QIAGEN Digital Insights with the testing process - software and cloud-based resources to interpret and transform raw molecular data into useful insights. Innovation in automation systems positions us in the fast-growing fields of molecular testing and generates ongoing demand for our consumable products. We are developing and commercializing a deep pipeline of assays for preventive screening and diagnostic profiling of diseases, detection of biomarkers to guide Precision Diagnostics in cancer and other diseases and other molecular targets. Our assay development program aims to commercialize tests that will add value to our QIAsymphony and QIAstat-Dx automation systems in the coming years together with developing next- generation sequencing (NGS) kits to support our universal NGS franchise and our in vitro diagnostics partnership with Illumina. We continue to develop applications for the QIAcuity digital PCR system which is designed to make digital PCR technology available to Life Sciences and clinical laboratories worldwide. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 20 Business and Operating Environment Sales and Marketing We market our products primarily through subsidiaries in markets with the greatest sales potential in the Americas, Europe, Australia and Asia. Experienced marketing and sales staff, many of them scientists with academic degrees in molecular biology or related areas, sell our products and support our customers. Business managers oversee key accounts to ensure that we serve customers’ commercial needs, such as procurement processes, financing, data on costs and the value of our systems, while maintaining collaborative relationships. In many markets, we have specialized independent distributors and importers. Our marketing strategy focuses on providing differentiated, high-quality products across the value chain from Sample to Insight, integrating components into end-to-end solutions when possible and enhancing relationships with a commitment to technical excellence and customer service. Our omni-channel approach seeks to engage customers through their preferred channels - online, by phone or in person - and to optimize investment in different customer types. We continue to drive the growth of our digital marketing channels – including our website at www.qiagen.com, product-specific sites and social media. Since the onset of the pandemic, there has been an increase in virtual events and use of digital sales channels. We have likewise increased the activities in digital marketing to adapt to these market changes, such as installing an in- house studio to facilitate creation of video content and live virtual events. Our eCommerce team works with clients to provide automated processes supporting a variety of electronic transactions and all major eProcurement systems. My QIAGEN is an easy-to-use self-service portal that is personalized to our customers' needs and enables customers to manage different activities in one central place. Customers can now easily reorder products, place bulk orders, apply quotes to their cart and track their order status. Functionality in the dashboard allows customers to monitor their instrument use and view the status of licenses and service agreements. Additionally, customers can access our exclusive content and services, such as webinars, handbooks and other documents. Our GeneGlobe Design & Analysis Hub (www.geneglobe.com) is a valuable outreach to scientists in pharma and academia, enabling researchers to search and order from approximately 25 million pre-designed and custom PCR assay kits, NGS assay panels and other products. The new hub brings next-level experiment planning, execution and follow-up to life science researchers, linking our QIAGEN Digital Insights solutions with ordering of assays to accelerate research. We use a range of tools to provide customers with direct access to technical support, inform them of new product offerings and enhance our reputation for technical excellence, high-quality products and commitment to service. For example, our technical service support allows existing or potential customers to discuss a wide range of questions about our products and molecular biology procedures, online or via phone, with Ph.D. and M.Sc. scientists at QIAGEN. Frequent communication with customers enables us to identify market needs, learn of new developments and opportunities, and respond with new products. We also distribute publications, including our catalog, to existing and potential customers worldwide, providing new product information, updates and articles about existing and new applications. In addition, we hold numerous scientific seminars at clinical, academic and industrial research institutes worldwide and at major scientific and clinical meetings. We conduct direct marketing campaigns to announce new products and special promotions, and we offer personalized electronic newsletters and webinars highlighting molecular biology applications. For laboratories that frequently rely on our consumables, the QIAstock program maintains inventory on-site to keep up with their requirements. QIAGEN representatives make regular visits to replenish the stock and help with other needs, and we are automating this process with digital technologies. Easy-to- use digital ordering, inventory monitoring and customer-driven changes make QIAstock an efficient system for providing ready access to our products for the hundreds of customers worldwide who use this program. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 21 Business and Operating Environment Intellectual Property, Proprietary Rights and Licenses We have made, and expect to continue to make, investments in intellectual property. In 2024, additions to our intangible assets outside of business combinations totaled $3.5 million, and as of December 31, 2024, patent and license rights, net totaled $44.0 million. While we do not depend solely on any individual patent or technology, we are significantly dependent in the aggregate on technology that we own or license. Therefore, we consider protection of proprietary technologies and products one of the major keys to our business success. We rely on a combination of patents, licenses and trademarks to establish and protect proprietary rights. As of December 31, 2024, we owned 282 issued patents in the United States, 229 issued patents in Germany and 1,615 issued patents in other major industrialized countries. We had 346 pending patent applications. Our policy is to file patent applications in Western Europe, the United States and Japan. Patents in most countries have a term of 20 years from the date of filing the patent application. We intend to aggressively prosecute and enforce patents and to otherwise protect our proprietary technologies. We also rely on trade secrets, know-how, continuing technological innovation and licensing opportunities to develop and maintain our competitive position. Our practice is to require employees, consultants, outside scientific collaborators, sponsored researchers and other advisers to execute confidentiality agreements upon commencement of their relationships with us. These agreements provide that all confidential information developed by or made known to the individual during the course of the relationship is to be kept confidential and not disclosed to third parties, subject to a right to publish certain information in scientific literature in certain circumstances and to other specific exceptions. In the case of our employees, the agreements provide that all inventions conceived by individuals in the course of their employment will be our exclusive property, subject to local laws. See Risk Factors included in Risks and Risk Management for details regarding risks related to our reliance on patents and proprietary rights. Suppliers We strive to ensure that our quality standards, compliance with laws and regulations as well as environmental and social standards are maintained along the entire value chain of suppliers and partners. We demand the same from our business partners. Suppliers are subjected to a risk analysis with regard to environmental and social criteria based on their geographic location. Our supplier policy, which all new suppliers sign, is available on our website and contains requirements with regard to legal compliance, bribery and corruption, labor rights, non-discrimination and fair treatment, health and safety as well as environmental protection and conservation. In addition, first-tier suppliers must confirm REACH, RoHS and conflict minerals compliance, as appropriate. As part of our supplier assessment procedures, on a monthly basis, we evaluate the supply performance of our raw material and component suppliers. We assess, on a continuous basis, potential alternative sources of such materials and components and, on a yearly basis, the risks and benefits of reliance on our existing suppliers. We strive to maintain inventories at a sufficient level to ensure reasonable customer service levels and to guard against normal volatility in availability. We buy materials for our products from many suppliers and are not dependent on any one supplier or group of suppliers for our business as a whole. Raw materials generally include chemicals, raw separation media, biologics, plastics, electronics and packaging. Certain raw materials are produced under our specifications. We have inventory agreements with the majority of our suppliers, and we closely monitor stock levels to maintain adequate supplies. In 2024, the availability of goods improved, and material costs stabilized by mid-year. To ensure the procurement of raw materials and mitigate availability issues, we use long-term supply contracts as needed. In 2025, markets are experiencing increased pressure due to ongoing geopolitical tensions, especially within Asia. The Company’s strong material positions and thorough coverage ensure that customer product availability remains unaffected at present. However, uncertainty remains about how the market might respond. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 22 Business and Operating Environment Conflict minerals U.S. legislation mandates transparency in sourcing conflict minerals—tantalum, tin, tungsten and gold—from mines in the Democratic Republic of Congo (DRC) and its adjoining countries. Some of our instrumentation components, purchased from third-party suppliers, contain gold. As required, we investigate our supply chain and disclose any use of conflict minerals from these regions. Annually, we conduct due diligence to determine the presence and origin of conflict minerals in our products. Since we do not purchase directly from smelters or refineries, we rely on supplier declarations. We filed our latest conflict minerals disclosure with the SEC on Form SD for the year ended December 31, 2023 on May 31, 2024 and will update our disclosures as required. Description of Property Our primary production and manufacturing facilities for consumable products are located in Germany, the United States, Spain and China. Our facilities for software development are located in the United States, Germany, Poland, Denmark and Romania and our Center of Excellence for the development of companion diagnostics for personalized healthcare is located in the United Kingdom. Our production and manufacturing operations are highly integrated and benefit from sophisticated inventory control. Production management personnel are highly qualified, and many have advanced degrees in engineering, business and science. We also have installed, and continue to expand, production-planning systems that are included in our integrated information and control system based on the SAP R/3 business software package from SAP SE. Worldwide, we use SAP R/3 software to integrate most of our operating subsidiaries and are currently undergoing a multi-year implementation of S/4HANA. In recent years, we have made investments in automated and interchangeable production equipment to increase our production capacity and improve efficiency. Additionally, in 2024, in an effort to decrease our reliance on carbon-based energy and lower our carbon emissions, we invested in equipping our Hilden, Germany facility with an emergency power supply and renewable heating systems. Capital expenditures for property, plant and equipment totaled $167.2 million, $149.7 million and $129.2 million for 2024, 2023 and 2022, respectively. We have an established quality system, including standard manufacturing and documentation procedures, intended to ensure that products are produced and tested in accordance with the FDA's Quality System Regulations, which impose current Good Manufacturing Practice (cGMP) requirements. For facilities that accommodate cGMP production, special areas were built, and these facilities operate in accordance with cGMP requirements. The consumable products manufactured at QIAGEN GmbH in Germany and QIAGEN Sciences LLC in Maryland are produced under ISO 001: 2015, ISO 13485:2016, MDSAP. By the end of 2025, we aim to complete the implementation of ISO 50001, a voluntary international standard that aids organizations in managing their energy usage. Our certifications form part of our ongoing commitment to provide our customers with high-quality, state-of-the- art sample and assay technologies under our Total Quality Management system. Our corporate headquarters are located in Venlo, The Netherlands. The below table summarizes our largest facilities. Other subsidiaries throughout the world lease smaller amounts of space. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 23 Business and Operating Environment Facility location Country Purpose Owned or leased Square feet Hilden Germany Manufacturing, warehousing, distribution, research and development and administration Owned 986,000 Germantown, Maryland U.S. Manufacturing, warehousing, distribution and administration Owned 285,000 Ann Arbor, Michigan U.S. Manufacturing, warehousing, distribution and administration Leased 109,000 Shenzhen China Development, manufacturing, warehousing, distribution and administration Leased 107,200 Manchester U.K. Development and Service Solutions Leased 96,300 Frederick, Maryland U.S. Development, Service Solutions, manufacturing, warehousing and distribution Leased 76,500 Wroclaw Poland Business service center Leased 65,100 Beverly, Massachusetts U.S. Enzyme manufacturing Leased 44,000 Barcelona Spain Development, manufacturing, warehousing, distribution and administration Leased 31,900 Manila Philippines Business service center Leased 29,300 Shanghai China Service Solutions and administration Leased 28,400 Gdańsk Poland Enzyme manufacturing, development, warehousing and administration Leased 23,300 Germantown, Maryland U.S. Service Solutions and training center Leased 13,500 Redwood City, California U.S. Bioinformatics Leased 12,700 Gdynia Poland Enzyme manufacturing, development and warehousing Leased 11,200 Each of our owned facilities in Hilden, Germany and Germantown, Maryland has capacity for future expansion of up to 300,000 square feet of facility space. Our facility in Ann Arbor, Michigan will be closed in 2025 following the decision to discontinue the NeuMoDx portfolio as discussed in Note 6 "Exit Costs and Impairments." We believe our existing production and distribution facilities can support anticipated production needs for the next 36 months. Our production and manufacturing operations are subject to various federal, state and local laws and regulations, including environmental regulations. We do not believe we have any material issues relating to these laws and regulations. Employees As a company headquartered in the European Union (EU), we recognize freedom of association and collective bargaining as fundamental to maintaining a positive relationship between management and employee representatives. A significant portion of our workforce is employed in Organization for Security and Co-operation in Europe (OSCE) member states, and we comply with all applicable labor laws in every region where we operate. Management values its relationships with regional labor unions and employees and considers them to be positive. We are committed to respecting and promoting human rights, as outlined in our Human Rights Policy, available on our website at www.qiagen.com. This policy is communicated globally via our Company intranet and provided to all new employees. We foster an open-door workplace culture where employees can freely raise concerns with management or Human Resources without fear of retaliation. Our policy explicitly ensures that employees may discuss working conditions openly without risk of reprisal, intimidation or harassment. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 24 Business and Operating Environment The following tables provide information on the number of employees by geographical region and main category of activity as of December 31, 2024, 2023 and 2022: Employees by region 2024 2023 2022 Americas 1,252 1,329 1,370 Europe, Middle East & Africa 3,352 3,453 3,558 Asia Pacific, Japan and Rest of World 1,161 1,185 1,250 Total 5,765 5,967 6,178 Employees by function 2024 2023 2022 Production 28% 28% 29% Research & Development 18% 18% 17% Sales 37% 37% 37% Marketing 6% 6% 6% Administration 11% 11% 11% Total 100% 100% 100% Depending on local laws and customs, there are different types of employment ranging from long-term fixed contracts to temporary positions, along with flexible time and programs for employees returning to work after parental leave. In 2024, part-time employees represented 5.7% of our workforce, and temporary employees with a fixed-term work contract represented 6.4%. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 25 Operating and Financial Review This section contains a number of forward-looking statements. These statements are based on current management expectations, and actual results may differ materially. Among the factors that could cause actual results to differ from management’s expectations are those described in Risk Factors and Note Regarding Forward-looking Statements and Risk Factors in this Annual Report. The discussion that follows focuses on 2024 with comparisons to 2023. For discussion of the year ended December 31, 2023, compared to 2022, refer to our December 31, 2023 Annual Report. Operating Results Overview Financial highlights of 2024 include: • In 2024, total net sales increased 1% supported by improving growth trends and our highly recurring revenues which make up more than 85% of total net sales. In June 2024, we decided to discontinue the NeuMoDx portfolio. Sales from our core product portfolio (excluding discontinued products such as NeuMoDx and DIALUNOX) grew 2% in 2024. Changes in foreign currency rates negatively impacted net sales by approximately one percentage point. • The operating income margin in 2024 was 5.9% of sales compared to 21.0% in 2023, reflecting costs incurred in connection with the initiatives started in 2024 to streamline operations and improve overall efficiency and profitability of the company. • Net cash provided by operating activities increased 44% to $708 million in 2024 from $493 million in 2023. Results in 2024 reflected the reduced working capital requirements and a strong focus on cash flow optimization. We continue to invest in growth initiatives with a high level of investment into research and development for menu expansion of our key platforms as well as our IT infrastructure. Overall, the financial results for 2024 reflect our strategic efforts to increase profitability and grow through targeted investment, positioning us for future success while navigating the associated financial impacts in the short term. Foreign Currencies The reporting currency of QIAGEN N.V. is the U.S. dollar. The functional currency of most of our subsidiaries are the local currencies of the countries in which they are headquartered. All amounts in the financial statements of entities whose functional currency is not the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: (1) assets and liabilities at period-end rates, (2) income statement accounts at average exchange rates for the period, and (3) components of equity at historical rates. Translation gains or losses are recorded in equity, and transaction gains and losses are reflected in net income. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 26 Operating and Financial Review Year Ended December 31, 2024, Compared to 2023 Net Sales (in millions) 2024 2023 Product type Net sales % of net sales Net sales % of net sales % change Consumables and related revenues $1,760.2 89% $1,726.2 88% +2% Instruments 218.0 11% 239.1 12% -9% Net sales $1,978.2 $1,965.3 +1% Customer class Molecular Diagnostics $1,078.6 55% $1,035.5 53% +4% Life Sciences 899.6 45% 929.8 47% -3% Net sales $1,978.2 $1,965.3 +1% (in millions) 2024 2023 Product group Net sales % of net sales Net sales % of net sales % change Sample technologies $642.0 32% $663.0 34% -3% Diagnostic solutions 748.9 38% 697.6 35% +7% PCR / Nucleic acid amplification 300.5 15% 300.2 15% —% Genomics / NGS 233.6 12% 238.9 12% -2% Other 53.2 3% 65.6 3% -19% Net sales $1,978.2 $1,965.3 +1% Sample technologies involve the sale of consumables kits and instruments for use in obtaining DNA, RNA and proteins from biological samples. This product group declined 3% in 2024 to $642.0 million due to a modest sales decline in manual kits and challenging instrument sales trends that continued throughout the year. Sales results for 2024 were adversely impacted by approximately one percentage point of currency movements over the prior year. Diagnostic Solutions involve the sale of regulated consumables kits and instruments for use in clinical healthcare as well as revenues from our Precision Diagnostics portfolio and companion diagnostic co-development projects with pharmaceutical companies. Sales in this product group grew 7% in 2024 to $748.9 million, driven by solid gains in consumables sales that absorbed the decline in instrument sales. QuantiFERON-TB test for latent tuberculosis (TB) detection maintained 11% increase in sales, supported by solid demand in all QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 27 Operating and Financial Review regions on conversion from tuberculin skin test. QIAstat-DX grew 24% in 2024 on sales gains in both consumables and instrument sales, as syndromic testing system surpassed the 2024 goal with over 660 new placements. The NeuMoDx system remains on track for discontinuation in mid-2025. PCR / Nucleic Acid Amplification involves consumables kits and instruments used in non-regulated applications. Overall product group sales were slightly higher in 2024 to $300.5 million, on gains in consumables despite ongoing challenging instrument purchasing trends. Sales in this product group were adversely impacted by unfavorable currency movements against the U.S. dollar by less than one percentage point in 2024. Genomics / NGS involves our portfolio of universal solutions as well as the full QIAGEN Digital Insights (QDI) portfolio. Sales in this product group declined 2% to $233.6 million in 2024 and were adversely impacted by unfavorable currency movements against the U.S. dollar of one percentage point. Growth in the clinical portfolio was more than offset by a decline in the discovery portfolio as well as lower QDI sales which were adversely impacted by the ongoing transition to SaaS (software-as-a-service) subscription models, particularly in the pharmaceutical sector, from longer-term licensing agreements. Geographic region (in millions) 2024 2023 % change Americas $1,031.6 $1,020.1 +1% Europe, Middle East and Africa 648.5 624.6 +4% Asia Pacific, Japan and Rest of World 298.2 320.7 -7% Net sales $1,978.2 $1,965.3 +1% The 1% increase in the Americas region in 2024 reflects the U.S. and improving demand for QuantiFERON, QIAstat-Dx and QIAcuity consumables. Higher sales were also seen in Canada and Brazil compared to the year-ago period. The Europe, Middle East and Africa (EMEA) region's overall sales rose 4% to $648.5 million in 2024. Among the top-performing countries in 2024 were Turkey, Belgium, South Africa, Italy and France. The Asia Pacific, Japan and Rest of World region saw an overall sales decline in 2024, reflecting challenging macro trends in China over the prior year. Sales in this region were adversely impacted by two percentage points from unfavorable currency movements against the U.S. dollar. Gross Profit (in millions) 2024 2023 % change Gross profit $961.8 $1,228.3 -22% Gross margin 48.6% 62.5% The decline in gross margin in 2024 reflects higher costs stemming from total charges of $295.1 million which include $93.5 million of inventory write offs and $134.6 million of intangible asset impairments recorded in connection with the 2024 efficiency program discussed in Note 6 "Exit Costs and Impairments." Following the impairments of acquisition-related intangibles, these higher costs were partially offset by lower amortization expense which declined to $58.5 million in 2024 to $64.2 million in 2023. Variations in sales levels between periods can lead to fluctuations in gross profit, as gross margin is affected by changes in the sales mix and performance of individual products. In 2024, gross margin benefited from a favorable sales mix, as sales of consumables and related products—which carry a higher gross margin than instrumentation products—increased by 2%. Additionally, the impact of the sales mix was also favorable within the instrumentation category, where net sales declined by 9%, mitigating the effect of lower-margin products. Furthermore, gross profit was positively impacted by $4.8 million of favorable currency movements in cost of sales. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 28 Operating and Financial Review Operating Expenses (in millions) 2024 2023 Expenses % of net sales Expenses % of net sales % change Sales and marketing ($460.0) 23.3% ($470.5) 23.9% -2% Research and development (183.3) 9.3% (192.2) 9.8% -5% General and administrative (110.8) 5.6% (117.4) 6.0% -6% Restructuring, acquisition, integration and other, net (90.2) 4.6% (34.5) 1.8% +162% Other operating income 0.4 —% 0.6 —% Other operating expense (0.6) —% (1.4) 0.1% Total operating expenses ($844.4) 42.7% ($815.2) 41.5% Income from operations $117.3 5.9% $413.1 21.0% Sales and Marketing Sales and marketing expenses declined 2% to $460.0 million over 2023, and decreased to 23.3% of sales from 23.9% in 2023. The overall decrease in sales and marketing expenses primarily reflects lower supply chain costs as well as a favorable currency impact of $3.0 million. Sales and marketing expenses are primarily associated with personnel, commissions, advertising, trade shows, publications, freight and logistics expenses, and other promotional expenses. The increased use of digital customer engagement continues to build on the new habits of customers and enhance customer engagement with a focus on greater efficiency and effectiveness. Research and Development Research and development expenses decreased 5% to $183.3 million in 2024 compared to 2023, decreasing to 9.3% of sales from 9.8% in 2023. The decrease reflects the June 2024 decision to discontinue the NeuMoDx system partially offset by $1.0 million of unfavorable currency exchange movements. We continue to focus on investments targeted to drive sustainable growth. As we continue to discover, develop and acquire new products and technologies, we expect to incur additional expenses related to facilities, licenses and employees engaged in research and development. Overall, research and development costs are expected to increase as a result of seeking regulatory approvals, including U.S. FDA Pre-Market Approval (PMA), U.S. FDA 510(k) clearance and EU CE approval of certain assays or instruments. Further, business combinations, along with the acquisition of new technologies, may increase our research and development costs in the future. We have a strong commitment to innovation and expect to continue to make investments in our research and development efforts. General and Administrative General and administrative expenses declined 6% to $110.8 million in 2024 declining to 5.6% of sales from 6.0% in 2023. These results reflect lower share- based compensation expense together with efficiency gains across many administrative functions partially offset by investments into our information technology systems (including an upgrade of the SAP enterprise resource planning system) and into cyber security measures. Results for 2024 include a favorable currency impact of $0.2 million. We expect future costs to increase due to higher licensing and information technology costs as well as increased cyber security costs. Restructuring, Acquisition, Integration and Other, net Restructuring, acquisition, integration and other, net expenses increased to $90.2 million in 2024, or 4.6% of sales, from $34.5 million, or 1.8% of sales, QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 29 Operating and Financial Review in 2023. Expenses incurred in 2024 included charges related to the 2024 efficiency program, as discussed further in Note 6 "Exit Costs and Impairments," as well as integration costs related to our acquisition of Verogen, Inc. in January 2023. Expenses incurred in 2023 included charges related to the 2022 restructuring program as well as costs related to the acquisition of Verogen, Inc. Financial Income (Expense) (in millions) 2024 2023 % change Financial income $68.0 $79.0 -14% Financial expense (47.3) (55.9) -15% Gain from equity accounted investments 5.7 4.2 +37% Non-monetary loss, net 0.2 — Other financial results (49.9) 134.1 -137% Total financial income, net ($23.3) $161.4 -114% Financial income includes interest earned on cash, cash equivalents and short- term investments, income related to certain interest rate derivatives as discussed in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments" and other components including the interest portion of operating lease transactions. The fluctuation in 2024 compared to the prior year attributable to changing interest rates and the duration and level of short-term investments held during the period. Financial expense primarily relates to debt, as discussed in Note 16 "Financial Debts" in the accompanying notes to consolidated financial statements. The decrease in 2024 compared to 2023 is driven by the repayment of the Cash Convertible Senior Notes (2024 Notes) that matured in November 2024 totaling $500.0 million and the repayment of two tranches of 2017 Schuldschein in June 2024 for $101.5 million, partially offset by the issuance of convertible notes in September 2024 totaling $500.0 million. Interest expense was also lowered by capitalized interest associated with assets under construction. Our share of income from equity accounted investments resulted to gains of $5.7 million and $4.2 million for the years ended December 31, 2024 and 2023, respectively, as discussed in Note 11 "Equity Accounted Investments." Other financial results was $49.9 million of income for the year ended December 31, 2024. Other financial results included a gain of $39.8 million related to the embedded cash conversion option on the cash convertible notes and $44.5 million related to the fair value change in warrants and embedded conversion option as discussed in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." These were partially offset by a loss of $39.8 million related to the change in the fair value of equity options also discussed in Note 26, $0.3 million of impairments in non-marketable investments not accounted for under the equity method and loss of $4.5 million on foreign currency transactions. Other financial results was $134.1 million of income for the year ended December 31, 2023. Other financial results included $141.6 million related to the fair value change in warrants and embedded conversion option and a loss of $4.1 million on foreign currency transactions. Income Tax Expense (in millions) 2024 2023 % change Income before income taxes $94.1 $574.5 -84% Income tax expense (34.3) (89.6) -62% Net income $59.8 $484.8 Effective tax rate 36.4% 15.6% In 2024, our effective tax rate was 36.4% compared to 15.6% in 2023. Our effective tax rate differs from the Netherlands' statutory tax rate of 25.8% due in part to our operating subsidiaries being exposed to statutory tax rates QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 30 Operating and Financial Review ranging from zero to 35%. Fluctuations in the distribution of pre-tax income or loss among our operating subsidiaries can lead to fluctuations of the effective tax rate in the consolidated financial statements. We record partial tax exemptions on foreign income primarily derived from operations in Germany. These foreign tax benefits are due to a combination of favorable tax laws and exemptions in these jurisdictions, including intercompany foreign royalty income in Germany which is statutorily exempt from trade tax. Further, we have intercompany financing arrangements in which the intercompany income is subject to lower statutory income tax rates.The Organization for Economic Co- operation and Development (OECD) has implemented a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar Two) effective January 1, 2024. The Netherlands formally enacted the Pillar Two legislation into domestic law. We are subject to the top-up tax in relation to our operations in Dubai (United Arab Emirates) and Poland in 2024. See Note 17 "Income Tax" to the consolidated financial statements for a full reconciliation of the Netherlands' statutory income tax rate to the effective tax rate. In future periods, our effective tax rate may fluctuate due to similar or other factors as discussed in “Changes in tax laws, regulatory interpretations or reductions in government tax incentives could increase our effective tax rate, impact our financial flexibility and adversely affect our results of operations.” in Risk Factors. Liquidity and Capital Resources To date, we have funded our business through internally generated funds, debt, as well as private and public sales of equity. Our primary use of cash has been to strengthen our business operations, while our investing activities have focused on capital expenditure requirements and acquisitions. (in millions) 2024 2023 Cash and cash equivalents $663.0 $667.3 Current financial assets 489.4 389.7 Total cash and cash equivalents and current financial assets $1,152.5 $1,057.0 Working capital $1,408.7 $1,018.2 Cash and cash equivalents are primarily held in U.S. dollars and euros, other than those cash balances maintained in the local currency of subsidiaries to meet local working capital needs. At December 31, 2024, cash and cash equivalents had decreased by $4.3 million from December 31, 2023, primarily as a result of cash used in financing activities of $446.8 million and cash used in investing activities of $259.4 million, partially offset by cash provided by operating activities of $707.8 million as discussed in the Cash Flow Summary below. The decrease in short-term investments at December 31, 2024, is the result of our active cash management. The overall lower cash and cash equivalent balance together with a higher current portion of long-term debt led to the decrease of working capital at December 31, 2024. Cash Flow Summary (in millions) 2024 2023 Net cash provided by operating activities $707.8 $492.8 Net cash used in investing activities (259.4) (94.5) Net cash used in financing activities (446.8) (460.6) Effect of exchange rate changes on cash and cash equivalents (5.9) (0.6) Net decrease in cash and cash equivalents ($4.3) ($63.0) QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 31 Operating and Financial Review Operating Activities For the year ended December 31, 2024, we generated net cash from operating activities of $707.8 million compared to $492.8 million in 2023, due to lower capital requirements and a strong focus on cash flow optimization. While net income was $59.8 million in 2024, non-cash components in income included $209.7 million of depreciation and amortization and $203.4 million non-cash impairments primarily recorded in connection with the program discussed in Note 6 "Exit Costs and Impairments," $43.6 million of share- based compensation and $18.4 million of amortization of debt discount and issuance costs. Cash flow impacts from operating assets and liabilities primarily reflect reduced working capital requirements including improved accounts receivable trends and reduced days in inventory. Given that we rely heavily on cash generated from our operating activities to fund our business, a decrease in demand for our products, longer collection cycles or significant technology advances by competitors could have a negative impact on our liquidity. Investing Activities Approximately $259.4 million of cash was used in investing activities in 2024 compared to $94.5 million in 2023. Investing activities during 2024 consisted principally of $685.9 million for purchases of unquoted debt securities, $103.2 million paid for intangible assets and $68.0 million in cash paid for purchases of property and equipment. This was partially offset by cash inflows of $585.0 million from the redemption of unquoted debt securities and $25.4 million returned to us from our derivative counterparties to collateralize our derivative liabilities with them as discussed in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." Cash used in investing activities during 2023 consisted principally of $839.4 million for purchases of unquoted debt securities, $149.5 million of net cash paid for the acquisition of Verogen, Inc., $137.0 million for purchases of quoted debt securities, $121.4 million paid for intangible assets, $66.6 million paid to our derivative counterparties with cash provided to them to collateralize our derivative liabilities with them and $41.4 million for purchases of property, plant and equipment. This was partially offset by cash inflows of $1.1 billion from the redemption of unquoted debt securities $215.6 million from the redemption of quoted debt securities. Financing Activities For the year ended December 31, 2024, cash used in financing activities was $446.8 million compared to $460.6 million in 2023. Financing activities during 2024 included $601.5 million for the repayment of long-term debt, $34.2 million paid in connection with net share settlement for tax withholding related to the vesting of stock awards and $23.9 million payment of leases partially offset by $494.2 million from the issuance of convertible notes and $11.4 million paid to our derivative counterparties to collateralize derivative assets that we hold with them. In 2023, cash used in financing activities totaled $460.6 million and consisted of $400.0 million for the repayment of long-term debt, $26.8 million payment of leases, $17.7 million paid in connection with net share settlement for tax withholding related to the vesting of stock awards, and $16.3 million paid to our derivative counterparties to collateralize derivative assets that we hold with them. Other Factors Affecting Liquidity and Capital Resources As of December 31, 2024, we carry $1.3 billion of long-term debt, of which $53.5 million is current and $1.3 billion is long-term. In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse stock split. The transaction was announced on January 12, 2025 and involved an approach used by various large, multinational Dutch companies to provide returns to all shareholders in a faster and more efficient manner than traditional open-market repurchases. $280.1 million was returned to shareholders through the transaction, which reduced the total number of issued Common Shares by approximately 2.8% to 217.7 million (of which 1.6 million are held in Treasury Shares) as January 31, 2025. In December 2024, we renewed the €400 million syndicated revolving credit facility with a tenor of five years, and with the ability to be extended twice by a QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 32 Operating and Financial Review one-year period. No amounts were utilized during 2024. The facility can be utilized in euros and bears interest of 0.550% to 1.500% above EURIBOR and is offered with interest periods of one, three or six months. The interest rate margin is subject to our leverage ratio. We have additional credit lines totaling €13.0 million with no expiration date. None of these credit lines were utilized in 2024. In September 2024, we issued $500.0 million aggregate principal amount of 2.5% coupon Convertible Notes due 2031 (2031 Notes). The 2031 Notes will mature on September 10, 2031 unless converted in accordance with their terms prior to such date as described more fully in Note 16 "Debt." In January 2024, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse stock split. The transaction was announced on January 7, 2024 and involved an approach used by various large, multinational Dutch companies to provide returns to all shareholders in a faster and more efficient manner than traditional open-market repurchases. $295.2 million was returned to shareholders through the transaction, which reduced the total number of issued Common Shares by approximately 3%. In July and August 2022, we completed a German private placement bond (2022 Schuldschein), which was issued in various tranches totaling €370.0 million ($371.5 million) due in various periods through 2035 as described more fully in Note 16 "Financial Debts." The interest rate is linked to our ESG performance. As of December 31, 2024, a total of $383.7 million is outstanding. In December 2020, we issued $500.0 million aggregate principal amount of zero coupon Convertible Notes due in 2027 (2027 Notes). The 2027 Notes will mature on December 17, 2027, unless converted in accordance with their terms prior to such date as described more fully in Note 16 "Financial Debts." In November 2018, we issued $500.0 million aggregate principal amount of Cash Convertible Senior Notes due in 2024 (2024 Notes). Interest on the 2024 Notes is payable semiannually in arrears at a rate of 1.000% per annum. The 2024 Notes will mature on November 13, 2024, unless repurchased or converted in accordance with their terms prior to such date. In September 2017, we issued $400.0 million aggregate principal amount of Cash Convertible Senior Notes due in 2023 (2023 Notes) which were due and repaid in September 2023. In 2017, we completed a German private placement (2017 Schuldschein) consisting of various tranches denominated in U.S. dollars or euros at either floating or fixed rates, and due at various dates through June 2027. As of December 31, 2024, a total of $15.1 million is outstanding. We have lease obligations, including interest, in the aggregate amount of $135.3 million, of which $27.1 million was current as of December 31, 2024. We also have purchase obligations of $83.5 million and license commitments of $5.9 million. In connection with certain acquisitions that we have completed, QIAGEN could be required to make additional contingent cash payments of up to $11.8 million based on the achievement of certain revenue and operating results milestones. These obligations are further discussed in Note 13 "Leases" and Note 20 "Commitments and Contingencies" in the consolidated financial statements. Liabilities associated with uncertain tax positions, including interest and penalties, were estimated at $112.9 million as of December 31, 2024. Ultimate settlement of these liabilities is dependent on factors outside of our control, such as examinations by the respective taxing authorities and expiration of statutes of limitation for assessment of additional taxes. Therefore, we cannot reasonably estimate when, if ever, this amount will be paid. We did not use special purpose entities and did not have any off-balance sheet financing arrangements during the years ended December 31, 2024 and 2023. We expect that cash from financing activities will continue to be impacted by issuances of our common shares in connection with our share-based compensation plans, and that the market performance of our shares will impact the timing and volume of the issuances. Additionally, we may make future acquisitions or investments requiring cash payments, the issuance of additional debt or equity financing. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 33 Operating and Financial Review We believe that funds from operations, existing cash and cash equivalents, together with the proceeds from any public and private sales of equity, and availability of financing facilities, would be sufficient to fund our planned operations and expansion in the coming year. However, any global economic downturn may have a greater impact on our business than currently expected, and we may experience a decrease in the sales of our products, which could impact our ability to generate cash. If our future cash flows from operations and other capital resources are not adequate to fund our liquidity needs, we may be required to obtain additional debt or equity financing or to reduce or delay our capital expenditures, acquisitions or research and development projects. If we could not obtain financing on a timely basis or at satisfactory terms, or implement timely reductions in our expenditures, our business could be adversely affected. Policy on Dividend Distribution Since our inception, we have not paid dividends on our Common Shares. Credit Rating We currently do not have a public rating issued by any credit rating agency. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 34 Risks and Risk Management Risk Management Approach Our risk management approach is built on four key principles: (1) Active involvement of the Supervisory Board and senior management (2) Comprehensive policies and procedures (3) Robust risk monitoring, management and information systems (4) Effective internal controls Governance and Oversight QIAGEN is managed by a Managing Board and an independent Supervisory Board, both appointed by the Annual General Meeting of Shareholders. The Managing Board oversees our risk management system, developing and implementing strategies, controls and mitigation measures to identify and manage both current and emerging risks. These risk management policies are embedded in our corporate governance framework, code of ethics and financial reporting controls. Dedicated functional experts continuously evaluate and address business risks. Risk Classification and Assessment We categorize risks into three main types: • Base business risks – Specific to QIAGEN or our industry, threatening our existing business. • Business growth risks – Specific to QIAGEN or our industry, impacting future growth opportunities. • Underlying business risks – Broad risks affecting many public companies, not limited to our industry. All risks are assessed based on their likelihood and potential financial impact on our ability to achieve business objectives. The goal is to identify risks that could materially threaten our success and to implement timely mitigation actions. Monitoring and Reporting We report risk assessments and updates regularly to the Audit Committee of the Supervisory Board. Specific risks that are newly identified or have changed since the last assessment are reviewed each quarter. At least annually, the Supervisory Board evaluates the Company’s corporate strategy, risk profile, and the effectiveness of our risk management and internal control systems. Internal Controls and Compliance Our corporate governance framework defines the roles of the Managing Board, Supervisory Board and Audit Committee, as detailed under Corporate Governance. We maintain internal controls to ensure the integrity of financial reporting, further described in Controls and Procedures. Additionally, our Compliance Committee, composed of senior executives from multiple functions, oversees compliance with legal and regulatory requirements and ensures adherence to corporate policies, including our Code of Conduct and Ethics as described in the Corporate Governance section of this Annual Report. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 35 Risks and Risk Management Risk Classification Base Business Risk • Competitive business threats • Complexity of product portfolio • Dependence on key customers for single product groups • Dependence on individual production sites or suppliers • Purchasing initiatives, price controls and changes to reimbursements • Production risks, including contamination prevention and high-quality product assurance • Defending against intellectual property infringements and maintain competitive advantage after expiration • Cyber security threats to operational systems Business Growth Risk • Challenges associated with entering new markets and navigating local regulatory landscapes • Development and successful completion of key R&D projects and subsequent commercialization of new technologies and product adoption • Adapting to disruptive innovations, emerging competitors and technological advancements • Successful integration of acquisitions to achieve anticipated benefits • Meeting evolving regulatory requirements • Secure development of AI-driven bioinformatics platforms and cloud-based diagnostic solutions Underlying Business Risk • Financial risks, including global economic risks, inflationary pressures and exchange rate volatility against the U.S. dollar (our reporting currency) • Geopolitical instability, trade restrictions, sanctions and potential supply chain disruptions • Financial reporting risks, including multi-jurisdiction tax compliance • Impairment events related to goodwill and intangible assets that could impact financial statements • Cyber security, compliance and legal risks, including protecting against data breaches, fraud, cyber attacks and IT system vulnerabilities that could disrupt operations • Compliance with anti-bribery, anti-corruption and fair competition laws across multiple jurisdictions Risk Factors The risks described below are grouped into main categories, with the risks within each category listed in the order of their expected significance. This ordering reflects our current assessment but does not imply that lower-listed risks cannot have a material adverse impact on our results of operations, liquidity, or capital resources. Market & Growth Risks Our ability to sustain growth relies on the timely development, introduction and market acceptance of innovative products. The molecular research and testing markets are characterized by rapid technological advancements and frequent new product introductions. To remain competitive, we must continuously develop products that meet evolving customer needs and regulatory requirements. Delays in product development, regulatory approvals or market adoption could result in loss of market share that may be difficult to regain. Several factors influence market acceptance of new products, including: • Availability, quality and pricing compared to competitors; • Timing of launch relative to alternative solutions; • Perceived utility and published research citations; • Regulatory approvals and compliance trends; and • Industry shifts in life sciences, applied markets and molecular diagnostics. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 36 Risks and Risk Management We are making significant investments in intellectual property, software and manufacturing capacity to support new automation platforms, such as QIAstat- Dx (syndromic testing) and QIAcuity (digital PCR). These platforms operate under a razor-razorblade model, where the success of instrument sales drives demand for consumable kits. The availability and regulatory approval of new test kits will enhance platform value, influencing adoption rates. Advancements in artificial intelligence, including AI-driven bioinformatics platforms and cloud-based diagnostic solutions, may transform the competitive landscape of the life sciences and diagnostics industries. If we are unable to effectively integrate or respond to these emerging technologies, we may face challenges in maintaining our competitive position, which could adversely impact our growth prospects and financial performance. Slower-than-expected adoption of new systems could negatively impact both instrument and consumables sales, affecting our growth, profitability and market position. Additionally, higher fixed costs associated with product development could put pressure on gross margins and operating income until new products gain sufficient market traction. If we fail to keep pace with innovation, address market demands or successfully scale production, our business, financial condition and growth prospects could be materially impacted. Failure to effectively manage growth, expand operations or integrate acquisitions could negatively impact our business and financial performance. We have grown significantly in recent years, with total net sales increasing from $1.87 billion in 2020 to $1.98 billion in 2024. This growth has been driven by both organic expansion and strategic acquisitions, including Verogen, Inc. (2023) and BLIRT S.A. (2022). We plan to continue acquiring businesses that align with our Sample to Insight strategy in molecular research and clinical testing. However, successful integration of acquisitions requires significant resources, coordination and expense. Additionally, we are investing in expanding operations and upgrading facilities, which increases fixed costs and may temporarily reduce gross profit and operating income until capacity is fully utilized. Managing this growth places a strain on management, operational systems and financial controls, requiring ongoing resource allocation, employee expansion and leadership development. Our future success depends on our ability to: • Enhance R&D, product development, manufacturing and customer support; • Optimize operational and financial control systems; • Train and manage a growing workforce; • Seamlessly integrate acquired businesses; and • Address emerging challenges related to expansion. There is no guarantee that we can successfully scale our operations, integrate future acquisitions or sustain profitable growth. Any failure to do so could materially impact our results of operations. Acquisitions present new risks, and we may not realize the anticipated benefits of acquired technologies and businesses. Over the past several years, we have acquired and integrated multiple companies, gaining access to new technologies, products and business opportunities that complement our internally developed portfolio. We expect to continue pursuing acquisitions to further expand our operations. However, acquisitions introduce operational and financial risks, including: • Integration challenges, including assimilating new products, technologies, operations and personnel; • Retention of key personnel and technical expertise essential to acquired businesses; • Regulatory hurdles, including securing approvals and clearances for acquired products or technologies; • Resource allocation risks, as acquisitions may divert focus from existing products and business strategies; QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 37 Risks and Risk Management • Sales generation challenges, including market adoption and competitive positioning of acquired offerings; • Standardization and compliance, including implementing uniform operational controls and cyber security measures; • Relationship management, including maintaining customer, supplier and employee relationships; • Financial risks, such as potential dilution from equity issuances, increased debt and contingent liabilities; • Geopolitical uncertainties, including exposure to trade restrictions, regulatory changes and global economic instability; • Impairment risks, including the amortization or write-down of acquired intangible assets; and • Legal exposure, including patent litigation or other liabilities inherited from acquired entities. Failure to successfully address these risks may delay or prevent us from realizing the anticipated benefits of acquisitions. Our expansion into potential high-growth markets exposes us to economic, political and regulatory risks. In markets emerging across the Middle East and Asia, we may face heightened risks compared to regions where we have an established presence. These risks include: • Economic volatility, particularly in markets reliant on a limited range of industries; • Weak legal systems, which may hinder contract enforcement and intellectual property protection; • Government instability, policy changes and privatization efforts that could impact operations; • Foreign exchange controls that may restrict the movement of funds; and • Abrupt changes in customs and tax regulations, affecting product movement and financial performance. Additionally, conducting business across multiple jurisdictions—such as moving products between countries or providing services from subsidiaries abroad— increases exposure to regulatory shifts and compliance challenges. These factors could negatively impact our operations and financial results. Increasing customer demands for cost reductions and purchasing efficiencies may restrict our pricing flexibility and affect our business. Many customers are consolidating suppliers and negotiating bulk purchasing agreements to lower costs, often through large distributors that secure discounted pricing and direct purchasing control. To maintain access to these customers, we may be required to offer lower prices to distributors, reducing our margins. Additionally, large customers, including the U.S. federal government, may seek special pricing arrangements, such as blanket purchase agreements, further limiting pricing flexibility. For some customers, we have facilitated sales through distributors and value- added partners at their request. If sales through intermediaries increase, our gross profit and overall financial performance could be adversely impacted. Our ability to accurately forecast quarterly results is impacted by the timing of customer purchases, which are often concentrated in the final weeks or days of a quarter. Many customers delay purchase decisions until late in the quarter as they assess budget availability and business needs. Additionally, revenue timing from companion diagnostic partnerships can be unpredictable, further complicating forecasts. While we have historically relied on customer purchasing patterns to project sales, deviations due to market fluctuations, economic conditions or changing procurement trends can result in significant differences between projected and actual results. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 38 Risks and Risk Management Due to these factors, we may not have sufficient real-time visibility to adjust forecasts accurately. If sales fall short of expectations, the market price of our Common Shares could be adversely affected. Macroeconomic & Geopolitical Risks Global economic uncertainty, rising interest rates, geopolitical conflicts, trade restrictions and U.S. tariffs on imported goods could adversely impact our business, financial condition and results of operations. Our operations are subject to global economic volatility, including inflation, high energy costs and tightening monetary policies. Since 2022, central banks in the U.S., U.K. and Eurozone have raised interest rates significantly, increasing financing costs and limiting access to capital. This could affect our ability to refinance debt, invest in R&D or fund expansion initiatives. Additionally, financial pressures on our customers may impact their purchasing decisions or delay payments, negatively affecting our cash flow. As a company that primarily manufactures outside the U.S. and exports products into the U.S. market, we are exposed to trade policy risks, including tariffs and import restrictions. If the U.S. government imposes new tariffs, duties or trade barriers on life sciences products, raw materials or components imported from our manufacturing locations, our costs could increase and our pricing competitiveness in the U.S. market could be impacted. Retaliatory tariffs from other countries could further disrupt supply chains or limit market access for our products. These risks may necessitate supplier diversification, production adjustments or changes in our U.S. pricing strategy, all of which could increase operational complexity and costs. Geopolitical conflicts, such as the wars in Ukraine and the Middle East, have heightened supply chain disruptions and increased energy and material costs. Trade restrictions and export controls, as seen during the Russia-Ukraine war, could further restrict the flow of goods and impact our ability to source critical materials. A reduction in U.S. government funding or automatic budget cuts (sequestration) could also delay or reduce spending by key customers, including universities, government laboratories and private foundations that rely on grants from agencies such as the U.S. National Institutes of Health (NIH). Uncertainty around federal budget allocations may further reduce demand for our products. A prolonged economic downturn or trade restrictions could result in: • Higher import costs due to U.S. tariffs, reducing profit margins on U.S. sales; • Increased operational costs to shift supply chains or modifying manufacturing locations in response to trade restrictions; • Reduced investments in U.S. healthcare infrastructure and life sciences research, impacting demand; • More aggressive cost-containment efforts by U.S. government and private healthcare payors; • Severely limited access to financing, impacting growth, capital expenditures and acquisitions; • Foreign currency volatility, affecting pricing and revenue forecasts; and • Retaliatory tariffs or trade restrictions from the EU, China or other trading partners, increasing costs or limiting access to key markets. If we are unable to mitigate these risks, our business performance, profitability and market presence in the U.S. could be materially affected. Our global operations are exposed to government actions, economic instability, public health crises, geopolitical conflicts, natural disasters and other force majeure events that may disrupt our supply chain, customers or business operations. We manufacture primarily in Germany, the U.S., Spain and China and sell through subsidiaries and distributors in over 60 countries. While we have assessed climate change risks at key production and logistics sites, no material threats have been identified. However, unforeseen events—such as the COVID-19 pandemic, extreme weather, cyberattacks or geopolitical instability —could damage facilities, disrupt supply chains, increase costs and impact production and sales. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 39 Risks and Risk Management Disruptions affecting our suppliers could reduce manufacturing output, leading to delayed or lost sales. Many of our products are manufactured at single locations, making it difficult to quickly shift production if operations are halted. While we may ship from alternative sites, customer facility closures or impaired logistics infrastructure could further hinder deliveries, negatively impacting sales, profitability and cash flow. Geopolitical risks, including the Russia-Ukraine war, Middle East conflicts and escalating U.S.-China trade tensions, could result in trade restrictions, export controls, tariffs or sanctions, increasing costs and limiting market access. Additionally, cyber security threats targeting critical infrastructure pose risks to our operations. While we maintain insurance coverage for property damage and business interruptions, it may not fully cover all potential losses or remain available on favorable terms. Additionally, recovery costs following a disruption could further reduce profitability and impact financial results. Geopolitical conflicts, terrorist attacks and international instability could disrupt global markets, supply chains and our operations. Wars, terrorist attacks and regional conflicts can destabilize economies, disrupt supply chains and drive up energy and raw material costs. The Russia-Ukraine war, ongoing since February 2022, has led to sanctions, trade restrictions and heightened regional uncertainty. Any expansion of the conflict could further impact our European operations and increase costs. In October 2023, the Israel-Hamas war escalated tensions in the Middle East, creating regional instability and market uncertainty. Although QIAGEN has no direct operations in either country, the conflict remains ongoing and its long- term economic and regional geopolitical effects are unpredictable. Such conflicts, along with future geopolitical crises, could disrupt financial markets, weaken supply chains and increase political and social instability. These risks may also amplify the impact of other uncertainties outlined in this Annual Report, further affecting our business, operations and financial performance. Our global operations expose us to risks related to economic instability, regulatory changes, supply chain disruptions, exchange rate fluctuations and evolving environmental, social and governance (ESG) expectations, including diversity, equity and inclusion (DEI) regulations. We operate in multiple countries with manufacturing facilities in Germany, China, Spain and the U.S., a diverse global supply chain, and sales subsidiaries worldwide. Managing international operations requires coordination across jurisdictions and time zones, increasing operational complexity and resource demands. We have heavily invested in integrated information systems, including a multi-year transition to SAP S/4HANA, to streamline operations. Any disruptions, data loss or system failures could negatively impact our business and financial results. Our international footprint subjects us to macroeconomic and geopolitical risks, including economic downturns, trade restrictions, tariffs and evolving regulatory frameworks. Import/export licensing requirements, currency controls, shifting tax policies and environmental regulations could increase costs and disrupt supply chains. Additionally, longer payment cycles in certain regions and compliance with complex local regulations could affect cash flow and financial performance. As a global business, we conduct transactions in multiple currencies, with the U.S. dollar as our reporting currency. Exchange rate fluctuations impact revenues, costs and profitability, leading to foreign currency transaction gains and losses. Certain regions face heightened currency instability; for example, as of April 1, 2022, our Türkiye subsidiary's results are reported under highly inflationary accounting due to cumulative inflation exceeding 100% over three years. While we use foreign exchange hedging to mitigate currency risks, we cannot fully eliminate the impact of exchange rate volatility on our financial results. Expanding ESG reporting requirements globally and uncertain U.S. DEI policies present regulatory and financial challenges. Failure to meet evolving investor, regulatory or stakeholder expectations could result in reputational damage, business loss and talent retention challenges. Compliance may require additional investments, impacting profitability. Ineffective management of these QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 40 Risks and Risk Management risks could negatively affect our business, financial performance and global market position. Operational & Supply Chain Risks We rely on secure communication and information systems and are subject to evolving privacy and data security laws. Any disruption, breach or failure could adversely affect our business, financial condition and reputation. We depend on secure information systems to conduct business, storing intellectual property, proprietary business data and personally identifiable information (PII) of customers, employees and business partners in our data centers, networks and cloud-based systems. Despite significant investments in cyber security awareness, modernized tools and ongoing updates to security processes, we cannot eliminate the risk of cyber threats. We occasionally experience minor cyber security incidents, with phishing attacks posing a growing threat to customers and employees. Unauthorized access to our systems could result in data theft, intellectual property loss, financial fraud or operational disruptions. Cyber risks include hacker intrusions, ransomware, malware, software failures and cyber terrorism, with an increased threat from state-sponsored cyberattacks due to ongoing geopolitical tensions, such as the Russia-Ukraine war. Russian ransomware groups, for example, have threatened critical infrastructure and organizations involved in retaliatory actions against Russia, increasing the risk of cyber incidents. A significant security breach could lead to business disruptions, regulatory penalties, reputational damage and legal liability. Additionally, we are subject to complex and rapidly evolving data privacy laws across multiple jurisdictions. These include: • U.S. state privacy laws, such as the California Consumer Privacy Act (CCPA) and similar laws in Virginia and Colorado, that impose data processing, consumer rights and breach notification requirements; • European privacy regulations, such as the General Data Protection Regulation (GDPR), which restrict data transfers and mandate strict security measures; and • Potential new regulations, including comprehensive federal data privacy legislation in the U.S. and additional international privacy laws, which could further complicate compliance. As privacy laws evolve, we may face new compliance obligations, higher operational costs and restrictions on data transfers. Failure to comply with these laws could result in regulatory fines, lawsuits and reputational harm, negatively impacting our business operations and strategic growth plans. Our business relies on a complex global supply chain, and disruptions in material availability, rising costs or shipping delays could adversely impact our operations and financial results. We source raw materials, instrumentation and chemicals from multiple suppliers, but certain key components are available only from single-source vendors. If these suppliers face delays, shortages, regulatory restrictions or disruptions, we may be unable to procure materials in a timely manner or at required quality levels, potentially affecting our ability to manufacture and deliver products. The supply chain environment remains challenging but has shown improvement following extreme volatility in 2021–2022. While material availability stabilized in 2023, ongoing pressures from inflation, energy costs, geopolitical instability and trade restrictions continue to affect pricing and logistics. Key industry concerns in 2024 included increased raw material costs, semiconductor shortages affecting instrumentation, shifting trade policies and regional supply chain constraints. Many companies, including ours, are implementing alternative sourcing strategies, regionalized manufacturing and risk mitigation efforts to adapt. We also rely on air cargo carriers and expedited logistics services to ensure timely delivery of consumables and instrument kits, as many of our customers maintain limited inventory and require rapid replenishment. Additionally, some of our products require specialized cold storage and transportation, making reliable logistics even more critical. If shipping services are suspended, delayed or disrupted and alternative providers cannot meet our needs, customers may QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 41 Risks and Risk Management be forced to halt operations, negatively impacting our customer relationships, sales and financial performance. If supply chain disruptions persist, including material shortages, rising costs, transportation delays or geopolitical trade restrictions, our business, operations and financial results could be materially impacted. Increasing global supply chain regulations, including reporting and due diligence requirements, could increase compliance costs, disrupt sourcing strategies and impact our operations. As a global company with primary manufacturing operations in Germany and significant sales in the U.S., we are subject to an expanding number of supply chain-related regulations that impose stricter compliance and reporting obligations. These include: • The German Supply Chain Act (LkSG), which mandates due diligence on human rights and environmental risks within supply chains; • U.S. Conflict Minerals Reporting (Dodd-Frank Act Section 1502), requiring disclosure of the use of certain minerals sourced from conflict-affected regions; and • Similar emerging regulations in the European Union and other jurisdictions, including proposals under the EU Corporate Sustainability Due Diligence Directive (CSDDD). These regulations require us to assess, document and report on supplier practices, increasing administrative burdens, compliance costs and operational complexity. Ensuring full transparency and regulatory compliance across a global supplier base is challenging, particularly for single-source suppliers or vendors operating in high-risk regions. If we fail to meet these evolving regulatory requirements, we may face fines, legal action, restrictions on market access or reputational damage. Additionally, heightened regulatory scrutiny may limit sourcing options, increase raw material costs and require supplier requalification or alternative sourcing strategies, potentially delaying production and affecting profitability. Compliance with environmental, social and governance (ESG) standards is also increasingly a factor in customer and investor decision-making, and failure to align with these expectations could impact our business relationships and competitive position. As supply chain regulations continue to expand, our business operations, supplier relationships and financial performance could be materially impacted if compliance costs rise, sourcing becomes restricted or regulatory enforcement actions are imposed. Talent acquisition and retention are critical to our success. Our success depends on our ability to attract, retain and develop highly skilled personnel, particularly in scientific research, management, manufacturing, digitization, sales and marketing. While we have not faced significant challenges in hiring or retaining talent, competition for experienced scientists, managers and industry specialists remains high across the pharmaceutical, biotechnology and research sectors. As we continue to expand, we will require additional employees and leadership development to support growth in R&D, manufacturing and commercial operations. Failure to recruit, retain or develop key talent could hinder our ability to innovate, scale operations and execute strategic initiatives, potentially having a material adverse impact on our results of operations. Risks Related to Artificial Intelligence (AI) Adoption and Compliance The integration of Artificial Intelligence (AI) in our operations and products presents regulatory, cyber security, liability and competitive risks that could adversely affect our business, financial condition and results of operations. We are increasingly leveraging Artificial Intelligence (AI) and machine learning (ML) technologies in our products, services and internal operations, including in bioinformatics, molecular diagnostics, clinical decision support, automation and supply chain optimization. The deployment of AI presents several regulatory, legal, cyber security and ethical risks that could materially and adversely impact our business. Regulatory authorities, including the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA) and other global agencies, are QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 42 Risks and Risk Management evolving their oversight of AI-driven medical and diagnostic technologies. The lack of clear or harmonized regulations across jurisdictions could result in delays in product approvals, increased compliance costs or the need for additional clinical validation of AI-based products. If regulators impose new AI transparency, validation or algorithm explainability requirements, we may be required to modify or revalidate our AI-based solutions, which could increase costs and delay time-to-market. AI technologies rely on large datasets, including genomic, clinical and patient data, making them susceptible to privacy, security and compliance risks under regulations such as the General Data Protection Regulation (GDPR), the U.S. Health Insurance Portability and Accountability Act (HIPAA) and China’s Data Security Law. A breach, misuse or misinterpretation of AI-generated results could lead to regulatory penalties, litigation and reputational harm. Additionally, the risk of cyber security threats, including AI-driven cyberattacks, data poisoning or adversarial manipulation, could compromise the integrity of our AI models and the security of our systems. AI algorithms can also exhibit bias, errors or inaccuracies if not properly trained or validated. If our AI-based diagnostics or research tools generate false positives, false negatives or unreliable results, this could expose us to liability claims, regulatory scrutiny or loss of customer confidence. AI-based products may also face challenges in intellectual property protection, as evolving laws and patent eligibility criteria for AI-generated inventions may impact our ability to protect proprietary AI models. Furthermore, we rely on third-party AI providers and cloud computing infrastructure for certain AI applications. Any failure, breach or misalignment in AI development partnerships could lead to disruptions in our operations or loss of competitive advantage. Additionally, the rapid evolution of AI in healthcare and life sciences could increase competition from technology firms, startups and established industry players, potentially impacting our market position. If we fail to effectively manage these AI-related risks, including regulatory compliance, data security, algorithmic transparency and liability concerns, our ability to develop and commercialize AI-driven solutions could be limited, which may have a material adverse effect on our business, financial condition and results of operations. Regulatory & Legal Risks Obtaining regulatory approval and complying with evolving regulations is costly and time-consuming, potentially affecting our ability to commercialize products and generate sales. We operate in a highly regulated industry, with oversight from agencies such as the FDA (U.S.), EMA (EU), National Medical Products Administration (NMPA) in China and the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan. Regulatory frameworks are frequently updated, and compliance requires substantial investment in product development, clinical trials and ongoing monitoring. Changes in existing regulations or new requirements could: • Delay or prevent approval of new products, affecting market entry; • Increase compliance costs for manufacturing, labeling, storage and promotion; and • Restrict the sale of approved or cleared products, limiting revenue potential. Several of our key products and programs are classified as medical devices, subject to stringent pre- and post-market regulations. Compliance failures may lead to FDA enforcement actions, including: • Fines, injunctions, or recalls; • Denial or withdrawal of approvals; and/or • Production restrictions or facility shutdowns. Additionally, some of our products are sold in the U.S. for research use only (RUO) and labeled accordingly. If the FDA reclassifies an RUO product as requiring regulatory clearance, we may have to halt sales until approval is obtained. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 43 Risks and Risk Management With increasing global scrutiny, particularly in areas such as gene editing, genomic research and in vitro diagnostics (IVD), regulatory hurdles may intensify. Failure to meet evolving requirements could significantly impact our business, operations and growth prospects. We may be subject to costly patent litigation, intellectual property disputes or licensing requirements that could impact our operations and financial performance. The biotechnology and life sciences industries are highly litigious regarding patents and intellectual property rights, particularly as competitors develop technologies based on common platforms. We are aware that third parties hold patents related to sample and assay technologies, some of which are closely related to those we use. From time to time, we receive inquiries regarding potential patent infringement. While we actively monitor developments and believe our technologies do not infringe third-party rights, there is no guarantee that we will not face legal challenges. If a dispute arises, we may be required to: • Modify or discontinue certain products or processes; • Obtain costly licenses, which may not be available on favorable terms or at all; or • Engage in lengthy and expensive litigation to defend against infringement claims or enforce our own patents. Additionally, proceedings before regulatory bodies such as the U.S. Patent and Trademark Office or the International Trade Commission may be necessary to determine the validity or scope of patents. Unfavorable rulings or settlement obligations could negatively impact our business, financial condition and competitive position. Intellectual property litigation can be costly and time-consuming, diverting management resources and potentially leading to significant financial liabilities. Any adverse outcomes could materially affect our results of operations and market position. Unethical behavior and non-compliance with laws by our sales representatives, consultants, commercial partners, distributors or employees could seriously harm our business. Our operations include doing business in countries with a history of corruption and involve transactions with foreign governments. These factors may increase the risks associated with our international activities. We are subject to the U.S. Foreign Corrupt Practices Act (FCPA), the U.K. Bribery Act and other laws that prohibit improper payments or offers of payments to foreign governments and their officials and political parties by business entities for the purpose of obtaining or retaining business. We have operations, agreements with third parties and sales in countries known to experience corruption. Further international expansion may involve increased exposure to these types of practices. Our activities in these countries and others create risks of unauthorized payments or offers of payments, non-compliance with laws or other unethical behavior by any of our employees, consultants, sales agents or distributors, that could be in violation of various laws, including the FCPA, even though these parties are not always subject to our control. Our policy is to implement safeguards to discourage these or other unethical practices by our employees and distributors, including online and in-person employee trainings, periodic internal audits and standard reviews of our distributors. However, our existing safeguards and any future improvements may not prove to be effective, and our employees, consultants, sales agents or distributors may engage in conduct for which we might be held responsible. Violations of the FCPA and other laws may result in criminal or civil sanctions, which could be severe, and we may be subject to other liabilities, which could negatively affect our business, results of operations and financial condition. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 44 Risks and Risk Management Financial Risks Changes in tax laws, regulatory interpretations or reductions in government tax incentives could increase our effective tax rate, impact our financial flexibility and adversely affect our results of operations. Our effective tax rate benefits from partially tax-exempt income through inter- company operating and financing structures as well as regional tax rate variations across our global operations. The statutory corporate tax rate in the Netherlands is 25.8%, but income or losses in other jurisdictions may be taxed at higher or lower rates. Recent global tax reforms, including the OECD’s Pillar Two framework, introduce a 15% global minimum tax that could significantly impact multinational businesses, including QIAGEN. The Netherlands has formally enacted Pillar Two legislation, with certain provisions effective January 1, 2024 and others effective as of January 1, 2025. However, ongoing discussions among the OECD and participating countries continue to shape its implementation, creating uncertainty regarding administrative rules and compliance requirements. In addition to OECD-driven changes, shifts in U.S. tax policy due to political uncertainty could lead to corporate tax rate adjustments, changes in transfer pricing regulations and limitations on deductions for interest and foreign-related expenses. These changes could increase our tax burden, affect our cash tax payments and limit our ability to repurchase Common Shares without incurring adverse tax consequences. Furthermore, tax authorities or regulatory bodies, such as the European Commission, may challenge our tax positions, transfer pricing arrangements or tax credit eligibility, potentially resulting in additional tax liabilities. These developments could materially impact our financial results, cash flow and ability to accurately forecast tax-related expenses. Our debt obligations may impact our financial condition and flexibility. We carry significant debt with service obligations and restrictive covenants that may limit our financial flexibility. High indebtedness increases the risk of default, restricts our ability to borrow additional funds and could impact our ability to generate sufficient cash flow to meet interest payments and debt covenants. If we are unable to secure working capital, new financing or equity funding, we may need to delay or reduce R&D investments. Our debt levels could: • Limit our ability to make required debt payments; • Restrict access to financing for operations, capital expenditures or debt service; • Reduce flexibility in responding to industry changes; and/or • Increase vulnerability to economic downturns. Managing our debt effectively is critical to maintaining financial stability and business continuity. Our business may require substantial additional capital, which may not be available on acceptable terms, or at all. Future capital needs will depend on factors such as: • Marketing, sales and customer support expenses; • R&D investments; • Facility expansion; • Acquisitions of technologies, products or businesses; • Product demand and operational costs; • Debt repayment or refinancing; and • Hedging activities and tax obligations. We expect to meet short-term capital needs through cash flow from operations and cash on hand. As of December 31, 2024, we had over $1.0 billion in long-term debt and may choose to refinance these obligations. If our existing resources become insufficient, we may need to raise funds through public or private debt or equity financing. However, funding may not QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 45 Risks and Risk Management be available on favorable terms, potentially requiring us to reduce or delay R&D, production, marketing, capital expenditures or acquisitions, negatively impacting our business. Additionally, issuing equity or convertible securities could result in shareholder dilution. An impairment of goodwill and intangible assets could reduce our earnings. At December 31, 2024, our consolidated balance sheet included $2.4 billion of goodwill and $303.8 million of intangible assets. Goodwill arises when the purchase price of an acquisition exceeds the fair value of net assets, while intangible assets represent finite-lived assets such as patents or trademarks. Under U.S. GAAP, we must test goodwill for impairment annually or when events indicate potential impairment. Intangible assets are reviewed for impairment when changes in circumstances suggest their carrying value may not be recoverable. These reviews are often conducted at an asset group level, which for goodwill currently applies to the entire company. If impairment is identified, we must immediately record a charge to earnings, which could adversely impact our financial results. Our strategic equity investments may result in losses. We make strategic investments in businesses as opportunities arise, but these investments may result in losses. We periodically evaluate their carrying value based on factors such as recent stock transactions, financial statements and market conditions. However, valuation fluctuations—driven by factors beyond our control—may impact our financial results. Assessing the fair value of non-marketable life science investments is inherently subjective, and if actual outcomes differ from assumptions, we may be required to write down investments, leading to potential charges against earnings. There is no guarantee that these investments will yield long-term benefits. Product and Competitive Risks We may encounter delays in receipt, or limits in the amount, of reimbursement approvals and public health funding, which may negatively impact our ability to grow revenues in the healthcare market or our profitability. Changes in the availability or reimbursement of our diagnostic testing products by insurance providers and health organizations could significantly impact our results. Third-party payors often hesitate to cover new technologies or novel diagnostic tests and are increasingly limiting reimbursement coverage or pressuring suppliers to reduce prices. Each payor makes individual reimbursement decisions, requiring scientific and clinical data to justify a test’s clinical benefits. This time-consuming and costly process can delay market adoption, and there is no guarantee of approval. Inconsistent or inadequate reimbursement may force us to lower prices or limit sales, negatively affecting our financial performance. Additionally, many of our customers rely on government and private insurers to support their products' marketability. Governments and third-party payors are focused on controlling healthcare costs and reducing medical product prices. Uncertainty around U.S. healthcare policy, including the Affordable Care Act (ACA) and potential reimbursement changes, may delay customer purchasing decisions, affecting our sales. Under the Protecting Access to Medicare Act (PAMA) of 2014, Medicare reimbursement rates for certain diagnostic tests are based on weighted median private payor rates, leading to lower reimbursement levels across molecular pathology and other diagnostic tests. If reimbursement remains inadequate, our business and financial results could suffer. Reduction in R&D budgets and government funding may result in reduced sales. Our customers include pharmaceutical and biotechnology companies, academic institutions, and government and private laboratories. Demand for our products is influenced by fluctuations in research and development (R&D) budgets, which can be impacted by funding availability, industry mergers, shifting spending priorities and institutional policies. Any significant reduction in life sciences R&D spending could adversely affect our financial performance. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 46 Risks and Risk Management The pharmaceutical and biotechnology industries have undergone significant restructuring and consolidation in recent years. Further mergers may result in customer loss, reducing demand for our products and negatively impacting our results. We also sell to universities, government laboratories and private foundations, many of which rely on government grants, particularly from agencies like the U.S. National Institutes of Health (NIH), the largest source of life sciences funding in the country. While research funding has increased in recent years, future levels remain uncertain due to federal and state budget constraints. Government funding decisions, which are subject to unpredictable political processes, can cause purchasing delays and impact our sales. Efforts to reduce budget deficits have previously included cuts to NIH and other global research agencies. A reduction in government funding for life sciences research could significantly impact our business and results of operations. Competition could reduce our sales. The markets for our products are highly competitive. Many competitors have greater financial, operational, sales, marketing and R&D resources. They may develop new technologies that compete with or render our products obsolete and could gain regulatory approval from agencies such as the U.S. Food and Drug Administration (FDA) and international regulators. Competitors offering superior technology, cost-effective solutions or faster regulatory approval could adversely impact our sales and operations. Our business growth depends on converting users from competing products to our sample and assay technologies. However, switching suppliers can be time- consuming and costly, as customers must integrate new products into their workflows. If we fail to be first to market with innovative solutions, our competitive position and sales may suffer. Additionally, in commercial clinical diagnostics, we often compete with laboratory-developed tests (LDTs) created by our customers. Converting users from LDTs to our commercial assays remains a challenge, which may impact our market adoption and revenue. We rely on collaborative commercial relationships to develop and/or market some of our products. Our long-term strategy includes forming strategic alliances and marketing arrangements with academic, corporate and other partners for developing, commercializing and distributing our products. We may face challenges in negotiating these collaborations and maintaining them, and partners might develop competing products. Our Precision Diagnostics business collaborates with pharmaceutical and biotech companies to co-develop companion diagnostics for their drugs. The success of these programs depends on our partners' commitment, clinical trial outcomes and regulatory approvals. Sales of companion diagnostics are closely tied to the commercial success of the related drugs. Marketing QIAGEN products often relies on joint ventures or distributorships, especially in emerging markets where we partner with local companies. The success of these partnerships impacts our sales and profitability in these regions. Real or perceived defects in or misuse of our products could adversely affect our results of operations, growth prospects and reputation. We market our products in over 130 countries, directly or through partners. Due to our extensive operations, tracking end-user usage can be challenging. Misuse or perceived misuse of our products could harm our reputation and customer trust, impacting market acceptance. Our customers, particularly in law enforcement and government, use our products for critical applications like forensic testing and human identification. They have low tolerance for defects, which could interfere with justice administration and damage forensic evidence. Defects or misuse, real or perceived, could lead to lost sales, increased service and replacement costs, reputational damage, customer loss, liability for damages and resource diversion, adversely affecting our business. If our products are used unethically or unlawfully, it could harm our reputation and operations. We strive to ensure ethical and lawful use but cannot QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 47 Risks and Risk Management guarantee against misuse claims. Allegations of misuse, even if unfounded, could damage our reputation. Our brand and reputation are crucial for business success. Maintaining them depends on delivering high-quality products and services. Negative reviews or publicity, especially in media, could harm our reputation and sales, adversely affecting our business and financial results. We depend on patents and proprietary rights that may fail to protect our business. Our success depends to a large extent on our ability to develop proprietary products and technologies and to establish and protect our patent and trademark rights in these products and technologies. As of December 31, 2024, we owned 282 issued patents in the United States, 229 issued patents in Germany and 1,615 issued patents in other major industrialized countries. In addition, as of December 31, 2024, we had 346 pending patent applications, and we intend to file applications for additional patents as our products and technologies are developed. The patent positions of technology-based companies involve complex and uncertain legal and factual questions, with laws on patent coverage and enforceability subject to change. U.S. patent applications remain secret until issued, and scientific or patent literature publications lag behind discoveries. Thus, there is no guarantee that patents will be granted from our applications or, if granted, that they will be broad enough to protect our technology. Issued patents may be challenged, invalidated or circumvented, potentially diminishing our competitive advantage and revenue as patents expire and competitors develop similar products. Some products use third-party licensed patents and technologies, which provide competitive advantages but impose commercialization and sublicensing obligations. Non-compliance could convert exclusive licenses to non-exclusive or terminate them, leading to a loss of competitive edge and revenue. We also protect trade secrets and proprietary know-how through confidentiality agreements with employees and consultants. However, these agreements may not offer meaningful protection or adequate remedies for unauthorized use or disclosure, and trade secrets could become known or independently developed by competitors. Collaborations with academic researchers and institutions may result in third parties acquiring rights to inventions developed during these partnerships. Our business exposes us to potential product liability. Our product marketing and sales involve potential product liability risks. Although we currently face no significant claims, future claims are possible. Additionally, our products might be used unethically or illegally, leading to litigation risks. We have limited product liability insurance, but its adequacy and affordability are uncertain. We must comply with various laws and regulations, including those for handling hazardous substances. Accidental contamination or injury risks exist, and we could be liable for resulting damages, which could significantly impact us. Stock and Shareholder Risks Fluctuations in operating results may impact the market price of our Common Shares. Our operating results can vary significantly from quarter to quarter and year to year, influenced by multiple factors, including: • Demand for our products and customer purchasing cycles; • Timing of research budgets and commercialization efforts; • Government funding allocations affecting customer spending; • Regulatory approvals and research & development activities; • Sales and marketing expenses, as well as exit activities; • New product launches by us or competitors; • Competitive market conditions and macroeconomic trends; and • Exchange rate fluctuations affecting international revenue. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 48 Risks and Risk Management We set expense levels based on anticipated sales trends, but actual sales and earnings may deviate from expectations, leading to variability in financial performance. As a result, our quarterly and annual results may not be indicative of future performance. If our results fail to meet or exceed analyst or investor expectations, the market price of our Common Shares could decline. Our Common Shares may have a volatile public trading price. The market price of our Common Shares has been highly volatile since our initial public offering in September 1996. Our shares have been listed on the New York Stock Exchange (NYSE) since January 10, 2018, after previously trading on NASDAQ. Over the past two years, our stock price has ranged from $51.18 to $34.74 and from €48.36 to €32.74 on the Frankfurt Stock Exchange. In addition to overall stock market fluctuations, factors that may have a significant impact on the price of our Common Shares include: • New product launches or technological advancements by us or competitors; • Changes in collaborations or partnerships; • Quarterly financial performance and comparisons with peer companies; • Regulatory, tax or patent law changes; • Developments in intellectual property rights; • Government funding for life sciences research; • General market trends in diagnostics, pharmaceuticals and biotechnology; and • Foreign exchange rate fluctuations. The stock market has experienced extreme price and volume fluctuations, particularly affecting technology-based companies, often unrelated to their operating performance. These broad market swings may negatively impact the price of our Common Shares. Future sales and issuances of our Common Shares could adversely affect our stock price. The future sale or issuance of a large number of our Common Shares could negatively impact their market price. Dutch law allows a company to issue shares up to its authorized share capital as specified in its Articles of Association. Our authorized share capital is EUR 9.00 million, divided into 410.0 million common shares, 40.0 million financing preference shares and 450.0 million preference shares, each with a EUR 0.01 par value. As of December 31, 2024, approximately 222.3 million Common Shares were outstanding, with an additional 12.9 million reserved under stock plans, including shares subject to outstanding awards. Furthermore, up to 18.7 million shares may be issued upon conversion of debt. Most of our outstanding Common Shares can be sold without restriction, except those held by affiliates, which have resale limitations. Shareholders who are U.S. residents could be subject to unfavorable tax treatment. We may be classified as a "passive foreign investment company" (PFIC) for U.S. federal income tax purposes if certain tests are met, potentially reducing the after-tax return and value of our Common Shares. A PFIC determination involves either 75% or more of our gross income being passive or 50% of our assets producing passive income. Based on our 2024 income, assets and activities, we do not believe we were a PFIC and do not expect to be one in the future. However, there is no guarantee that the IRS will not challenge this position or that we will not become a PFIC later. Provisions of our Articles of Association and Dutch law and an option we have granted may make it difficult to replace or remove management and may inhibit or delay a takeover. Our Articles of Association require a two-thirds shareholder vote, representing over 50% of issued share capital, to suspend or dismiss Managing and Supervisory Directors against their wishes. If proposed by the joint Supervisory and Managing Boards, a simple majority is sufficient. Shareholders may also overrule Board nominations with the same two-thirds vote and share capital QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 49 Risks and Risk Management threshold. To prevent hostile takeovers, our Supervisory Board can issue Preference Shares if a third party acquires 20% or more of share capital or is deemed an "adverse person." This may discourage bids or lead to negotiations for better terms. In 2004, we granted Stichting Preferente Aandelen QIAGEN the option to acquire Preference Shares equal to all outstanding Common Shares minus one to block or delay an unfavorable change of control. The Foundation must act in our and stakeholders' interests when exercising this option. Restrictions include: • The requirement of a public offer announcement; and • A two-year holding period, during which voting rights must remain below 30% before the period ends. Note Regarding Forward-Looking Statements and Risk Factors Our future operating results may be affected by various risk factors, many of which are beyond our control. Certain statements included in this Annual Report and the documents incorporated herein by reference may be forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including statements regarding potential future net sales, gross profit, net income and liquidity. These statements can be identified by the use of forward-looking terminology such as “believe,” “hope,” “plan,” “intend,” “seek,” “may,” “will,” “could,” “should,” “would,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Reference is made in particular to the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. We caution investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Factors that could cause such results to differ materially from those described in the forward-looking statements include those set forth in the risk factors above. As a result, our future success involves a high degree of risk. When considering forward-looking statements, you should keep in mind that the risk factors could cause our actual results to differ significantly from those contained in any forward-looking statement. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 50 Outlook Global Economic Perspectives for 2025 The global economic outlook for 2025, according to various experts and key opinion leaders, has shifted notably during the first few months of the year due to recent developments, particularly the implementation of substantial tariffs by the U.S., These actions have led to revised growth projections and heightened inflationary pressures across various regions. As of April 2025, the U.S. economy is projected to grow approximately 1.7% for the year. This downward revision is attributed to the adverse effects of new import tariffs, which have dampened confidence, leading to reduced expectations in terms of spending and investment. Annual inflation is anticipated to rise to 2.7%, exceeding the Federal Reserve's target. In response, the Federal Reserve is likely to maintain interest rates but has signaled potential adjustments depending on economic developments. The economic outlook for Europe is expected to slow to 0.8% growth in 2025, with countries like Germany facing stagnation and potential contraction. The European Central Bank (ECB) has expressed concerns over the sharp deterioration in global growth, largely attributing it to concerns about U.S. tariff policies. In response, the ECB has implemented multiple interest rate cuts over the past year to support the economy and may consider further reductions to counteract slowing inflation and economic activity. The Asia-Pacific region faces a complex outlook. China's GDP is projected to slow to about 4.1% growth in 2025 in part due to the impact of U.S. tariffs. India's growth forecast has also been revised downward, with sectors like medical devices expected to experience significant adverse impacts on their trade balance. Despite these challenges, certain economies in Southeast Asia are anticipated to maintain relatively robust growth, driven by domestic demand and regional trade initiatives. Industry Perspectives for 2025 The life sciences and molecular diagnostics industries are poised for overall growth in 2025, driven by technological advancements and strategic investments in a challenging macro environment. The integration of artificial intelligence (AI) is expected to significantly influence the life sciences sector. AI applications in drug discovery, clinical trials, and personalized medicine are projected to enhance efficiency and innovation. Additionally, mergers and acquisitions (M&A) activity is anticipated to accelerate, fueled by a favorable regulatory environment and the pursuit of technological synergies. The molecular diagnostics market is projected to experience steady growth, with an emphasis on point-of-care testing solutions. The market size is expected to increase from about $9 billion in 2025 to approximately $12 billion by 2034, reflecting a compound annual growth rate (CAGR) of about 4%. This growth is driven by advancements in diagnostic technologies and the increasing demand for rapid and accurate testing methods. QIAGEN Perspectives for 2025 QIAGEN remains committed to its strategic objectives and is well-positioned to navigate the evolving economic landscape. QIAGEN anticipates continued growth, building upon its solid performance in 2024. Strategic investments in high-growth product areas and operational efficiencies are expected to drive increased core sales (excluding discontinued products such as NeuMoDx and Dialunox) and profitability. QIAGEN's focus on key Growth Pillars, including QIAcuity digital PCR, QIAstat-Dx, QIAGEN Digital Insights, QuantiFERON and the Sample technologies portfolio, aims to collectively generate 7% CER CAGR from 2024 to 2028 from the core business. As in the past, QIAGEN also remains open to potential acquisitions that align with its strategic vision and enhance shareholder value. While the global economic environment in 2025 presents several challenges due to recent tariff implementations and geopolitical tensions, QIAGEN's strategic initiatives and focus on innovation position it favorably to achieve sustainable growth and profitability in the years ahead. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 51 Sustainability Statement General Information About this Sustainability Statement This sustainability statement has been prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD), article 29(a) of EU Directive 2013/34/EU, including compliance with the European Sustainability Reporting Standards (ESRS) and Article 8 of EU Regulation 2020/852 (EU- Taxonomy Regulation). Basis for preparation The sustainability statement for the year ended December 31, 2024, has been prepared on a consolidated basis, using the same scope as the financial statements. Our reporting policies have been applied consistently across the reporting year and comparative periods. Restatements are determined based on a judgment of significance. For EU taxonomy CapEx and Turnover disclosure certain eligible activities for the prior year have been retrospectively identified and the ratios of eligible activities have been updated for the comparison period. Time horizons in this statement are aligned with our financial statements: • Short-term: One year (aligned with the financial reporting period) • Medium-term: Up to five years after the short-term period • Long-term: More than five years The ESRS allow for an exemption from disclosing impending developments or ongoing negotiations. However, we did not utilize this exemption. External assurance As of January 1, 2024 the EU Corporate Sustainability Reporting Directive (CSRD) became effective in the EU. As of the date of this Annual Report, Dutch Parliament has not yet passed legislation that implements the CSRD Directive in Dutch Law. As a result, QIAGEN’s Managing Board and Supervisory Board have decided to voluntarily prepare and publish a Sustainability Statement for 2024 that provides a detailed report of the impacts, risks and opportunities facing QIAGEN and its stakeholders. Due to the status of CSRD in the Netherlands and potential changes in standards and interpretations, certain entity specific and temporary interpretations have been applied. Most significant assumptions have been described in the section 'Sources of estimation and outcome uncertainty'. The Sustainability Statement has been published as part of this Annual Report. KPMG Accountants N.V. (KPMG), our auditors, conducted a limited assurance engagement on this sustainability statement. For details, please refer to the Limited assurance report of the independent auditor within this document. Incorporation by reference Certain disclosures are incorporated by reference from other sections of this Annual Report, with clear indications of the precise content as noted in the table below. The following content is incorporated by reference: ESRS Disclosure Requirement Incorporation by Reference ESRS 2 GOV-1 (21 a, 23 a) Corporate Governance Report: • Managing Board Members • Supervisory Board Members • Summary of Skills, Qualifications and Background for the Supervisory Board Use of phase-in and transitional provisions The following phase-in and transitional provisions have been applied in this statement: • As 2024 marks the first year of CSRD implementation, comparative data has been included where available (either due to historical comparative reporting or availability of reliable historical data) to support understanding trends. • For health and safety reporting, comparative data includes work-related ill- health and data on number of days lost to injuries, accidents, fatalities and work-related ill health. Beyond these exceptions, all phase-in options and transitional provisions outlined in ESRS 1 have been applied. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 52 Sustainability Statement The preparation of this sustainability statement required the use of judgments, estimates and assumptions that affect reported amounts. These estimates are based on experience and reasonable factors under current circumstances. We continuously review and update these assumptions as needed. Sources of estimation and outcome uncertainty The following metrics involve a higher degree of judgment and complexity, where changes in assumptions or estimates could lead to different results. These include: Indirect GHG emissions across upstream value chain activities: • Scope 3, category 1 (Purchased Goods and Services): Measured based on spend data and assigned emissions factors Indirect GHG emissions across downstream value chain activities: • Scope 3, category 12 (End-of-Life Treatment of Sold Products): Based on assumptions about waste treatment types Other metrics: Waste data: The total weight, including technical and biological materials, is based on actual weights from major manufacturing sites, with an extrapolation for secondary sites (please see section Resource outflows: Waste management). Further details are disclosed in the respective chapters alongside the topical disclosures. Value chain This statement considers both our upstream and downstream value chains, assessing related impacts, risks and opportunities as assessed in the Double Materiality Assessment (DMA). Omission of information As per the guidance provided in ESRS 1, we have not exercised this option to omit information related to intellectual property, know-how or innovation results. The role of the Managing Board and Supervisory Board Corporate board structure QIAGEN N.V. is a publicly listed company incorporated under the laws of the Netherlands, operating as a 'Naamloze Vennootschap' (N.V.), which is a Dutch limited liability company. The Company is registered and has its official seat in Venlo, The Netherlands. Our corporate governance practices are governed by the provisions of the Dutch Civil Code and the Dutch Corporate Governance Code. QIAGEN’s management and supervision are organized under Dutch law in two-tier system consisting of: • Managing Board (composed exclusively of executive directors, and currently the CEO and CFO) • Supervisory Board (composed of non-executive directors) In alignment with CSRD definitions, we refer to these Boards as follows: • Administrative and Management Body: Managing Board (CEO and CFO) • Supervisory Body: Supervisory Board Managing Board The Managing Board is responsible for integrating sustainability into the Company strategy and monitoring the performance through the Executive Committee (EC). The EC includes the CEO and CFO as well as representatives from all of our global EC-level functions: Product Portfolio & Innovation, Commercial Operations, Global Operations, Finance, Human Resources and Corporate Strategy & Business Development. EC members receive specialized training and participate in discussions on sustainability matters - including climate change, supply chain due diligence and regulatory compliance. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 53 Sustainability Statement Information on the background and experience of the Managing Board is included under Managing Board members in the Corporate Governance Report. The Senior Vice President, Head of Global Operations, is responsible for sustainability matters within the EC. The Managing Board ensures the long-term continuity of QIAGEN and its affiliated enterprises. Responsibilities include setting strategic targets for long- term value creation, implementing policies and overseeing global operations and risk management, and ensuring financial stability and regulatory compliance with all relevant laws. Supervisory Board The Supervisory Board is responsible for overseeing the activities of the Managing Board as well as the general affairs of QIAGEN, its subsidiaries and affiliates and associated enterprises. The Supervisory Board's oversight includes: • Achievement of corporate objectives • Corporate strategy and associated business risks • Internal risk management and control systems • Financial and sustainability reporting processes • Adherence to corporate governance best practices To ensure in-depth oversight of key areas, the Supervisory Board has established four specialized Committees: • Audit Committee • Compensation & Human Resources Committee • Nomination & Governance Committee (formerly Nomination & ESG Committee) • Science & Technology Committee All Supervisory Board members have extensive leadership and industry experience, with many having held top management positions in publicly-listed or privately-owned companies. Their diverse expertise enables them to assess and review business implications associated with sustainability targets, ensure effective risk management and oversee both financial and non-financial reporting requirements. Within the Supervisory Board, the Nomination & Governance Committee is responsible for advising the Supervisory Board on sustainability matters, including social, human rights and environmental policies, as well as related reporting. The Audit Committee separately reviews sustainability reporting developments on a regular basis, focusing on risk management and internal controls. The Nomination & Governance Committee is responsible for setting of sustainability targets, developing and implementing ESG strategy, monitoring and measuring the performance of sustainability initiatives and overseeing ESG- related risk management. In 2024, both the Supervisory Board and Managing Board received training on the fundamentals of CSRD requirements, ensuring alignment with regulatory expectations. Governance and oversight of ESG and sustainability Employee representatives are not included in either the Supervisory Board or the Managing Board. The independence of Supervisory Board members has been determined in accordance with the Dutch Corporate Governance Code. All of our Supervisory Board members are independent under the Dutch Code. Further information about the Supervisory Board and their profiles can be found under Supervisory Board Members and Summary of Skills, Qualifications and Background for the Supervisory Board in the Corporate Governance Report. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 54 Sustainability Statement Operational ESG responsibility The Head of ESG Strategy & Impacts Programs leads the operational ESG function, and reports to the Senior Vice President, Head of Global Operations. This function is responsible for formulating proposals for the Managing Board and Supervisory Board, as well as providing approvals for sustainability strategy-related matters and driving implementation through a working group known as Corporate ESG Committee (CEC). The CEC is a cross-functional working group that includes representatives from departments including Finance, Legal, Operations, Human Resources, Corporate Communications and Investor Relations. Additionally, the Head of ESG Strategy & Impacts Programs is responsible for reporting ESG topics to the Supervisory Board and its Committees. Overall, QIAGEN's administrative, management, and supervisory bodies work collaboratively to ensure a balanced and focused approach to strategy, transactions, and risk management, aiming for profitable growth and sustainable value creation. Management and supervisory bodies integrate identified impacts, risks, and opportunities (IROs) into the sustainability strategy, risk management process, and major transaction decisions by incorporating sustainability into the overall strategy through board oversight. They monitor sustainability-related risks identified by the Corporate ESG Committee as part of the risk management process. In decision-making, they consider sustainability impacts in transactions, such as acquisitions and infrastructure development. Collaboration is achieved through cross-functional teams, including the Corporate ESG Committee, sub-teams like the Climate Working Group, and specialized project teams like the Plastic Reduction Group. Regular communication is maintained throughout the year to address sustainability issues. Diversity and gender balance in management The gender diversity target of the Supervisory Board aligns with the Dutch Gender Diversity Bill, which requires at least one-third female representation and at least one-third male representation. In addition, in accordance with compliance with the Dutch requirement, we have set a voluntary target to increase the number of women in key leadership roles (see chapter on Own workforce, section Diversity for details). 2024 2023 (unassured) Number of executive members on Managing Board 2 2 Number of non-executive members in Supervisory Board 10 8 Ratio of female to male (percent): % of women on the Supervisory Board 40% 38% % of women on the Managing Board —% —% % of men on the Supervisory Board 60% 62% % of men on the Managing Board 100% 100% % of other on the Supervisory Board —% —% % of other on the Managing Board —% —% Information provided on sustainability matters for discussions The Supervisory Board and EC receive regular updates from the Head of ESG Strategy & Impacts Programs on the progress of the sustainability strategy. These discussions cover a review of material impacts, risks and opportunities; the implementation of due diligence processes; the effectiveness of policies, actions, targets and metrics; and any recent regulatory developments. In 2024, at least three meetings were held to review ESG topics. As part of the review and approval of the Double Materiality Assessment (DMA) for 2024, the EC and the Nomination & Governance Committee of the QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 55 Sustainability Statement Supervisory Board were informed about all identified material impact risks and opportunities; the approach to implement due diligence policies, metrics and targets; and the reporting scope for this statement. Integration of sustainability-related performance metrics Information on remuneration for the Managing Board members is outlined in the Remuneration Report included in the Corporate Governance Report. Our Remuneration Report complies with the European Directive (EU) 2017/828 on Shareholder Engagement, Shareholder Rights Directive II, as implemented into Dutch law. Additionally, our Remuneration Policies for the Managing Board and Supervisory Board comply with the Dutch law provisions implementing the Shareholders Rights Directive II. The Remuneration Policy for the Managing Board was approved by over 75% of shareholders at the Annual General Meeting (AGM) in 2021. Each year, the Compensation & Human Resources Committee of the Supervisory Board submits the Remuneration Report for an advisory vote at the AGM. Remuneration for Managing Board members consists of fixed and variable components. The variable components include Short-Term Incentives (STIs) in the form of cash compensation based on the achievement of annual performance goals (Corporate Financial Goals and Team Goals) as well as Long-Term Incentives (LTIs) in the form of share grants tied to the achievement of ambitious multi-year targets. As of the end of 2024, the performance targets for the LTI grants did not include ESG-related targets. The STI award is based on the achievement of annual targets for Corporate Financial Goals in terms of sales, operational profitability and cash flow, as well as for the achievement of annual Team Goals that are set to measure the implementation of QIAGEN's strategy focused on innovation and sustainable value creation. The Team Goals include ESG targets that account for approximately 4% of the total compensation, which apply to virtually all QIAGEN employees outside of sales positions (Please see Remuneration Report, section Managing Board remuneration for details on specific targets, timeframes and progress tracking.) For 2024, the Team Goals included a climate-related goal tied to reducing annual plastics use, which is directly linked to QIAGEN’s Greenhouse gas mitigation activities. Further relevant ESG metrics included diversity aspects in the leadership team and the score achieved in the Corporate Equality Index (CEI) from the Human Rights Campaign and the achievement of “Top Employer LGBTQ+” rating. Statement on due diligence The following table provides an overview of QIAGEN's due diligence processes related to sustainability matters. It captures key elements, including the integration of due diligence into strategy and business models, engagement with affected stakeholders, identification and assessment of sustainability impacts and key actions in this area, including the tracking of initiative effectiveness. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 56 Sustainability Statement Core elements of due diligence Reference Sustainability Statement Pages Embedding due diligence in governance, strategy and business model GOV-1 GOV-2 SBM-1 SBM-3 52 54 52 72 , 97 , 106, 112 , 115 , 119 , 123 , 131 Engaging with affected stakeholders in all key steps of due diligence GOV-2 SBM-2 IRO-1 S1-2 S2-2 S4-2 54 61 64 109 121 124 Identifying and assessing adverse impacts IRO-1 SBM-3 64 72, 97, 106 , 112 , 115 , 119 , 123 , 131 Taking actions to address identified adverse impacts E1-1 E1-3 E5-2 S1-4 S2-4 S4-4 G1-3 73 74 100 109 , 113 , 116 120 125 134 Tracking the effectiveness of these efforts and communications E1-4 E1-5 E1-6 E5-3 E5-4 E5-5 S1-5 S1-6 S1-9 S1-14 S1-17 S2-5 S4-5 73 79 80 98 102 102 107, 112 , 115 110 115 117 110 122 124 Risk management and internal controls over sustainability reporting At QIAGEN, controls and procedures related to the management of impacts, risks and opportunities (IRO) have been integrated into the internal control framework. The following risks were considered within internal risk management during the IRO. Climate-change-related risks: • Risk of transitioning to a 1.5-degree economy: Increased costs due to regulatory requirements (e.g., Green Claims Directive, energy efficiency regulations, carbon pricing), rising operating expenses for sustainable technologies, higher raw material costs (especially plastics), increased capital and financing costs due to weak ESG credentials and lower sales due to insufficient investment in sustainable products and services. • Physical climate risk: Site damage due to climate-related natural disasters, extreme weather events and / or hazards that can limit production. These risks have been incorporated into the enterprise risk management system and identified as a "critical risk." It is foreseen to include them into the risk management reporting starting in 2025. Sustainability reporting: • Internal controls over sustainability reporting are tested in accordance with predefined control frequencies to ensure effective monitoring and risk mitigation. For further information on the identification and mitigation strategies, please refer to the detailed description within the section Double Materiality Assessment. As part of our Double Materiality Assessment (DMA), we have implemented process controls to ensure the identification, documentation and evaluation of material impacts, risks and opportunities. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 57 Sustainability Statement Strategy, business model and value chain Our business - profile and business model QIAGEN is a leading provider of sample and assay technologies and products. Our products enable the handling, processing, preparation and molecular analysis of any molecule in a biological sample. The product portfolio consists of consumable products (sample and assay kits), instruments and automation systems, and bioinformatics solutions for analysis and interpretation. Sample technologies are used to collect, stabilize, isolate, and purify molecules such as deoxyribonucleic acid (“DNA”), ribonucleic acid (“RNA”) and proteins from any biological sample such as blood, tissue, and other materials. Genetic material must be extracted from a biological sample and be specifically processed before users in academic and industrial laboratories can read, modify or further process it. Sample technologies provide access to the content of biological samples. Assay technologies are used to make target materials in samples, such as genetic material, visible for subsequent detection and analysis. These technologies include “open” assays (reagents) for detection of DNA and RNA sequences as well as “target specific” assays to detect the presence of specific pathogens. QIAGEN automation systems streamline molecular testing using consumables in efficient workflows and carrying customers through the process from Sample to Insight. Some QIAGEN consumables are designed to run on QIAGEN Instruments, while others are universal kits designed for use with any molecular testing platform. Digital insight solutions or bioinformatics software and knowledge bases are used to interpret complex genomic data sets to provide relevant, actionable insights. Instruments and automation solutions are used to tie together these products into seamless and cost-effective workflows. As noted earlier, QIAGEN’s portfolio can be divided into consumables, instruments and bioinformatics. Consumables represent the major source of revenues and profits for QIAGEN. Instruments are also an important part of QIAGEN’s business model as it is a complementary product to drive consumables sales. Our bioinformatics business - known as QIAGEN Digital Insights (QDI) - represents approximately 5% of total sales and consists of software solutions that are used to analyze and interpret genomic data. QIAGEN's products are manufactured at its sites that are primarily located in the United States, Europe and China (where products are only manufactured for the local market). QIAGEN's commercial teams are organized into specialized groups within regions in the Americas, Europe / Middle East / Africa (EMEA) and Asia Pacific / Japan (including China), and are complemented by third-party distributors in certain markets. QIAGEN has a centralized distribution system with regional hubs that are responsible for their own local logistics functions. Employees by region 2024 2023 (unassured) Asia-Pacific / Japan 1,161 1,185 Americas 1,252 1,329 EMEA 3,352 3,453 Total employees 5,765 5,967 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 58 Sustainability Statement Global presence with a focus on highly attractive markets Shipping product to Direct sales in >150 >30 Countries Countries Our key sites Global presence Venlo, Global HQ Hilden, EMEA HQ Germantown, Americas HQ Shanghai, China HQ Singapore, Asia HQ Building a sustainable business At QIAGEN, our products are designed to help advance science and improve healthcare that enhances patient outcomes around the world. We are committed to sustainable business practices and integrate the perspectives of our stakeholders – customers, employees, authorities, regulators, suppliers and shareholders – into our operations. Through our targets and actions, we are focused on such topics as reducing plastics usage and developing environmentally friendly products, lowering our emissions across operations and our supply chains, and collaborating with suppliers to drive environmental and social responsibility. Through these initiatives, we aim to embed sustainability into all aspects of our business activities and product lifecycle. We have not performed a formal resilience analysis of our business strategy and model. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 59 Sustainability Statement Upstream Own operations Downstream Procurement Operated by 5,700 QIAGENers Manufacturing in EMEA (global), Americas (global), China (local) Sales to >500,000 customers in >150 countries Sales entities in EMEA, Americas, APAC and Japan Raw materials R&D services and in-licensing Finished goods Logistical & warehousing services Semi-finished goods IT and other services Consumables Instrumentation services Instruments Licensing (e.g., patents) Bioinformatics Consumables Instrumentation Bioinformatics (digital insights) Research and Development Material topics • Climate change • Resource use and circular economy (e.g. resource inflows) • Business conduct • Workers in the value chain Material topics • Climate change • Resource use and circular economy (e.g., closing the loops, waste management) • Business conduct • Consumers & end-users • Own workforce: – Working conditions – Inclusive working environment – Occupational health & safety Material topics • Climate change • Resource use and circular economy (e.g., products, services, waste) • Business conduct • Workers in the value chain • Consumers & end-users * R&D relating to sample technologies are used to collect, stabilize, isolate, and purify molecules such as deoxyribonucleic acid (DNA), ribonucleic acid (RNA) and proteins from any biological sample such as blood, tissue, and other materials to streamline automation systems for molecular testing using consumables in efficient workflows and carrying customers through the process from Sample to Insight QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 60 Sustainability Statement Value creation within QIAGEN occurs along the entire value chain. Generally, Research & Development (R&D) activities are carried out by manufacturing entities or specialized R&D centers. These manufacturing entities obtain raw materials and semi-finished products from either affiliated manufacturing entities or independent third parties, facilitating the efficient production of QIAGEN products. Sales to end customers are managed through local sales subsidiaries or third-party distributors. A centralized distribution system connects manufacturing entities with local sales subsidiaries, enabled by two global distribution hubs that consolidate market demand and optimize supply logistics. Our overall business strategy is anchored by a commitment to delivering solid profits in all regions we operate on a group of Pillars that represented approximately 70% of sales in 2024 and are expected to reach combined sales of approximately $2 billion in 2028. The Pillars involve three product groups where QIAGEN is developing leadership positions: the digital PCR (Polymerase Chain Reaction) platform QIAcuity, the clinical PCR syndromic testing solution QIAstat-Dx and the QIAGEN Digital Insights portfolio of bioinformatics solutions for improved analysis and interpretation of complex genomic data. Additionally, two Pillars involve product groups where QIAGEN has strong top positions: Sample technologies that are used to gain access to DNA and RNA from a biological sample, and the QuantiFERON technology platform for latent disease detection, and best known for use in detecting tuberculosis (TB). Our products reach more than 500,000 customers around the world in two broad customer groups: Molecular Diagnostics (clinical testing) and Life Sciences (academia, pharmaceutical R&D and applied testing). We aim to enhance the sustainability of our life sciences, molecular diagnostics, and bioinformatics products. This includes, but is not limited to reducing the environmental impact of our Sample to Insight solutions and developing eco-friendlier product ranges like QIAwave and enhancing access to healthcare. Our customer base is diverse, encompassing pharmaceutical and biotech companies, academic researchers, clinical labs, and public agencies. By offering innovative and responsible product solutions, we aim to support these customers in achieving their sustainability objectives. QIAGEN operates globally, with significant markets in EMEA, APAC, Japan and Americas. We strive to implement sustainable practices across all regions, for example reducing emissions, plastic usage, and promoting energy efficiency. In line with our sustainability strategy and targets, we have identified several areas which impact the Pillars listed above in various ways. At QIAGEN, customer satisfaction and high-quality products are integral to our vision of making improvements in life possible. While our additional sustainability ambitions span all product portfolios, we are currently focusing on achieving our corporate plastic reduction target in relation to resource use on those portfolios with the highest plastic footprint, such as Sample technologies (see section Resource use). These activities are accompanied by the implementation of our Carbon Reduction Roadmap (see section Climate Change) to achieve our SBTi targets. This involves collaboration with our suppliers to source less carbon- intensive raw materials across our product portfolios and jointly mature towards SBTi target achievement (see section Climate Change). Additionally, our QuantiFERON product portfolio for the detection of Tuberculosis and our Mpox assays for dPCR and qPCR are central to our Access to healthcare strategy (see section Consumers). QIAGEN faces several challenges in achieving its sustainability goals, including reducing emissions, which requires continuous investment in green technologies and energy-efficient practices. Another challenge is finding sustainable alternatives to emission intense raw materials and implementing them across product lines, given the highly regulated environment in which QIAGEN operates. Additionally, expanding access to healthcare in low- resource regions while maintaining sustainable practices is a significant challenge. To address these challenges, QIAGEN is implementing solutions such as increasing the use of renewable energy sources to power our operations, developing and adopting solutions for our products with a lower emission footprint (see section Climate Change and Resource use), and collaborating with stakeholders to promote health, diversity, and more environmental friendly initiatives (see section Consumers and End-Users). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 61 Sustainability Statement Interests and views of our stakeholders Understanding and addressing the interests and expectations of our stakeholders is essential for our business strategy. Throughout 2024, QIAGEN actively engaged with stakeholders through various channels, incorporating their insights into our Materiality Assessment and business processes. These engagements have led to enhancements in customer service, expansion of our product portfolio, increasing the number of pilot projects for low-carbon- footprint products, greater transparency on our sustainability initiatives, and stronger safety awareness programs. These initiatives are summarized in the table below and detailed throughout this report. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 62 Sustainability Statement Interest and views of our stakeholders Stakeholder group Formats of engagement Topics: purpose of engagement Examples of outcomes of engagement Employees • Strategic meetings: Annual kick-offs and quarterly feedback checks. • Trainings: ESG awareness, management, and regulatory sessions. • Reviews: One-on-one sessions and 180° feedback. • Engagement: Surveys, pulse checks, events and webinars • Working conditions: health & safety • Equal treatment and opportunities for all: culture, inclusion & diversity, innovation • Training and skills: employee development • Recognition of QIAGEN as top employer in several regions • Local site action plans to enhance workplace culture • Increased safety awareness and less accidents • Reduction of unstaffed positions Customers • Surveys: Sustainability, customer satisfaction, waste • Digital tools: Web chat and 24/7 service portal. • Events: Conferences, trade fairs, roadshows, and infotainment shows. Best practices sharing at our facilities • Engagement: Bilateral meetings, production tours, and training. • Sustainability: Questionnaires and dedicated webpage • Climate change: sustainable lab practices • Circular economy: efficient waste management • Access to products and service and (quality) information • QIAintegrity Line • Yearly plastic reductions • Expansion of more sustainable product portfolio • Increased transparency on sustainability measures • Service improvements (e.g., web chat functionalities and Net Promoter Score - NPS - above internal benchmarks) • Lab waste treatment pilot Shareholders and the financial community • ESG ratings • Quarterly reports and quarterly earnings calls • Annual Report, live broadcast of all parts of the Annual General Meeting with access to appointed proxies in advance of the meeting • Regular roadshows and calls • Investor relations website • Climate change: understanding expectations towards sustainability • Business conduct: attracting responsible investors • Increased transparency on sustainability performance • ESG information solid component within internal and external communication channels • Updated Sustainability webpage • Expanded CDP reporting Suppliers • Trainings • Risk assessment, strategic reviews, supplier days • Best practice workshops, bilateral engagement, joint initiatives, webinars with employees, • Climate change: agreeing on joint goals • Business conduct: responsible sourcing standards • Workers in the value chain • Circular economy: climate commitment • Strategic supplier base mapped on sustainability maturity • 2025 roadmap defined to further mature sustainability within supply chain • Pilot projects on low carbon solutions QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 63 Sustainability Statement Stakeholder group Formats of engagement Topics: purpose of engagement Examples of outcomes of engagement General society and local communities • Collaboration with public health laboratories, research and academic institutions around the world • Community investment programs (e.g., grants, donations, local sponsorships) • Employee volunteering initiatives • Stakeholder roundtables and dialogue forums • Partnerships with NGOs and local governments • Education outreach and science workshops • Access to products and services: strengthening community health and enhancement of access to healthcare • Equal treatment and opportunities for all: promoting Science, Technology, Engineering and Maths (STEM) education and career access in underrepresented communities • Climate change: contributing to environmental sustainability initiatives • Laboratory infrastructure and capacity building to support pandemic preparedness • Donation of diagnostic kits to underserved regions during global health emergencies (e.g., COVID-19, TB, HPV programs) • STEM education programs delivered in partnership with schools and universities, including laboratory visits and career days • Sponsorship of community health events such as screening drives or public health days • Environmental cleanup initiatives co-led by QIAGEN staff and local groups near production sites Banks and financial institutions • Mandatory reporting and information (e.g., Annual Report, Sustainability reporting) • Bilateral meetings • Climate change: carbon reduction plan • Business conduct: sustainability performance • ESG performance linked loan Civic and non-profit organizations • SBTi, CDP • My Green Lab • WHO • Climate change: transparency of commitment • Validated climate goals according to latest scientific insights • My Green Lab Certification of one of our R&D labs Industry and sustainability associations • Medtech • VDGH • Business conduct: upcoming regulations & implications • Climate change: best practice sharing • Best practice sharing (e.g., implementation of guidelines and regulations) Internal stakeholder (e.g. Sales manager, Tender teams) • Calls and meetings on sustainability requirements of our customers and sustainability trainings • Access to products and services: customer expectations • Internal sustainability sales tools, ESG SharePoint site QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 64 Sustainability Statement Double Materiality Assessment (DMA) Process description In 2024, QIAGEN conducted a Double Materiality Assessment (DMA) in compliance with the requirements of the European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD). This assessment evaluated sustainability topics from two distinct perspectives: • Impact perspective: Considers actual and potential positive and negative impacts of QIAGEN's operations • Financial perspective: Assesses risks and opportunities that sustainability topics present to the business. Stakeholder engagement The 2024 analysis was built on the assessment from 2023 and led by a core team that included the Head of ESG, Strategy & Impacts Programs, as well as representatives from Cyber Risk Management and Corporate Accounting. The process began with stakeholder identification (See section Interests and views of our stakeholders) and was overseen by the Corporate ESG Committee (CEC). Stakeholders were selected based on their strategic relevance to QIAGEN's strategy, business model and value chain. Internal stakeholders with expert knowledge of individual stakeholder groups were consulted to represent the perspectives of external stakeholders on various sustainability matters. For example, customer needs were considered through internal stakeholders such as Sales Managers and the requirements addressed to our Tender Teams. The Tender Teams Tender enhance sales efforts by crafting detailed proposals tailored to customer needs, offering technical expertise, and addressing queries during interactions. Additionally, customer perspectives were directly gathered through panel discussions, events, and customer surveys, while insights from investors were obtained through selected calls. Employee perspectives were derived from employee surveys and feedback received by Human Resources (HR) key functions and managers through various interactions, including bilateral communication, development meetings, town halls, and management meetings. Topics covered included emission reduction measures, waste management and workforce diversity, and were considered in evaluating potential and actual material impacts, risks, and opportunities. The analysis will be conducted biennially or in response to a triggering event to broaden our data and understanding of specific impacts, risks and opportunities. Double materiality assessment results The materiality assessment results were consolidated by ESRS topic, and the following topics were identified as key sustainability priorities: • E1: Climate Change • E5: Resource Use & Circular Economy • S1: Own Workforce • S2: Workers in the Value Chain • S4: Consumers & End-Users • G1: Business Conduct We have identified no material risks or opportunities that currently affect our financial position, financial performance, or cash flows. Consequently, there are no indications that any material adjustments to the assets and liabilities reported in the financial statements will be necessary within the next year. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 65 Sustainability Statement Priorities The environmental risks faced by QIAGEN are closely aligned with our strategic efforts to meet our Science Based Target initiative (SBTi)-approved GHG (Greenhouse Gases) reduction goals. To support this climate transition, we strategically focus on transitioning to renewable energy, introducing energy efficiencies and embedding circular economy principles throughout our value chain. Recognizing the impact of our business on people - especially our employees, the people within our value chain and the societies affected by our products- we identified S1 (Own Workforce) and S2 (Workers in the Value Chain) as material topics for 2024. These impacts and risks are being managed through organizational and process measures, including our Diversity & Inclusion Council, our Human Rights Committee, various due diligence processes and training. For S4 (Consumers & End-Users), we have applied feedback from our customers and have been working to improve customer service, including response times. Within G1 (Business Conduct), a key focus has been on updating compliance- related policies. Most of our material topics are supported by specific targets to mitigate risks, leverage opportunities, and drive long-term value creation. Further details on how we manage these topics can be found in the ‘Environment,’ ‘Social,’ and ‘Governance’ sections. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 66 Sustainability Statement Double materiality matrix Material E1 Climate change E5 Resource use and circular economy S1 Own workforce S2 Workers in the value chain S4 Consumer and end-users G1 Business conduct Non-material E2 Pollution E3 Water and marine resources E4 Biodiversity and ecosystems S3 Affected communities QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 67 Sustainability Statement Methodology The DMA for 2024 was based on following the methodology outlined in ESRS1, applying a gross perspective without mitigation measures. Building on the 2023 materiality assessment, we re-evaluated all relevant ESRS topics, sub- topics and sub-sub topics to ensure comprehensive coverage. The assessment process began with the identification of potentially relevant sustainability matters drawing insights from stakeholder engagement and past QIAGEN reporting. The list was aligned at the ESRS topic level and underwent further scrutiny at the ESRS sub- and sub-sub topic levels. The "Impacts, Risks, and Opportunities" (IROs) specific to QIAGEN were then determined. A distinction was made between potential and actual positive and negative impacts, as well as risks and opportunities arising from dependencies on natural, human and social resources. The process was conducted with guidance from external consultants and involved discussions and workshops with internal stakeholders from the Corporate ESG Committee as well as specific experts across QIAGEN. Content owners were consulted to represent external stakeholder perspectives, leveraging their expertise on specific stakeholder groups. The assessment covered QIAGEN's entire value chain without excluding any business activities, business relationships or geographic regions. Evaluation, thresholds and approval The DMA was performed according to the framework set out in ESRS 1, evaluating each sustainability matter from both an impact and financial materiality perspective. Within the analysis of the impact materiality, potential and actual negative and positive impacts have been assessed. A five-point scale was applied for all characteristics of the assessment. The scale ranged from one (minimal) to five (absolute) for the level of impact, from one (limited) to five (absolute/global) for the scope, and from one (relatively easy to remedy) to five (non-remediable/irreversible) for the ability to remedy. The scale for likelihood was based on the ERM thresholds and was expressed as percentages, ranging from 20% (rare) to 80-99% (almost certain). An actual impact receives the value of 100%.The threshold for defining the materiality of an impact was agreed upon jointly with ERM. It was determined that an impact would be considered material if it scored a minimum of 3 out of 5. In cases where impacts did not meet the threshold but were deemed severe, a separate severity analysis was conducted. Additionally, a human rights analysis identified four materially negative impacts. For financial materiality, the assessment examined whether a sustainability matter could trigger, or could reasonably be expected to trigger, material financial effects on QIAGEN´s profitability in the short-, medium- or long term, measured in terms of Earnings Before Tax (EBT). Dependencies on resources and their availability within the supply and value chains were analyzed to identify sustainability-related risks. Using the same five-point scale that was applied for the impact materiality, the magnitude of financial impacts was multiplied by the likelihood of occurrence to establish a threshold of 2.5, in line with QIAGEN’s enterprise risk management system. Where possible, the assessment relied on quantitative data, such as greenhouse gas (GHG) emissions, to ensure objectivity (Please see the chapter Climate Change). Contextual information was obtained by additional desktop research. Additional contextual information was gathered through desktop research. Identified sustainability risks were not prioritized. Each IRO was reviewed by the core team and discussed with internal QIAGEN experts. The Head of the ESG team shared the outcomes and its implications for sustainability reporting with the Workers' Council at the Hilden site in Germany and subsequently presented to the Managing Board, the EC and the Supervisory Board’s Nomination & Governance Committee. Following these meetings, the final results were formally approved by the Nomination & Governance Committee. Internal controls related to the DMA and corresponding management reviews relating to sustainability reporting topics have been incorporated in 2024 similar to those in place for financial reporting. These controls are dependent on the area of sustainability reporting, since a couple of internal functions contribute, dependent on the topic. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 68 Sustainability Statement Climate change IRO considerations Climate-related risks and opportunities are integrated into QIAGEN's strategy and business model through the enterprise risk management framework. Managing climate impact requires compliance with relevant legislation and the implementation of additional policies, actions, and targets within the corporate strategy. To further align with regulatory requirements, in particular our IRO for E1, QIAGEN conducted a comprehensive climate risk assessment in accordance with EU Taxonomy. To identify our impact on climate, we actively monitor our GHG emissions by tracking direct emissions and energy consumption across our sites, as well as upstream emissions in our chain through supplier data, activity data and financial records. We screen our activities to asses actual and potential climate impacts in line with our corporate strategy and decarbonization roadmap. Additionally, we have incorporated climate change risks into our existing enterprise risk management structure, engaging with internal key stakeholders throughout QIAGEN. In the second half of 2024, QIAGEN conducted a climate risk assessment within its operations and value chain. This assessment, informed by scenario analysis, focused on both physical and transition risks, ensuring alignment with global best practices and our sustainability commitments. The analysis assessed the resilience of our business model to climate change, incorporating physical risks, such as extreme weather events and temperature shifts, as well as transition risks, including regulatory changes and shifts in market demand. The methodology was embedded into our Enterprise Risk Management (ERM) framework, and the results were integrated into mid- and long-term business planning. The climate risk analysis showed that QIAGEN is exposed to climate hazards and to transition events. However, financial risks in both cases were assessed as not being material. Taking into account existing mitigation measures, QIAGEN demonstrates a high level of resilience, with no significant climate- related risks. Physical risks The risk assessment identified exposure to 28 climate hazards, including rising temperatures, droughts, water scarcity, heavy rainfall and sea-level rise. These analyses used the latest climate models from the Intergovernmental Panel on Climate Change (IPCC) AR6, leveraging improved physical process representations and higher resolution data from the Coupled Model Intercomparison Project Phase (CMIP6) that feature improved physical process representations and higher resolutions compared to CMIP5 models. We applied a location based risk assessment (geospatial coordinates) as included in the used platform which was provided by a multinational reinsurance company. Using a well established risk management tool and IPCC AR6 data, we evaluated hazard exposure (likelihood, magnitude and duration) under the Shared Socioeconomic Pathway 5- / Representative Concentration Pathways 8.5 (SSP5-/RCP8.5) high-emission scenario, which projects a global temperature increase of 4.4°C by 2100. The SSP5-/RCP8.5 scenario is seen as essential for assessing our resilience, as it represents a high Greenhouse Gas concentration pathway, compelling us to account for severe climate impacts. By embedding this scenario into our strategic framework, we seek to ensure its robustness against extreme future conditions while supporting compliance with international climate agreements. The assessment covered short-term (current), midterm (2030), and long-term (2050) timeframes, providing a comprehensive analysis of climate-related physical risks. QIAGEN differentiates as follows: short-term (one year), medium-term (two to five years), long-term (over five years). Our long-term planning of 2050 additionally covered the expected life- time of the assets. The analysis focused on key sites critical to our operations, including Company- owned facilities, warehouses, and selected supplier locations, prioritizing those with moderate to critical revenue significance in line with our ERM. The assessment focused on company-owned locations, warehouses, and supplier sites using the QIAGEN global risk management scale. Sites with moderate, major, or critical revenue significance were prioritized to ensure business continuity. A total of seven QIAGEN sites, 13 supplier sites and two warehouses were identified. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 69 Sustainability Statement While customer site disruptions have limited impact, we have a diversified customer base, and products are typically sold before reaching customers, with no significant assets located at those sites. Therefore, downstream value chain was excluded. We assessed the site-specific exposure to the 28 climate variables including likelihood, magnitude and duration as they have been defined by the EU Taxonomy (Commission Delegated Regulation (EU) 2021/2139) and the CSRD. For sites with high and very high hazard exposure, we assessed sensitivity by evaluating potential impacts such as business interruption, property damage, and additional costs. To refine the analysis and understand residual risks, we incorporated existing adaptation measures, including cooling systems, flood protections, and business continuity plans. Similarly, for supplier sites and warehouses, risks were evaluated for their potential to disrupt supply chains, incorporating measures like inventory buffers to mitigate impacts. The focus was on climate variables that could cause disruptions of the supply chain. Climate variables that are not likely to result in an interruption to the supply chain were excluded from the analysis. Our climate assessments employed rigorous scenario methodologies to test the resilience of our business. The SSP5-/RCP8.5 scenario was used to stress-test potential physical risks. Transition risks and opportunities Transition risks were evaluated as part of the shift to a low-carbon economy. When assessing transition risks and opportunities, we assumed a shift towards a low carbon scenario. Therefore, we used a 1.5° aligned bespoke climate transition scenario. The 1.5°C scenario supports our Science-Based Targets initiative (SBTi) commitment and facilitates alignment with critical financial assumptions in our transition plan. This included policy changes (carbon pricing, energy, efficiency and sustainable packaging regulations), market dynamics (demand for sustainable products, increased raw material costs), technological advancements, and reputational considerations (transition events), reflecting strengthened climate policies, increased ESG investments, and higher adoption of renewables. We identified and assessed potential risks and opportunities across short-/, medium-/ and long-term horizons. Each was scored for likelihood of exposure to transition events and financial impact (sensitivity) including magnitude and duration of these events, focusing on compliance costs, technology investments, market shifts, and reputational outcomes. Risks that are unlikely to occur or have a minor financial impact were not prioritized to concentrate on significant events. This targeted approach allows us to prioritize actions that support resilience and capitalize on emerging opportunities. Resource use and circular economy In our double materiality assessment, we examined QIAGEN's business activities in connection with the topic resource use and circular economy taking into consideration QIAGEN's own operations and its upstream and downstream value chain. QIAGEN's assets were not reviewed as part of the process. Pollution As part of our double materiality assessment and based on its methodology, we screened our sites and business activities and examined whether there are actual or potential IROs with regard to the topic of pollution. We conducted the assessment in the context of QIAGEN's own operations and/or within our upstream and downstream value chain. We did not identify material IROs. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 70 Sustainability Statement Water and marine resources In relation to the topic water and marine resources, we analyzed actual and potential IROs as part of the 2024 materiality assessment. QIAGEN's assets were not reviewed as part of the process. To further assess the future relevance of the topic, QIAGEN in 2024 carried out a water risk assessment using the WWF risk filter (online-based tool). On the basis of the exact location data of the production sites, no sites were identified that are located in or near an area with high water stress. Through this process, we established that we currently do not have any material IROs related to water. Biodiversity The topic of biodiversity was not identified as material as part of the double materiality assessment. In a subsequent assessment applying the WWF risk filter, the Shenzhen site in China (representing about 1.4% of the global footprint of our sites) was identified as having a high scope risk. However, we do not anticipate any severe negative impacts on biodiversity at this site. It already has established processes certified under ISO 14001, and production is conducted in controlled environments (such as laboratories) with no direct interaction with natural habitats. Additionally, no equipment in the site's outer area generates noise nor emissions that poses a threat to wildlife. Nevertheless, we will closely monitor this site and perform annual assessments. In terms of Pollution, Water and Marine Resources and Biodiversity, we did not engage in consultations with affected communities in assessing IROs due to the nature of our business activities at these sites and potential threats. Business conduct In relation to business conduct matters as part of the double materiality assessment in 2024, we analyzed actual and potential IROs. Sectors outside QIAGEN’s business model were not taken into consideration. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 71 Sustainability Statement At a Glance: Our targets and achievements 2024 Goal (short-term) 2024 Achievement Outlook (mid- to long-term) Chapter Environment SBTi target across all scopes Net-zero by 2050 Climate change SBTi target Scope 1 and 2: 4.2% emission reduction per year (2020 baseline year) 14% emission reduction compared to 2023 42% emission reduction in Scope 1 and 2 GHG emissions by 2030 Climate change (Management of Scope 1 and 2 emissions) Scope 3: > 20t plastic reduction > 25 t reduction 25% emission reduction scope 3.6, 3.11, 3.12 by 2030 Resource use and circular economy Climate change (Management of Scope 3 emissions) 54% of suppliers by emission with sustainable engagement goals 57% 67% of suppliers by emission with sustainable engagement goals 2027 Climate change (Partnering with our suppliers) Social Top Employer Recognition Award - at least one per region in minimum 4 in EMEA, 3 in Americas, 4 in APAC Be the industry employer of choice by attracting, developing and retaining diverse top talent Own workforce increase representation of woman in leadership positions by 1% over 2023 2% increase representation of woman in leadership positions year over year Diversity & Inclusion Achieve Top Employer LGBTQ+ with 100% score on 2024 Corporate Equality Index (CEI) 100% Build upon the current environment to further empower and value every employee <0.7 DART (per 100 employees) Reduced number of Incidents that result in Days Away, Restricted and Transferred work 0.36 Working towards ISO certification at key manufacturing sites to progressively elevate our safety culture and performance Occupational Health and Safety ≥64 NPS-T Service score min. of 62 NPS-T Customer care score 69.7 60 Exceeding the expectations of our customers in continually assessing their satisfaction with the help of the Net Promoter Score (NPS) methodology Consumers and end users ( Customer satisfaction ) Governance >85% cyber security awareness training >90% Increase QIAGEN's cyber resilience. Certify QIAGEN’s main production location under ISO 27001 Business conduct ( Data and Cyber Security ) Team Goals (read more in Chapter General Information, Integration of sustainability-related performance metrics); QIAGEN differentiates as follows: short-term = 1 year, mid-term = 1 year up to 5 years, long-term = more than 5 years QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 72 Sustainability Statement Climate Change Environmental approach As an international corporation in life sciences and molecular diagnostics, QIAGEN recognizes the need to decrease the negative climate-related impact of our business. Our operations – including research and development, manufacturing, and transportation across the value chain – contribute to GHG emissions. By implementing proactive adaptation measures and strategic planning, we aim to mitigate associated risks presented by climate change, reinforcing our commitment to sustainability and long-term resilience. As part of our 2024 materiality analysis, we have identified the following material impact and risks as defined in chapter General Information, Double materiality analysis: Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Actual negative impact QIAGENs operations and business activities contribute to GHG emissions Along the whole value chain Short-term E1 Climate change; Climate change mitigation; Energy Risk Physical climate risk: Impact on our business operations due to extreme weather events and hazards can limit production capacities and capabilities Along the value chain Medium-term E1 Climate change; Climate change adaptation Risk Risk of transitioning to a 1.5-degree economy: Increased costs due to for example regulatory requirements and rising operating expenses and revenue declines due to insufficient investment in sustainable products and services Along the whole value chain Long-term E1 Climate change; Climate change mitigation Along the whole value chain is defined as follows: From purchasing raw materials and semi- finished products (upstream) through the manufacturing (own operations) to the distribution of finished products and services (downstream). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 73 Sustainability Statement To align our climate efforts with the Paris Agreement’s goal of limiting global warming to 1.5°C, we have implemented structured measures to manage and mitigate these impacts. The QIAGEN Climate Working Group, a dedicated project team within our Corporate ESG Committee, is responsible for developing and implementing our climate strategy based on the set SBTi targets. This strategy is informed by a comprehensive climate scenario analysis, ensuring a science-based approach to emissions reduction. In 2021, we aligned our mid- and long-term carbon reduction targets with the SBTi and committed to significantly reducing our carbon footprint. Building on this commitment, in 2024, we initiated the development of a transition plan in accordance with the requirements set out in the ESRS. This plan focuses on climate change mitigation and aligning our operations with the global goal of limiting warming to 1.5°C. The transition plan will be published no earlier than 2026. Further details on our climate commitments are included in this report. Science Based Target Initiative (SBTi) validation As part of our commitment to minimize the negative climate-related impact of our business, we have set climate reduction targets which have been validated by the Science Based Target initiative (SBTi) and report our emissions based on the GHG Protocol. We include carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O) in our GHG calculation. Our climate ambitions and goals have been reviewed and approved by our Managing Board and by our Supervisory Board (ESG & Nomination Committee). We engaged various stakeholders, including climate specialists and finance leadership, in setting SBTi. The proposed targets were reviewed and approved by senior committees in 2021. They are based on the SBTi cross-sector pathway and have been thoroughly assessed to ensure alignment with the Paris Agreement goals. Our targets have been independently validated, SBTi assures they meet the criteria to reduce GHG emissions in line with a 1.5°C trajectory. Our established targets are based on a 2020 baseline year, which reflects our standard business operations, even though we faced the challenges of the COVID-19 pandemic. The targets are defined as follows: Overall net-zero target: We have committed to reaching net-zero GHG across the value chain by 2050 from 2020 as the base year. • Near-term targets: We have committed to reducing absolute Scope 1 and 2 GHG emissions 42% by 2030 from a 2020 base year. We also commit to reducing our absolute Scope 3 GHG emissions from business travel, use of sold products, and end-of-life treatment of sold products by 25% within the same timeframe. We further commit that 67% of our suppliers by emissions covering purchased goods and services, capital goods and upstream transportation and distribution will have science-based targets by 2027. • Long-term targets: We have committed to reducing absolute Scope 1, 2 and 3 GHG emissions 90% by 2050 from 2020 as the base year. After analyzing GHG emissions from key assets and products (locked-in GHG emissions), we found that our product disposal minimally contributes to Scope 3 emissions, and emissions from product use represent an insignificant amount of the total emissions. This analysis is based on a life-cycle assessment of sample products representing QIAGEN’s best-selling consumables product. With potential natural gas consumption reduction through heat pumps and green electricity use, we determined that locked-in GHG emissions are not significant and therefore they will not pose any hindrance to our carbon roadmap or SBTi target achievement. Furthermore, our operations and activities are currently not regulated by a carbon pricing system and we did not finance GHG removals and GHG mitigation projects through carbon credits. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 74 Sustainability Statement For 2024 we defined the following key targets: • Scope 1&2: 4.2% annual emissions reduction (2020 as base year). By 2024, we exceeded it, achieving a 14% reduction in GHG emissions compared to 2023. Compared against the 2020 base year we achieved a reduction of 28% or 5.779 tCO2e. • Supplier engagement goal: Suppliers by spend further developed towards achieving the SBTi target by end 2027. (For details refer to section Partnering with our suppliers in this chapter) We conducted internal reviews and continuously monitor and report on our progress towards these targets. This includes regular updates to the Board. In our current reporting period, we have not yet established specific targets for Scope 1 and 2 individually and for Scope 3 emissions. However, we are committed to defining these targets by 2025 and further evolving them in sync with the development of our transition plan. We have linked the remuneration to the achievement of a climate-related goals. Please refer to the section Integration of Sustainability-Related Performance Incentive Schemes. GHG emissions reduction targets Percentage of Scope 1 Greenhouse gas emissions reduction (as of emissions of base year) 42% Percentage of market-based Scope 2 Greenhouse gas emissions reduction (as of emissions of base year) 42% Climate policy Our Climate policy addresses all employees, especially those in the Climate working group and those with responsibilities across the whole value chain from sourcing of our raw materials, to developing, producing, packaging and distributing our products, understand and comply with the established guidelines to manage impacts and risks effectively. This global policy applies to all QIAGEN sites and personnel involved in upstream and downstream activities, excluding direct application to customers and suppliers. Our Climate Policy outlines the climate targets we have committed to, as well as how climate-related targets, physical and transition risks are identified and managed. It further describes how the Climate Working Group is integrated within the organization to address climate change mitigation and adaptation measures. The Head of ESG Strategy is accountable for this policy and reports to the Senior Vice President Head of Global Operations. Chaired by the Head of ESG Strategy, the Climate Working Group reports its progress quarterly to the Executive Committee and semi-annually to the Nomination & Governance Committee of the Supervisory Board. Actions Our actions to reduce GHG emissions are summed up in our decarbonization roadmap. They are described in more detail in the following chapters. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 75 Sustainability Statement QIAGEN Carbon Reduction Roadmap Start fleet transition to electric cars U.S./Europe Switch to green electricity at key sites Launch first eco-friendlier product line QIAwave New car policy Move to renewable heating in Hilden Develop circular and sustainable design guidelines Cooperate with customers to identify recycling options Ongoing fleet transitions in EU and US Switch further sites to green electricity Bio-based initiative or promotion of Go Greener program Complete fleet transitions in U.S./Europe Use renewable energy for all sites in scope Launch sustainable design based products Alternative Fuels (such as SAF or SMF) for Shipments Resource Efficiency – Circularity Projects (e.g. Re-grind) Optimizing cold chain logistics Promotion of recycled content and circular products Summary of activities working towards our SBTi target achievement, with a 2020 baseline. Years reflect the implementation or the planned implementation of the actions. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 76 Sustainability Statement To develop our first draft of the decarbonization roadmap, we engaged a diverse group of stakeholders, including climate specialists, internal teams, and finance leaders. Among others, these stakeholders included experts in energy management, circular economy, supplier, and industry partners. We conducted thorough assessments of our current emissions and identified key areas for improvement. Details of this roadmap are disclosed in the following chapters. Decarbonization of our own operations Management of Scope 1 and 2 emissions To achieve our SBTi target of 42% cut in GHG emissions by 2030, focusing on Scope 1 and 2, the following actions are taken care for. Key measures include transitioning from gas to renewable electricity and acquiring Energy Attributed Certificates (EAC). The CRM prioritizes our major manufacturing sites in Germany and the U.S. In 2023 the installation of a wood pellet burner and heat pumps at our largest manufacturing site in Hilden, Germany, significantly contributed to our carbon reduction targets in 2024. In 2024 the Germantown, Maryland, USA, site implemented several Building Management System programs to improve and reduce the energy demand for heating and cooling and replaced equipment fueled by natural gas with electricity. ISO certification is integral to our Climate strategy. We achieved ISO 14001 Environmental Management System certification in China for QIAGEN Shenzhen Co. Ltd and in Italy QIAGEN S.r.l. in 2023 as well as in Hilden Germany, QIAGEN GmbH in 2024 . Our sites in Germantown and Manchester, UK, are also preparing to be certified to ISO14001 in 2025 and Hilden to be certified to ISO50001 Energy Management by March 2025. We also consider achieving Leadership in Energy and Environmental Design (LEED), the Building Research Establishment Environmental Assessment Method (BREEAM) or the German Sustainable Council (DGNB) certified green buildings when entering into new lease contracts to underpin our ambitions to operate highly efficient and cost-saving buildings with utilization of eco friendly (circular) installments and materials. Until 2024 we achieved green building certifications at buildings in our major owned sites in Germany (Hilden), North America (Germantown), and the leased building in the U.K. (Manchester) under LEED or BREEAM. The new business expansion at our Frederick site in North America achieved LEED gold certification in 2024. We have recently signed a lease contract for a Manufacturing and R&D site in Barcelona, Spain, in a building which is LEED platinum certified. Use of renewable energy In 2024, we purchased energy attribute certificates (EACs) for Hilden, Germany, as well as for all facilities in the United States and China, which are sourced from unspecified renewable electricity. Our sites in Sweden and in the Netherlands source their EACs from hydroelectric and wind turbines. We are planning to transition other locations to renewable energy sources in accordance with our CRM in the coming years. Decarbonization of our value chain Management of Scope 3 emissions Defining and implementing our Scope 3 decarbonization program presents several challenges. For instance, strict regulatory requirements and quality standards must be carefully considered during product development and manufacturing. To address these issues, we have created the role of Associate Director for Climate and Circularity directly reporting to the Head of ESG Strategy and Impact Programs in 2024. Several working groups and departments, such as the Plastic Reduction Group, the Sustainable Design Guidelines Working Group, Research and Development, Transport & Distribution and Procurement support the Scope 3 decarbonization plan. In the reporting year, we focused on initiatives to enhance sustainability across our operations. Key efforts included the development of sustainable design concepts, calculating the product carbon footprint of our instruments, ongoing emissions data base lining, reducing plastic in products and packaging, and piloting a bio-based plastic project. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 77 Sustainability Statement Our GHG data analysis revealed that plastics are the primary material-based GHG driver, making this a critical focus area. In 2024, we enhanced our Scope 3 emissions data model by incorporating mass- and volume-based data for our leading products. We intend to progressively augment this model with additional data to focus our efforts on effective targets and measures. As part of our data initiative, we performed a circularity assessment for one of our top-selling products, concentrating on recyclability to identify areas for improvement. To further refine our data model we gained insights into customer waste streams. A survey launched in early 2024 showed that laboratory waste management practices are mature and that clients recycle QIAGEN packaging and kit components. Based on the data and insights we gained in 2024, quantitative scenario analyses and decarbonization pilot-projects will be conducted in 2025. The results will enable us to determine short- and and further mid-term targets. Partnering with our suppliers Collaborating with suppliers is crucial in meeting our greenhouse gas reduction targets. We hold our suppliers to high environmental standards that align with our sustainability objectives. Through strategic collaborations, we engage in joint projects, events, and training. Strengthening these partnerships remains a core focus of our approach. In 2024, we deepened engagement with selected suppliers to develop a joint strategy for achieving our climate commitments. This engagement activity involved: • A sustainability commitment letter from our Head of Global Procurement. • A detailed questionnaire on emissions measurement and environmental standards. • An information package on our SBTi commitment, related goals, and supplier maturity analysis. To ensure continued supplier engagement each procurement category had sustainability measures build into their 2024 KPI’s as such supporting our SBTi supplier engagement. In the reporting year we mapped the maturity of our suppliers towards achieving this engagement target and categorized them in the following maturity levels: Level 0: No information available Level 1: 1 Environmental and 1 Social target Level 2: Scope 1 and 2 calculated Level 3: Scope 3 calculated Level 4: Setting a science-based target in the next 3 years Level 5: Having a short-term science-based target in line with SBTi Level 6: Having a net-zero target in line with SBTi Suppliers with a maturity level between 4-6 fall under the SBTi Supplier Engagement Target. In 2024, suppliers accounting for 57% of emissions reached level 4-6, which means that additional suppliers corresponding to 10% of emissions, 67% in sum, must be included in our ongoing efforts to further develop and enable them to set their own science-based GHG emissions reduction targets by 2027. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 78 Sustainability Statement QIAGEN SBTi supplier engagement based on emissions (Level 4-6) 13% 21% 28% 50% 57% SBTi goal 67% QIAGEN's SBTi supplier engagement, based on emissions results, are unassured in 2021, 2022 and 2023 In 2025 we plan to establish individual ESG improvement plans with key partners that are essential for reaching the QIAGEN emission targets by end 2027 and that do not yet have committed to SBTI targets. Methodologies and definitions • The Supplier Engagement Target measures the total emission’s percentage of suppliers who have set a science-based climate target (SBT). The Supplier Engagement Target focuses on suppliers from the emission categories – Purchased Goods and Services (Scope 3.1) and Upstream Transportation and Distribution (Scope 3.4). The goal of the engagement target is to ensure that by end of 2027, 67% of QIAGEN’s suppliers, measured by their emissions share, have set science-based targets. • Each year, we review the climate target programs of selected suppliers to assess their maturity and categorize them into different climate readiness levels. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 79 Sustainability Statement Energy efficiency Energy consumption from non-renewable sources Energy consumption and mix 2024 (MWh) 2023 (MWh) (unassured) (1) Fuel consumption from coal and coal products — — (2) Fuel consumption from crude oil and petroleum products 15,496 19,028 (3) Fuel consumption from natural gas 34,313 41,160 (4) Fuel consumption from other fossil sources — — (5) Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 8,594 17,503 (6) Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 58,403 77,691 Share of fossil sources in total energy consumption (%) 59.6% 72.5% (7) Consumption from nuclear sources (MWh) 375 756 Share of consumption from nuclear sources in total energy consumption (%) 0.4% 0.7% Energy consumption from renewable sources (8) Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) (MWh) 2,390 — (9) Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 36,764 28,720 (10) The consumption of self-generated non-fuel renewable energy (MWh) — — (11) Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 39,154 28,720 Share of renewable sources in total energy consumption (%) 40.0% 26.8% Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 97,932 107,167 Energy intensity from activities in high climate impact sectors 2024 (unassured) Total energy consumption from activities in high climate impact sectors (MWh) 97,932 Net sales from activities in high climate impact sectors ($ millions) 1,978 Energy intensity (MWh/$ millions) 50 *Our business sector is part of the industrial manufacturing sector. All of QIAGEN's energy consumption is considered as related to high climate impact sectors. Net sales as shown in Consolidated Income Statement QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 80 Sustainability Statement Methodologies and definitions Scope and consolidation: Energy consumption data is collected per site per energy type through a central reporting tool. All data was converted centrally into MWh. Total energy consumption: Total energy consumption is the sum of fossil energy consumption, nuclear energy consumption and renewable energy consumption. Fossil energy consumption: Fossil energy consumption encompasses all fossil-based energy consumption that is consumed/combusted at QIAGEN controlled sites. Fossil energy consumption at QIAGEN includes the fuel consumption from crude oil and petroleum products: Heating Oil, Diesel, Gasoline. Fuel consumption from natural gas: Natural gas, Propane Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources: District Steam, Electricity Renewable energy consumption: Renewable energy consumption encompasses all renewable energy consumption, including renewable electricity from green tariffs, wood waste and Biodiesel. Fuel consumption from renewable sources including biomass: Wood waste, Biodiesel Fuel consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources: Renewable electricity sourced from third parties Nuclear energy consumption: Nuclear energy consumption encompasses the average share of nuclear sources in country-specific electricity mixes. The calculation is based on estimates, utilizing data from the scientific online publication “Our World in Data.” Minimize carbon footprint Comparisons to prior year The following information on comparisons to the prior year are unassured as the base year data for 2023 is unassured. In 2024, our Scope 1 and 2 market-based emissions decreased by 14% or 2,466 tCO2e compared to 2023, thanks to decommissioning of our combined heat and power plant (CHP) and the extended use of the new wood pellets boiler in Hilden, replacement of fossil energy using equipment and set point adjustments in the building management system (BMS) at our Germantown site and to EACs for Germany, Sweden and the Netherlands. Our total Scope 3 emissions decreased by approximately 4% (319,571 t CO2e) compared to the year-ago period. This reduction was influenced by a decrease in the Scope 3.4 Transportation and Distribution subcategory. Overall we recorded a slight reduction of transportation volume in connection with a change of the service provider portfolio. In addition service and packaging optimization measures led to weight reduction and a corresponding emission reduction by our Transport and Logistics service provider. The increase in Scope 3.3 Fuel and Energy Related Activities is due to the migration to new software that uses updated emission factors for emission calculations, moving away from the conservative approach used for green electricity. Compared to the previous year, the greater decrease achieved in Scope 3.11 Use of Sold Products is due to fewer sales of instruments. The slight 4% increase in Scope 3.12 is attributed to the higher number of sold kits. A smaller decrease compared to the previous year is observed in Scope 3.5 Waste Generated in Operations, due to the implementation of a more granular calculation methodology in 2024. Scope 3.7 Employee Commuting saw a 5% reduction compared to the previous year, based on new commuting assumptions for EMEA and corrected data for the APAC region. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 81 Sustainability Statement The remaining subcategories, 3.1 Purchased Goods and Services and 3.6 Business Travel, also experienced slight decreases. In 2024, we included a new subcategory, 3.15 Investments, due to new acquisitions in our emission calculations. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 82 Sustainability Statement Gross Scope 1,2,3 and Total GHG emissions Retrospective Milestones and target years GHG emissions (tCO2 e) Baseline (2020) Comparative (2023) unassured 2024 % Change 2024/2023 unassured 2025 2030 2050 Annual % target / Baseline (2020) Scope 1 GHG Emissions Gross Scope 1 GHG emissions 10,202 13,375 11,378 (15)% 8,060 5,917 1,020 4.2% Scope 2 GHG Emissions Gross location-based Scope 2 GHG emissions 19,239 19,505 14,718 (25)% n/a n/a n/a - Gross market-based Scope 2 GHG emissions 10,416 3,930 3,461 (12)% 8,229 6,041 1,042 4.2% Scope 1&2 GHG emissions (market-based) 20,618 17,305 14,839 (14)% 16,289 11,958 2,062 Significant scope 3 GHG emissions Total Gross indirect (Scope 3) GHG emissions (tCO2e) 405,569 334,119 319,571 (4)% 54,311 352,036 39,232 Percentage of primary data in Scope 3 (%) n/a n/a 5% n/a n/a n/a n/a 1 Purchased goods and services(1) 293,619 254,498 247,399 (3)% n/a 271,598 29,362 2.5% 3 Fuel and energy-related activities 3,007 4,654 5,504 18% n/a n/a n/a 4 Upstream transportation and distribution(1) 36,633 31,086 21,640 (30)% n/a 33,886 3,663 2.5% 5 Waste generated in operations 3,628 2,630 2,470 (6)% n/a n/a n/a 6 Business traveling 7,900 11,633 11,363 (2)% 6,913 5,925 790 2.5% 7 Employee commuting 6,613 8,970 8,536 (5)% n/a n/a n/a 11 Use of sold products 1,534 979 881 (10)% 1,342 1,151 153 2.5% 12 End-of-life treatment of sold products 52,635 19,669 20,407 4% 46,056 39,476 5,264 2.5% 15 Investments n/a n/a 1,371 —% n/a n/a n/a Total GHG emissions 426,187 351,424 334,410 (5)% 70,600 363,994 41,294 Total GHG emissions (location-based) (tCO₂e) 435,010 366,999 345,667 (6)% Total GHG emissions (market-based) (tCO₂e) 426,187 351,424 334,410 (5)% (1)We are committed that 67% of our suppliers by emissions covering scope 3.1. purchased goods and services and scope 3.4 upstream transportation and distribution, will have science-based targets by 2027 (supplier engagement goal). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 83 Sustainability Statement Methodology Overall, we apply the Corporate Accounting and Reporting Standards as outlined in the Greenhouse Gas Protocol (GHG Protocol) for the GHG emissions reporting. Further we consider the same companies in the GHG accounting as in the financial reporting. Hence, the consolidated GHG emissions include all emissions from subsidiaries where QIAGEN has financial control. Please refer to section General information , Sources of estimation and outcome uncertainty. Scope 1 covers direct GHG emissions from the combustion of fossil fuels on the QIAGEN premises and by company vehicles. Scope 2 covers indirect GHG emissions originating from the external generation of electricity for our operational and business activities. They are reported using both a location-based and market-based approach. A market based calculation method for Scope 2 emissions reflects emissions calculated with the energy source mix used by each of our sites and is our first priority. A location-based method reflects the average emissions intensity of grids on which energy consumption occurs and is only made when market-based is not available. Scope 3 covers upstream and downstream emissions that occur along our value chain. The sub-categories are reported separately in the table Corporate Carbon Footprint (CCF) by Emissions Category shown above. We have initially assessed the applicable scope 3 categories in 2018 and monitor a potential re-assessment only in case a triggering event occurs since our overall business model has not changed. As in 2023, we considered also in 2024 the following categories as relevant to our operations: Scopes 3.1. (purchased goods and services), 3.3. (energy- related activities), 3.4. (upstream and downstream transportation and distribution), 3.5. (waste in operations), 3.6. (business travel), 3.7. (employee commuting), 3.11. (use phase of sold products) and 3.12. (end of life treatment of sold products). Additionally in 2024, we included a new subcategory, 3.15. (Investments) in our emission calculations, due to new acquisitions. In 2023, to manage our environmental performance effectively, we implemented a new tool to enable our individual facilities to collect and report their indicators, allowing for transparency and accurate reporting. Our consolidated environmental indicators for two consecutive years are shown in the table below. The data are also displayed as a ratio of consolidated net sales, for short- and long-term monitoring. GHG intensity (market-based) per net sales 2024 2023 (unassured) % (unassured) Total GHG emissions (market-based) (tCO₂e) 334,410 351,424 (5)% Total net sales in $ millions 1,978 1,965 1% Total GHG emissions intensity (tCO2 e/ $ million) 169 179 (6)% Net sales as shown in Consolidated Income Statements QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 84 Sustainability Statement GHG intensity (location-based) per net sales 2024 2023 (unassured) % (unassured) Total GHG emissions (location-based) (tCO₂e) 345,667 366,999 (6)% Total net sales in $ millions 1,978 1,965 1% Total GHG emissions intensity (tCO2 e/ $ million) 175 187 (6)% Net sales as shown in Consolidated Income Statements In 2024, both market-based and location-based GHG intensity per net sales decreased by 6%. We use the GHG intensity ratio, which looks at the amount of total GHG emissions including Scope 1&2 market-based emissions and all Scope 3 categories emissions in relation to our total net sales (net sales value was retrieved to calculate the GHG emission intensity). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 85 Sustainability Statement EU Taxonomy Under the Green Deal, the European Union is striving for a green transition of its economy. The deal calls for sustainable growth by mitigating climate change, protecting the environment and preserving biodiversity. To help reach its goal of climate neutrality by 2050, the European Union aims to redirect capital flows towards sustainable investments and projects. The Taxonomy-Regulation is part of the EU Action Plan on Sustainable Finance and contains a classification system for environmentally sustainable business activities. Under the Regulation’s disclosure obligations, companies will be required to disclose their share of Taxonomy-eligible and -aligned activities. This will increase transparency and allow investors to make decisions according to sustainability aspects. The EU Taxonomy-Regulation defines six environmental objectives to which the economic activities listed in the Regulation and its delegated acts can contribute: • climate change mitigation • climate change adaptation • sustainable use and protection of water and marine resources • transition to a circular economy • pollution prevention and control • protection and restoration of biodiversity and ecosystems The EU Taxonomy distinguishes between two levels: Taxonomy-eligibility and Taxonomy-alignment. Beginning in 2023, all six environmental objectives need to be considered. According to Article 8 of the Taxonomy-Regulation, in conjunction with the Delegated Acts for the reporting year 2024, key figures on turnover, operational and capital expenditures are to be reported for Taxonomy-eligible and Taxonomy-aligned economic activities. The tables provided within the Delegated Act on Article 8 are to be used for the presentation of the key figures. Taxonomy-eligibility and taxonomy-alignment An economic activity is Taxonomy-eligible if it fulfills the description given in the Delegated Act of the corresponding environmental objective. For Taxonomy- alignment, an economic activity must additionally comply with the technical screening criteria and minimum safeguards. The technical screening criteria are composed of the substantial contribution criteria and the do no significant harm criteria: • Substantial Contribution: Companies must meet defined technical requirements, for example regarding the level of CO2 emissions of an economic activity. • Do-No-Significant-Harm (DNSH): Companies must ensure that the contribution to one of the six environmental goals does not do significant harm to the environmental objectives. This must be verified through, for example, a climate risk analysis. The underlying requirements for Substantial Contribution and DNSH are documented for each individual economic activity in the Delegated Act of the corresponding environmental objective. For the minimal social safeguards, an approach is set at the corporate level for every activity through which the reporting company must prove its compliance with the following frameworks: • International Bill of Human Rights • International Labor Organization Declaration on Fundamental Rights and Principles at Work • UN Guiding Principles on Business and Human Rights • OECD Guidelines for Multinational Enterprises (OECD MNE Guidelines) We did not collect evidence for the fulfillment of the Minimum Social Safeguards for 2024 but we are in the process of identifying any gaps to the respective requirements in line with the updated OECD guidelines with the aspect of Science, Technology and Innovation. Determination of taxonomy-eligible business activities In an initial screening, we examined our whole portfolio to determine relevant business activities. Our core business is not covered by the Climate Delegated QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 86 Sustainability Statement Act on the environmental objectives of Climate Change Mitigation and Adaptation that has been submitted to date. The Environmental Delegated Act was adopted in June 2023 during a comprehensive workshop where the business activities of the four new environmental objectives were assessed. We have identified specified activities related to the transition to circular economy and climate change mitigation which match our business model. Environmental Objective EO Code QIAGEN activity Location Installation, maintenance and repair of energy efficiency equipment CCM 7.3 Renovation of existing buildings and/ or building new ones CapEx Installation, maintenance and repair of charging stations for electric vehicles CCM 7.4 Installation of charging stations CapEx Construction of new buildings CCM 7.1 CE 3.1 Construction of new buildings CapEx Renovation of existing buildings CCM 7.2 CE 3.2 Renovation of existing buildings CapEx Acquisition and ownership of buildings CCM 7.7 Leasing of buildings CapEx Manufacture of electrical and electronic equipment CE 1.2 Purchases of new computer equipment CapEx Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 Leased passenger cars/ own fleet CapEx Repair, refurbishment and remanufacturing CE 5.1 Repair and refurbishment of sold instrumentation equipment Turnover Provision of IT/OT data-driven solutions CE 4.1 Data visualization and mapping tools Turnover EO stands for Environmental Objective where Climate Change mitigation is CCM and Circular Economy is CE. All activities which QIAGEN defined as Taxonomy-eligible are allocated to the climate-change mitigation and circular economy objectives. We use our internal reporting systems to assess defined KPIs and document them under standardized data queries to the extent possible, structuring the format to ensure we are not double-counting our economic activities when calculating turnover, CapEx, and OpEx. We disclose the three KPIs below in adherence with Annex II of the Disclosure Delegated Act and also address the role of nuclear and gas activities as required under the Complementary Delegated Act of the EU Taxonomy. Disclosure of the financial KPIs Turnover To determine the turnover KPI, the Taxonomy-Regulation requires that the net turnover, generated with business activities contributing to the respective environmental objective, is related to the net turnover of the QIAGEN Group as shown in the Consolidated Income Statements and information provided in Note 4 "Revenue" in the IFRS Annual Report. As QIAGEN's material, revenue- generating economic activities are not fully covered by the EU Taxonomy Regulation, the share of Taxonomy-eligible turnover is 10%. Taxonomy eligible activities relating to 4.1 and 5.1 for the prior year have been retrospectively identified and the ratio of turnover eligible activities have been updated to present the correct comparable percentages for Taxonomy eligible turnover in the prior year (unassured). Accordingly, the ratio of turnover eligible activities has changed from previously 0% to 10% of total turnover (unassured). With the exception of service activities related to provision of IT/OT data-driven solutions and software and repair, refurbishment and remanufacturing the Taxonomy Regulation and its Delegated Acts do not cover our core business or any other business activity from which QIAGEN generates turnover. In the prior year we did not disclose turnover related to these activities. We have updated this information for the current year, which now shows a 5% turnover for IT/OT data-driven solutions and software, as well as a 5% turnover for repair, refurbishment, and remanufacturing-related activities in the comparative period. We do not disclose turnover from product-as-a-service and other circular use and result-oriented service models as we have no possibility to determine the relevant turnover from our systems. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 87 Sustainability Statement For individual measures as listed in categories 5.1 and 4.1, QIAGEN must also prove compliance with selected technical screening criteria and the minimum social safeguards despite the purchased character of the products. The alignment has not been further assessed for these eligible activities, primarily because the identified eligible activities are not material for our business model. In addition, there is currently insufficient data to further assess alignment criteria, due to the fact that it requires obtaining information from third parties and various external verifications. Hence compliance with the technical screening criteria and the minimal social safeguards cannot be ensured by QIAGEN at this time. Additionally, QIAGEN is currently in the process of collecting evidence for the fulfillment of the minimum safeguards. Turnover as disclosed for EU taxonomy purposes agrees to the amount reported as net sales in the financial reporting (reference is made to the Consolidated Financial Statements of Income, Net Sales). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 88 Sustainability Statement QIAGEN reports the following for 2024: Fiscal Year 2024 Substantial Contribution Criteria DNSH (Does Not Significantly Harm) Criteria Economic activities (1) Code (2) Turnover (3) Proportion of Turnover, year N (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaption (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year N-1 (18) Category enabling activity (19) Category transitional activity (20) kUSD % Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N Y;N Y; N Y; N Y; N Y; N Y;N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) n/a n/a — —% —% Turnover of environmentally sustainable activities (Taxonomy- aligned) (A.1) — —% —% —% —% —% —% —% —% A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) Repair, refurbishment and remanufacturing CE 5.1 91,329 5% N/EL N/EL N/ EL N/ EL EL N/EL 5% Provision of IT/OT data- driven solutions CE 4.1 97,885 5% N/EL N/EL N/ EL N/ EL EL N/EL 5% Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 189,214 10% —% —% —% —% 100% —% 10% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 89 Sustainability Statement Fiscal Year 2024 Substantial Contribution Criteria DNSH (Does Not Significantly Harm) Criteria Economic activities (1) Code (2) Turnover (3) Proportion of Turnover, year N (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaption (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year N-1 (18) Category enabling activity (19) Category transitional activity (20) kUSD % Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N Y;N Y; N Y; N Y; N Y; N Y;N % E T A. Turnover of Taxonomy eligible activities (A.1+A.2) 189,214 10% —% —% —% —% 100% —% 10% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES Turnover of Taxonomy- non- eligible activities 1,789,001 90% Total 1,978,214 100% a. Y - Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; N/EL – not eligible, Taxonomy non-eligible activity for the relevant environmental objective. b. EL – Taxonomy-eligible activity for the relevant objective; N/EL – Taxonomy-non-eligible activity for the relevant objective. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 90 Sustainability Statement Capital Expenditures (CapEx) To determine the Capital Expenditures (CapEx) KPI, the Taxonomy-Regulation requires that the capital expenditures for business activities contributing to the respective environmental objective are being brought into relation to the CapEx for tangible and intangible assets of the QIAGEN Group, including additions from business acquisitions. This considers net additions to property, plant and equipment (see Note 10 to the Consolidated Financial Statements), intangible assets (see other intangible assets, Note 12 to the Consolidated Financial Statements) as well as to right-of-use assets. In the prior year, we did not include additions related to business combinations for property, plant and equipment and intangible assets in the CapEx KPI. Regardless of the immaterial effect, we have updated the previous percentages in the table. Taxonomy eligible activities relating to 7.2, 7.7, 1.2 and 6.5 for the prior year have been retrospectively identified and the ratio of CapEx eligible activities have been updated to present the correct comparable percentages for Taxonomy eligible CapEx in the prior year. Accordingly the ratio of CapEx eligible activities has changed from previously 0.4% to 16 of total CapEx. The Taxonomy-definition of CapEx considers additions in accordance with the following IFRS standards: • Additions to tangible assets (IAS 16) • Additions to intangible assets (IAS 38) • Additions to right of use assets (IFRS 16) • Additions to real estate which is kept as financial investment (IAS 40) In this regard, we report purchased CapEx which is classified as “CapEx c)” in the Annex I of the Delegated Act to Article 8. For purchased CapEx (CapEx c)) the relevant information about compliance with the Taxonomy-alignment criteria (substantial contribution, DNSH, minimum social safeguards) needs to be provided by the suppliers. The results of the respective queries were that the suppliers were not able to ensure their compliance with the alignment criteria. For individual measures as listed in categories 1.2, 6.5, 7.1, 7.2, 7.3, 7.4 and 7.7, QIAGEN must also prove compliance with selected technical screening criteria and the minimum social safeguards despite the purchased character of the products. Compliance with the technical screening criteria and the minimal social safeguards cannot be ensured by QIAGEN at this time. Additionally, QIAGEN is currently in the process of collecting evidence for the fulfillment of the minimum safeguards. The total CapEx under the EU taxonomy of $233.5 million is the sum of additions to property, plant and equipment of $76.5 million, additions to intangible assets of $112.8 million and right-of-use assets of $44.2 million. We have not recorded any business combination in the reporting period. These amounts are shown in the Balance Sheet within non-current assets in property, plant and equipment and other intangibles assets. Capitalized right of use assets are shown in right-of-use assets within non-current assets (reference is made to Consolidated Financial Statements, Consolidated Balance Sheets). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 91 Sustainability Statement QIAGEN reports the following for 2024: Fiscal Year 2024 Substantial Contribution Criteria DNSH (Does Not Significantly Harm) Criteria Economic activities (1) Code (2) CapEx (3) Proportion of CapEx, year N (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaption (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year N-1 (18) Category enabling activity (19) Category transitional activity (20) kUSD % Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N Y;N Y; N Y; N Y; N Y; N Y;N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) n/a n/a CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) —% —% —% —% —% —% —% N N N N N N N —% A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) Construction of new building (c) CCM 7.1 CE 3.1 14,377 6% EL N/EL N/ EL N/ EL N/EL N/EL —% Renovation of existing building (c) CCM 7.2 CE 3.2 6,242 3% EL N/EL N/ EL N/ EL N/EL N/EL 5% Installation, maintenance and repair of energy efficiency equipment CCM 7.3 2,886 1% EL N/EL N/ EL N/ EL N/EL N/EL —% IMR of charging stations for electric vehicles CCM 7.4 2 —% EL N/EL N/ EL N/ EL N/EL N/EL —% Acquisition and ownership of buildings CCM 7.7 42,808 18% EL N/EL N/ EL N/ EL N/EL N/EL 7% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 92 Sustainability Statement Fiscal Year 2024 Substantial Contribution Criteria DNSH (Does Not Significantly Harm) Criteria Economic activities (1) Code (2) CapEx (3) Proportion of CapEx, year N (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaption (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year N-1 (18) Category enabling activity (19) Category transitional activity (20) kUSD % Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N Y;N Y; N Y; N Y; N Y; N Y;N % E T CE Manufacture of electrical and electronic equipment CE 1.2 2,466 1% N/EL N/EL N/ EL N/ EL EL N/EL 1% Transport by motorbikes, passenger cars and light commercial vehicles CCM 6.5 6,705 3% EL N/EL N/ EL N/ EL N/EL N/EL 3% CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 75,486 32% 97% —% —% —% 3% —% 16% A. CapEx of Taxonomy eligible activities (A.1+A.2) 75,486 32% 97% —% —% —% 3% —% 16% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES CapEx of Taxonomy- non- eligible activities 158,062 68% Total 233,548 100% a. Y - Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; N/EL – not eligible, Taxonomy non-eligible activity for the relevant environmental objective. b. EL – Taxonomy-eligible activity for the relevant objective; N/EL – Taxonomy-non-eligible activity for the relevant objective. c. Construction of new building (CCM 7.1, CE 3.1) and renovation of existing building (CCM 7.2, CE 3.2) primarily relates to climate change mitigation (CCM) and not circular economy activities (CE). d. Proportion of CapEx/Total CapEx QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 93 Sustainability Statement Environmental Objective Taxonomy- aligned per objective Taxonomy- eligible per objective Climate Change Mitigation (CCM) —% 31% Climate Change Adaptation (CCA) —% —% Water and Marine Resources (WTR) —% —% Circular Economy (CE) —% 10% Pollution Prevention and Control (PPC) —% —% Biodiversity and ecosystems (BIO) —% —% Operating Expenses (OpEx) The Taxonomy-definition of OpEx differentiates significantly from the common financial definition. It considers non-capitalized expenditures that relate to research and development, building renovation measures, short-term leases, maintenance and repairs, and any other direct expenditures relating to the day- to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such assets. In line with the Delegated Act on Article 8 (Section 1.1.3.2) as well as the FAQ document published in December 2022 by the European Commission (Commission Notice 19 December, 2022, question 13), the operating expenditures as defined according to the Taxonomy Regulation are not material for QIAGEN's business model. The total value in the OpEx denominator is 2.8% of total operating costs and is therefore classified as immaterial. The Taxonomy-eligible or Taxonomy-aligned costs for the OpEx numerator can be reported as zero due to the immateriality of the denominator. Thus, QIAGEN's Taxonomy-eligible and Taxonomy- compliant share of operating costs is 0%. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 94 Sustainability Statement QIAGEN reports the following for 2024: Fiscal Year 2024 Substantial Contribution Criteria DNSH (Does Not Significantly Harm) criteria Economic activities (1) Code (2) OpEx (3) Proportion of OpEx, year N (4) Climate Change Mitigation (5) Climate Change Adaptation (6) Water (7) Pollution (8) Circular Economy (9) Biodiversity (10) Climate Change Mitigation (11) Climate Change Adaption (12) Water (13) Pollution (14) Circular Economy (15) Biodiversity (16) Minimum Safeguards (17) Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, year N-1 (18) Category enabling activity (19) Category transitional activity (20) kUSD % Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N; N/ EL (a) Y;N Y;N Y; N Y; N Y; N Y; N Y;N % E T A. TAXONOMY-ELIGIBLE ACTIVITIES A.1. Environmentally sustainable activities (Taxonomy-aligned) n/a n/a — —% —% OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1) — —% —% —% —% —% —% —% —% A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (g) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) EL; N/ EL(b) OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) 0 —% —% —% —% —% —% —% —% A. OpEx of Taxonomy eligible activities (A.1+A.2) 0 —% —% —% —% —% —% —% —% B. TAXONOMY-NON-ELIGIBLE ACTIVITIES OpEx of Taxonomy- non-eligible activities 20,642 100% Total 20,642 100% a. Y - Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective; N - No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective; N/EL – not eligible, Taxonomy non-eligible activity for the relevant environmental objective. b. EL – Taxonomy-eligible activity for the relevant objective; N/EL – Taxonomy-non-eligible activity for the relevant objective. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 95 Sustainability Statement QIAGEN's absolute OpEx (in accordance with the Taxonomy Regulation definition) is immaterial when compared with QIAGEN's absolute OpEx (in accordance with the financial accounting definition). In this case, the numerator can be disclosed as zero and all figures are 0%. Nuclear and fossil gas related activities Under the requirements of the Disclosure Delegated Act and latest European Securities and Markets Authority’s (ESMA) enforcement priorities, QIAGEN reports the following table on nuclear and gas activity: Nuclear energy related activities Yes / No 1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. No 2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. No 3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. No Fossil gas related activities 4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. No 5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. No 6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. No QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 96 Sustainability Statement Resource use and circular economy Our approach By thoughtfully reassessing the resources we utilize and the impacts generated by our products and services, we aim to promote circularity and resource efficiency. Additionally, we strive to stimulate the development of more eco- friendly products with a reduced negative impact on the environment, such as those made from recyclable materials. Since plastic is a main raw material we use, it plays a significant role in our resource efficiency and circularity measures. The responsibility for implementing actions towards circularity lies within several areas, including procurement, logistics, production, research and development, service, and sales. Integration of circularity and resource efficiency within our daily production and product development processes aims to contribute to our climate change mitigation and emission reduction efforts. Our emphasis on circular economy is underscored by the creation of the role of Associate Director for Climate and Circularity in 2024. Technical, regulatory, safety, and hygiene standards necessitate the use of plastics in the production of many of our products, as well as for transport and packaging. We are actively working to reduce plastics without compromising product quality. To mitigate the adverse environmental impacts caused by plastic in transport, packaging and products, we adopted a “replace – reduce – reuse – recycle – recover”- approach. In our double materiality assessment for 2024, as defined in the chapter General Information, Double materiality analysis, we identified the following negative impacts, risks and opportunities, related to circular economy as shown in the table below: Introduction of Circularity Throughout The Value Chain Preferably sustainable sourcing Bio-based Plastics Collaborating and developing further towards SBTi Achievements Closing the loops Reduce, reuse, recycle Customer survey on waste management Circularity & resources conservation Plastic Reduction Circularity Suppliers QIAGEN Customers Transport service optimization QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 97 Sustainability Statement Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Actual negative impact Depletion of resources (use of virgin raw material; not enabling alternative secondary raw materials) and cause of pollution due to use of fossil based materials or non-renewable resources (especially oil, gas), which leads to emissions and pollution in nature (destruction of biodiversity, land-use, increase in emissions (CC) etc.) Upstream Short-term E5 Resource use and circular economy - Resource inflows, including resource use Risk Customers choose other suppliers or our company is removed from the supplier list if other suppliers can provide better and more environmentally friendly products Downstream; own operations Long-term E5 Resource use and circular economy - Resources inflows, including resource use; Resource outflows related to products and services Risk Higher costs could occur as many recycled /secondary alternatives are currently only available at a premium and are more expensive Upstream Short-term E5 Resource use and circular economy - Resources inflows, including resource use; Resource outflows related to products and services Opportunity Optimized usage of material through the Recycle, Reuse, Reduce (3R) -principles in closing material loops (incl. materials, logistics) which leads to lower sourcing costs Own operations Long-term E5 Resource use and circular economy - Resources inflows, including resource use; Resource outflows related to products and services Opportunity Reduced logistics and operational costs due to lighter weight, thinner materials, and smaller packaging Along the whole value chain Medium-term E5 Resource use and circular economy - Resources inflows, including resource use; Resource outflows related to products and services Opportunity Increased product demand as products with a lower carbon footprint and circularity features are more geared towards the expectations of our customers Downstream Medium-term E5 Resource use and circular economy - Resources inflows, including resource use; Resource outflows related to products and services Actual negative impact Environmental burdens, via spreading into soil and aqueous environment in solid or leachate form, can occur through improper waste handling and disposal in landfills or by incineration Own operations and downstream Short-term E5 Resource use and circular economy - Waste Risk Increasingly stringent environmental regulations in Europe and the United States may require stricter controls on emissions, waste disposal, and resource use. Non-compliance could result in fines and operational disruptions Along the whole value chain Medium-term E5 Resource use and circular economy - Resource outflows related to products and services; Waste QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 98 Sustainability Statement While reduced logistics costs and increased product demand were identified, we do not expect them to significantly impact QIAGEN's financial position, necessitating material adjustments to our financial statements in the next year. Initial investment costs, slow customer adoption, and implementation challenges may delay savings, while accounting practices and external economic conditions could further obscure potential benefits. Plastic footprint reduction Reduce Replace Recycle Targets Plastics Since the plastics are QIAGEN’s main material-based emission source, we have expanded the scope of our targeted plastic savings to include transport packaging, primary product packaging, and operational plastic waste. >25 tons reduction in 2024 Plastic savings in 2024 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 99 Sustainability Statement Material impacts from plastics stem from the depletion of resources through the use of fossil based, non-renewable resources. We set and met our corporate project-related target in 2024 of more than 20 tons of plastic reduction, with an absolute reduction of 25.7 tons. The 2024 plastic KPI is measured by adding together the savings of all ongoing plastic reduction projects connected to product, operational and transportation plastic. We achieved this target by expanding our actions beyond our QIAwave product line to other products. With our corporate target, we focus on reducing primary plastic materials such as styrofoam, cling wrap, and plastic trays, and replacing them with renewable materials or eliminating them with innovative approaches. While these approaches take the interests of customers directed towards more eco-friendly products into consideration, we did not involve external stakeholders in the target setting process. Responsibility for respecting the identified plastics footprint target is allocated at Global Technical Operations. The plastics reduction working group monitors the progress, with regular reporting and accountability measures in place. For our projects in 2025, we have set a target to achieve an absolute plastic savings of more than 25 tons. To work towards this goal, our plastic reduction working group regularly collects and evaluates project ideas. These projects aim to reduce plastic usage in various areas, including transportation packaging, product plastic components, and operational processes. One specific initiative involves using thinner, pre-stretched plastic foil for wrapping pallets. These targets align with identified material sustainability impacts, risks, and opportunities related to resource use. For example using less material and products with a lower plastic footprint positively contributes to the identified opportunities of lower logistics costs and an increased demand for products with a lower emission footprint. Currently, there is no financial effect as we have not yet considered how these opportunities and risks are accounted for. While we have not yet defined additional targets in 2024, we plan to do so in 2025. For the optimized use of other materials, we are nevertheless working on incorporating more recycled materials in our product portfolio, also with regard to packaging (read more in the section Portfolio and product development below). Waste management In 2024, we gathered further data on which waste disposal methods were used to enable identification of waste targets to reduce further waste going to landfill and incineration by 2030. We do not have waste targets yet in place but worked on the definition of them in 2024 and will get them approved in 2025. Waste targets will be used to steer improvements such as recycling, recovery and reuse at our operational sites. Policies Plastic In support of our reduction efforts, we adopted a Plastic Policy in 2024, pointing out circularity aspects by referring to the principles of replace, reduce, reuse, recycle and recover, considering the waste hierarchy. The policy is available to all employees and outlines how QIAGEN can reduce its depletion of resources impact by implementing alternative materials and feedstocks or replacing single-use plastics with reusable, durable, repairable items for the opportunity of optimized usage of materials. The Plastic Policy outlines our actions - primarily in QIAGEN’s own operations - to reduce the plastic footprint caused by QIAGEN’s products and business activities, thereby reducing the use of environmentally harmful substances and non-renewable resources: • investigating and implementing alternative materials, • labeling our products accordingly and providing recycling instructions, • integrating the design-for-recycling requirements into the product development process, • replacing single-use plastics with reusable, durable, repairable items, • amending product development standard operational procedures (SOPs) The policy is applied across the organization, and the Plastic Working group, a sub group within the Climate Working group, is accountable for its implementation and the monitoring of impacts of projects connected to the use of plastic. The policy addresses actions that occur in the upstream QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 100 Sustainability Statement (e.g., sourcing alternative materials) and downstream value chain (e.g., recycling instructions for end-users). Waste management Our operational waste is generated primarily from production, research and development activities conducted at our sites. Our waste is classified into two main waste streams non-hazardous and hazardous. Hazardous waste consists of electronic, electrical, chemical and biological waste and non-hazardous consists of paper, cardboard, plastic, glass, and compostable waste. To prevent the negative impact of improper waste handling and disposal into landfills, we have internal controls at our sites designed to ensure compliant storage, removal and disposal at end of life. We have global procedures for the management of waste, which instruct our sites to apply the theory of waste hierarchy to minimize waste and implement waste management practices at their site. The waste hierarchy comprises the prevention of waste, the reuse of materials, the recycling of materials, the recovery and disposal of waste. The local sites apply these procedures with documented internal controls which are specific to the waste streams produced at their site. The site leadership are responsible for implementation aiming at reducing the risk of non-compliance with increasingly stringent regulations and to avoid fines or operational disruptions. Actions and resources related to resource use and circular economy actions Plastic Through various interactions with our customers, such as events, surveys, and calls with investors, we have received feedback indicating that there is an expectation for us to invest in alternative materials and environmentally conscious solutions while staying cost sensitive. With our decision to minimize the use of plastic we aim to reduce the risk of customers choosing other suppliers if they can provide better and more environmentally friendly products. By developing products with a lower carbon footprint and circularity features we create an opportunity for an increased product demand as those products are more geared towards the expectations of our customers. Our global cross- functional plastic reduction team is working on identifying opportunities to diminish plastic and explore alternative materials, which are e.g. resource efficient, recyclable and/or renewable while remaining mindful of cost considerations. In order to identify biggest leverage we conducted an initial assessment in 2019, a life cycle assessment (LCA) in 2021 of the QIAamp DNA Mini Kit, one of our bestselling products. The detailed report on the LCA can be found on our sustainability website. Based on the results, we received confirmation that plastic within our kits is the main contributor to our CCF. That is why we have focused our Strategy and business model on plastics. Portfolio and product development Our plastics target focuses on minimizing primary raw materials, but we also consider circular economy aspects in the design and development of our products by incorporating recycled materials into our products and dematerializing plastics in products and packaging. Optimized use of materials can also be achieved through closing material loops, including materials used and alternative logistic options. In 2024 we launched additional QIAwave products – new versions of the legacy kit. They require less material than standard kits. In addition, the collection tubes in the QIAGEN QIAwave kits are made from 100% recycled material. The QIAGEN QIAwave kits are packaged in FSC-certified cardboard boxes and polyethylene and low-density polyethylene plastic bags. The blister packs have been removed from the packaging as part of QIAGEN’s dematerialization efforts in the upstream value chain. In addition, the FSC- certified boxes are considered as a reliable chain of custody certification. This enables approximately 77% recycled content in the entire packaging system. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 101 Sustainability Statement Besides packaging actions, we analyzed client delivery levels to reduce our emissions. For example, we observed the potential to streamline multiple same client deliveries and to use less packaging material. Processes and indicators for circular design are still being developed to address the design for circularity, increased use of recycled content, bio-based content, substances of concern and resource flows associated with products and services. For further support to our product development teams we started the process of developing of sustainable development guidelines in 2024. They will be further specified as we consider the integration into the product development processes. A project team has been established to ensure a harmonized approach. Circularity and lifecycle analytics In 2024, several studies and LCAs were commissioned to better understand GHG emissions and circularity economy related aspects of our business and optimize our products. In 2024, we additionally analyzed the circularity status of the QIAamp DNA Mini Kit according to the Cradle-to-Cradle® design principles in collaboration with an accredited external partner. The results revealed suitability of plastics and paper respectively cardboard packaging for recycling. A PVC phase out is recommended and labels need to be investigated. The analysis also revealed the potential to apply recycled or bio-based polyolefins as feedstock. No topics requiring remedy were identified during the assessment. The results of the circularity assessment guide our journey to optimize resource efficiency and Scope 3 emissions regarding the up- and downstream value chain. With improved data, we are now able to measure the impact of reducing plastic and to prioritize our activities based on optimization potentials in the next years. The estimated recyclability of our products is over 70%. This estimation was specifically focused on one of our best-selling products, the QIAamp DNA Mini Kit, which represents the consumables category. The analysis considered the main materials used in the kit: plastics and paper, which together account for more than 80% of the kit's weight. For more details, please refer to the Life Cycle Assessment (LCA) of the QIAamp DNA Mini Kit available on our website at www.qiagen.com/sustainability. The overall recyclability was calculated based on these key components. In the next step, we will analyze the recyclability of our top-selling products and their packaging in more detail in the mid-term. For one of our instruments, QIAStat Dx, an LCA was performed in 2024 by an accredited scientific partner. The LCA provided actionable insights into the instrument’s environmental impact and areas for improvement regarding the up- and downstream value chain. Planned actions include evaluating the recommendations derived from the LCA to improve material efficiency and reduce the instrument’s carbon footprint, contributing to QIAGEN's broader sustainability targets. Potential changes shall be implemented over the next years. So far, no topics requiring remedy were identified, as the LCA focuses on identifying preventive measures for potential environmental impacts optimization. Biobased pilot project In 2024, we launched a bio-based polypropylene (PP) pilot project. This decision followed the validation of its carbon footprint by Fraunhofer ICT by means of a LCA. The project focuses on sourcing sustainable materials within the upstream value chain and applies to our global operations. In 2025, we will run the pilot project to check the applicability. Based on the outcomes, we will determine the future scale of bio-based PP use which could offer a promising alternative for our products. The LCAs and circularity assessment commissioned in 2024 improve our data baseline and identify optimization hotspots. The LCA of the bio-based PP pilot project in 2024 revealed that the emission factor of the supplier needed to be adapted. This shows that additional scientific validations are needed to steer and implement circular economy strategies. Waste management actions In 2024, we conducted a pilot study on the potential to conduct pyrolysis, a chemical recycling process. For our plastic waste stream produced at the QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 102 Sustainability Statement production site in Hilden Germany, it demonstrated the potential for transforming plastic laboratory waste into high-quality pyrolysis oil, which could then be reintegrated into the chemical industry’s production feedstock. In 2025, we plan to continue to conduct feasibility technical assessments to investigate with potential suppliers of pyrolysis technology and to ascertain how we can transition from incineration to pyrolysis for the plastic waste generated at both Hilden and Germantown by the end of 2025. Materials used (resource inflows) Please refer to the definitions and methodology below. The extrapolated total weight of technical and biological materials used for manufacturing products, including product packaging, and providing services in 2024 was 8,867 tons. The total share of biological materials is planned to be determined mid-term. For packaging we used 902 tons of cardboard. Furthermore, we used 0.3 tons of enzymes for our products. The weight of the reused or recycled secondary materials used for product manufacture incl. packaging and services was 334 tons, accounting for 3.8% of the total materials. In 2023, the waste collection tubes contained 386 kg of recycled plastic (unassured). In 2024, waste collection tubes contained 2,741 kg of recycled plastic. Recycled content in cardboard packaging was 331 tons in 2024. Resource inflows: Methodologies and definitions • The weight of products and materials used was determined using raw material data from the Hilden and Germantown sites, as recorded in SAP. This data was then extrapolated based on the sales data ratio from all QIAGEN sites. Additionally, the weight of cardboard used in external logistics was included in the total sum. • The weight of renewable input materials sourced from regenerative origins was calculated for both cardboard and enzymes used. The data for cardboard from the Hilden site was extrapolated based on the sales data ratio across all QIAGEN sites. For enzymes, actual data was utilized, applying assumptions to standardize the measurement units. • The weight of reused or recycled (non-virgin) products and materials mentioned above was calculated with actual data. Resource outflows: Waste management Waste production by type (in tons) 2024 Total Percentage Non-hazardous waste 1,054 70% Hazardous waste 444 30% Total waste 1,498 100% Recycled: Non-hazardous waste recycled 767 73% Hazardous waste recycled 23 5% Total recycled waste 790 53% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 103 Sustainability Statement Waste production by type (in tons) 2024 Total Percentage Non-hazardous waste: Non-recycled waste: Anaerobic digestion 24 2% Composting 9 1% Incineration (mass burn) 71 7% Landfill 183 17% Total non-recycled waste 287 27% Recycled waste: Recovery, including energy recovery 448 43% Recycling 319 30% Total recycled waste 767 73% Total non-hazardous waste 1,054 100% Hazardous waste: Non-recycled waste: Incineration (mass burn) 398 90% Landfill 3 1% Medical waste incinerated 20 4% Total non-recycled waste 421 95% Recycled waste: Recovery, including energy recovery 7 1% Recycling 16 4% Total recycled waste 23 5% Total hazardous waste 444 100% Resource outflows: Methodologies and definitions • Based on actual data for the main manufacturing sites with the widest portfolio, we have analyzed hazardous and non-hazardous waste data. We then extrapolated this data to all other manufacturing sites. • Subsequently, we incorporated data for all of our largest principal supply chain entities. We do not anticipate material impacts from sales entities, as they do not hold significant stock in their warehouses; all deliveries are shipped directly from the principal supplying hub to the customer. However we have added 5% to the result, net. Resource outflows: End-of-life treatment of sold products End-of-life treatment of sold products includes all products sold to the market, including packaging. Our main products are consumable products (sample and assay kits for Life Sciences and Diagnostics), instruments and automation systems. Our assays typically consist of plastic tubes containing reagents and buffers. Plastic components are one key material and are generally disposed of after use due to contamination with samples considering local regulations. It is assumed that non contaminated plastic components and packaging are discarded in the markets where they are sold and that the end-of-life treatment follows the general procedures of the household and regulated waste for each market. With the One-Time Services for instruments, QIAGEN offers a range of flexible solutions for laboratories. The QIAGEN service team works closely with clients to ensure instruments run smoothly during the product life-time. The average life- time for instruments is 5-10 years. QIAGEN offers following services to extend the life-time of instruments: • Preventive Maintenance and Inspection Services to maintain the reliability and full functionality of instruments QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 104 Sustainability Statement • Original manufacturer’s parts to ensure quality replacements • Instrument repairs to ensure proper functioning and maintain uninterrupted laboratory operations. To measure the repairability of our Instruments, QIAGEN tracks "Mean Time Between Repair (MTBR)." This data is collected for each instrument group and enables us to monitor our repairability actions. As a supplier, manufacturer and distributor of medical equipment (instruments) which is classified as Electrical and Electronic Equipment (EEE) and Battery Containing Devices (BCD), we recognize our Extended Producer Responsibility (EPR) responsibilities based on worldwide regulations. We endeavor to ensure that our branded electrical and electronic products are managed responsibly at the end of life by collaborating with the Reverse Logistics Group Recycling Network Europe (RLG RENE GmbH) organization. Our collaboration with RENE RLG for the collection of EEE ensures that these items are treated according to the principles of environmental protection, which include recycling within the country of collection. In accordance with country- specific requirements, QIAGEN subsidiaries are registered with the respective authority or take-back program. Details can be consulted on our website. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 105 Sustainability Statement Own Workforce This chapter is structured into three main topics: QIAGEN as an employer of choice, Diversity and Inclusion, and Occupational Health and Safety. QIAGEN as an employer of choice QIAGEN has more than 5,700 employees (see Management Report, section Employees) representing 75 nationalities across 35 sites in more than 25 countries. Our workforce comprises sales representatives, employees in research and development, in administrative services as well as employees working at our production sites. Additionally, QIAGEN engages external personnel in specialized fields such as production, logistics, software engineering, IT, and communications. Our approach At QIAGEN, we recognize that our employees are the foundation of our success. The long-term growth and achievements of our company rely on the expertise, dedication, and contributions of our workforce. Our approach prioritizes attracting, developing, and retaining high-performing employees based on their skills, experience, and merit. We are committed to respecting equal opportunity for all individuals, fostering a work environment where talent, performance, and professional development drive career progression. QIAGEN aims to be successful in talent attraction and is continuously looking to hire qualified and motivated candidates with excellent skills, experience, and potential. QIAGEN is also dedicated to developing a global highly skilled workforce that can drive long-term business success. We believe that employee growth is achieved through hands-on experience, structured learning, and collaborative knowledge-sharing. We therefore aim at creating a global learning culture that enables employees to advance in their careers based on skill development and performance. As we adapt to technological advancements and evolving market demands, we emphasize continuous learning, leadership development, and workplace innovation. This transformation requires both individual and collective adaptability, paying close attention that all employees—regardless of background—have the tools and resources necessary to advance their careers. Our workforce-related impacts: working conditions In our 2024 double materiality analysis, the process of which is detailed in the section General Information, we evaluated actual and potential material positive and negative impacts. No material risks and opportunities were identified. QIAGEN is continuing to work on improving its overall global recruiting processes to adapt in a dynamic and competitive field of talent attraction. Extra work and overtime carried out by an understaffed workforce, results in employee dissatisfaction up to stress-related illnesses and in general, creates an insufficient work-life balance. Constant investment in employee development programs and employee engagement is our contribution to enhance employee satisfaction and motivation. Regarding our workforce and working conditions, we have identified both positive and negative impacts. Targeted employee development and engagement can contribute positively to employee satisfaction and motivation. However, unstaffed positions have had a negative impact. These effects apply to the entire workforce, and no specific group of employees has been identified as particularly vulnerable. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 106 Sustainability Statement Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Potential positive impact Contribution to employee satisfaction and motivation through diverse employee development actions and engagement tools Own operations Short-term S1 Own workforce Equal treatment and opportunities for all, Training and skills development Actual negative impact Higher workload and overtime due to varying market conditions resulting in employee dissatisfaction, stress- related illnesses as well as insufficient work-life balance Own operations Short-term S1 Own workforce Working conditions QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 107 Sustainability Statement Targets We utilize an annual global Pulse Check (employee survey) and monitor Our commitment to excellence also extends to our QIAGENers turnover rates as tools and indicators to track the efficiency of our actions. These measures help our programs to be effective and support continuous development of our employees. In 2024, we met our global target, set by the Executive Committee, with a minimum of one award per region, to align and be recognized externally for our successful efforts to be an employer of choice. Top Employer Institute, a global authority on recognizing excellence in people Germany Poland USA Mexico Brazil UK Hong Kong Philippines Taiwan China UAE QIAGEN – Great Place To Work practices, awarded 'Top Employer' for Germany and Poland. Additionally, 'Best Workplaces', employing an independent, anonymous, research backed employee experience survey, recognized 9 of our subsidiaries as a Great place to Work: Brazil, Mexico, US, UK, Greater China, Hong Kong, Philippines, Taiwan, UAE. This target was monitored by the Executive Committee throughout the year and can be reviewed anytime by management on internal dashboards. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 108 Sustainability Statement Policies Our Talent Acquisition Policy applies to QIAGEN employees globally and governs all aspects of recruitment, targeting fair hiring processes, regulatory compliance, and workforce planning. The Director Head of Talent Attraction and Acquisition is accountable and oversees its implementation, reporting to the Senior VP Head of HR. Our Global HR Learning and Development Policy, of which the Senior Director Head of Learning and Development is accountable, reporting to the Senior Vice President Head of HR, applies to QIAGEN employees globally and governs aspects of employee training and professional development, including: • Learning Programs – Providing employees with structured training modules, workshops, and online courses to enhance technical and leadership skills. • Coaching & Mentoring – Offering mentorship programs to support career growth and leadership development. • Performance Feedback Tools – Equipping employees with assessment resources to track their professional progress and career potential. All employees participate in regular performance and career development reviews QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 109 Sustainability Statement General processes for workforce engagement and remediation To encourage transparency, accountability, and workforce engagement, the following channels are established for all employees globally, to provide feedback and report concerns: • Direct Reporting to HR and Management – Employees globally can raise concerns directly with HR representatives, line managers, or works councils (the Senior Vice President, Head of Human Resource is accountable). • QIAGEN Integrity Line – Our global.confidential, anonymous reporting platform is available publicly online. The Vice President Head of Legal Affairs and Compliance is accountable for this reporting channel. In general, around ten individuals from the Compliance team are tasked with duties related to the QIA Integrity Line. All reports are thoroughly investigated, monitored, and documented (read more about the QIAintegrity Line including remediation in the chapter Business Conduct). QIAGEN employees are made aware of the QIAintegrity Line through QIAverse, internal Sharepoint, and our webpage. Actions Annual Pulse Checks Our global annual workplace Pulse Check, an employee survey is designed to gather feedback on a variety of employee topics including workplace conditions, sustainability and leadership effectiveness, is conducted with all employees globally via an independent platform which all employees can access anonymously. The Senior Director Head of Global Employee Engagement reporting to the Senior Vice President, Head of HR, holds responsibility for this. The findings are shared at both global and local Town Halls, along with action plans to influence QIAGEN's engagement approach. Recruitment Enhancing global recruiting strategies has been a focus in 2024. Particularly, QIAGEN engaged in these key activities: • Internal Career Advancement – Employees received bi-weekly updates on open positions, ensuring equal access to career development opportunities. • Recruitment Training – In 2024, we introduced interview and communication skills training for employees involved in recruitment. In 2025, we will launch specialized interview training for hiring managers to reinforce merit-based selection practices. • Objective Hiring Assessments – We have implemented psychometric assessments for upper management positions to improve decision-making and unbiased hiring. These assessments evaluate candidates' professional competencies, workplace behavior, and leadership potential, enabling that selections are based on qualifications and cultural fit rather than subjective criteria. • Recruitment Feedback – In 2024, we developed a feedback questionnaire to gather insights from both candidates and hiring managers. We plan to pilot this initiative in early 2025. Employee development In 2024, we have globally prioritized the development of leadership capabilities alongside advancing our employee development models. Key actions 2024 included: Career Pathway Expansion – In 2024, we expanded our career pathways, allowing employees to take ownership of their professional development, with support from leadership teams. 70:20:10 Learning Model – Our training framework emphasizes 70% learning from experience, 20% from collaboration, and 10% from structured education, ensuring a comprehensive approach to workforce development. Employee benefits & Social protections QIAGEN is committed to supporting employee well-being through social protections and benefits, to promote fair working conditions and support work- life balance. Globally we have a minimum primary care parental leave and family related support that is provided to all employees regardless of gender or marital status. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 110 Sustainability Statement We provide: • Wages and working hours compliance • Social Protections – Covering sickness, employment injury, and retirement • Family-Related Leave Options – Including maternity/paternity leave, marriage leave, compassionate leave, and childcare leave • Global Employee Assistance Program (EAP) – Free, confidential service for mental health, family care, legal, and financial support • Special leave for volunteering Commitment to Human and Labor Rights As a European Union-based company with international operations, we recognize international and local labor laws and employee rights regulations. QIAGEN upholds human rights and labor protections as fundamental principles that safeguard individual dignity, freedom, and fairness in our operations, business partnerships, and communities. Our Human Rights Policy and Code of Conduct and Ethics Policy outline our ethical and legal commitments with the objective that all employees and business partners operate in alignment with global human rights standards. The policies refer to the UN Guiding Principles on Business and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work and the OECD Guidelines for Multinational Enterprises. They explicitly address trafficking in human beings, forced labor or compulsory labor and child labor. The ESG & Nomination Committee is accountable for these policies. In 2024, QIAGEN found no incidents of forced labor, child labor, or human trafficking within its direct operations. Furthermore, no sites were identified based on their location and operation as being under significant risk for child labor, forced labor, or compulsory labor. Incidents, complaints and severe human rights impacts 2024 Total number of reported incidents of discrimination, including harassment 8 Total number of complaints filed through channels for own workers to raise concerns 8 Total number of complaints filed through channels from National Contact Points for OECD Multinational Enterprises N/A Total amount of fines, penalties and compensation payments for the above mentioned incidents regarding discrimination 0 Total number of severe human rights incidents 0 Total number of severe human rights incidents with non-respect of frameworks like ILO Declaration or OECD Guidelines 0 Total amount of fines, penalties and compensation payments for the above mentioned incidents regarding severe human rights 0 Workforce Composition and data As of December 31, 2024, QIAGEN’s workforce comprised 5,765 (2023: 5,967) employees. QIAGEN operates globally, with most employees based in OSCE member countries, including Europe, Central Asia, and North America. We follow labor regulations relevant to our global operations while providing flexible work arrangements to accommodate operational needs. Employment types globally include permanent, temporary, full-time, and part- time contracts. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 111 Sustainability Statement Our workforce data tables provide a comprehensive breakdown of employee distribution by region, contract type, role level, and representation status. Employees by contract, broken down by gender 2024 2023 (unassured) Number of permanent employees 5,434 5,625 Female 2,655 2,729 Male 2,779 2,895 Other — 1 Number of temporary employees 331 342 Female 273 275 Male 58 67 Other — — Number of non-guaranteed hours employees n/a n/a Female n/a n/a Male n/a n/a Other n/a n/a Total 5,765 5,967 Methodologies and definitions • Headcount (HC) refers to the total number of individuals employed by an organization at a given point in time. It includes all full-time, part- time, and temporary employees with a direct contractual connection with the company • Attrition refers to the gradual reduction of staff numbers in an organization due to various reasons such as retirements, resignations, and natural causes. The initiative is coming from the employee side Attrition = Number of voluntary leavers of a period / (HC of the previous period + HC of the end of the period) • Turnover is the rate at which employees leave an organization and are replaced by new hires. Unlike attrition, turnover focuses on the continuous cycle of employees exiting and entering the organization. Turnover = Number of leavers of a period / (HC of the previous period + HC of the end of the period) 2024 2023 (unassured) Employees by contract and region Americas Europe, Middle East & Africa Asia Pacific, Japan and Rest of World Total Americas Europe, Middle East & Africa Asia Pacific, Japan and Rest of World Total Permanent employees 1,244 3,030 1,160 5,434 1,320 3,121 1,184 5,625 Temporary employees 8 322 1 331 9 332 1 342 Non-guaranteed hours employees — — — — — — — — Total 1,252 3,352 1,161 5,765 1,329 3,453 1,185 5,967 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 112 Sustainability Statement Turnover 2024 2023 (unassured) Total number of employees who have left the undertaking during the reporting period (770) (815) Rate of employee turnover 13.1% 13.4% Employees by country 2024 2023 (unassured) Germany 1,417 1,502 United States 1,116 1,197 Poland 666 657 Others(1) 2,566 2,611 Total 5,765 5,967 (1) All entities with employment of less than 10% of total number of employees are reported as others. Diversity and inclusion Our approach We are committed to employment practices that are guided by fairness, transparency and compliance with equal opportunity principles. These are aligned with both European and U.S. regulatory frameworks to promote workplace integrity. Our commitment to equal opportunity and merit-based advancement means that every individual has the opportunity to succeed based on their skills, experience, and contributions. We recognize that diverse perspectives - measured through many dimensions - enhance innovation and drive our business forward. We strive to ensure that all employees are valued, respected and empowered to contribute their talents within a work environment free from unlawful discrimination. QIAGEN upholds a strict commitment to equal opportunity, prohibiting discrimination based on any characteristic protected by law, including but not limited to race and ethnic origin, skin color, gender, sexual orientation, gender identity, disability, age, religion, political opinion, national origin, or social origin, military/veteran status, medical condition, physical and mental disability. Our workforce-related impact: Equal treatment in an inclusive environment In our 2024 double materiality analysis, we identified two material impacts related to discrimination and equal opportunities. Discrimination can cause potential demotivation and mental health issues. Potential vulnerable groups of employees include, but are not limited to, women, LGBTQ+ community members and/or employees with disabilities. To address these impacts, QIAGEN is committed to fostering an inclusive workplace and actively strives to develop more women into leadership roles. Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Potential negative impact Potential demotivation and mental health issues for diversity- equity-inclusion related groups e.g. due to discrimination - > higher sickness rates Own operations Short-term S1 Own workforce Equal treatment and opportunities for all, Diversity Actual positive impact We provide equal opportunities for all employees Own operations Short-term S1 Own workforce Equal treatment and opportunities for all, Diversity Target In 2024, we met our global internal leadership development goal to increase representation of women in leadership positions year over year by 2%. Leadership positions are defined based on QIAGEN's role profiles as QIAGEN Management, Senior Management, and the global QIAGEN Leadership Team. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 113 Sustainability Statement The goal was set by the Executive Committee taking both internal and external benchmarks into consideration, and was monitored on a quarterly basis by the Diversity & Inclusion Council. It can be reviewed anytime by management functions through internal dashboards Our goal aligned with our commitment to maintain an inclusive working environment, with diverse representation across all management levels, and adhering to the Dutch Gender Diversity Bill. In the same context, set by the Executive Committee, we achieved our 2024 global goal to achieve again a 100% score in the Corporate Equality Index (CEI) from the Human Rights Campaign for LGBTQ+, registered under QIAGEN LLC. This achievement is monitored once a year as an annual submission to the external body and also, internally by the Diversity & Inclusion Council. Policies Our Harassment and Bullying Policy outlines our commitment to fairness, legal compliance and ethical business practices. The policy applies to all QIAGEN employees globally and external parties in the workplace, including contractors, consultants, vendors, and customers. It covers behavior both on company premises and at off-site events or places of business. The objective is to provide a work environment free from harassment and bullying, ensuring all employees understand what constitutes such behavior and know the steps to take if confronted with it. The Corporate Code of Conduct and Ethics Policy aims to ensure ethical business conduct by handling conflicts of interest ethically, providing for accurate and timely disclosure in reports filed with the Securities and Exchange Commission and other public communications, and complying with applicable laws, rules, and regulations. The Corporate Code of Conduct and Ethics Policy applies to all employees of the company, including full-time and part-time employees, senior management, and board members. It also extends to companies, organizations, and individuals with whom the company does business, such as contract partners, distributors, and consultants. The Vice President, Head of Global Legal Affairs and Compliance, oversees the compliance program, which encompasses the policies mentioned. The Compliance and Legal Team is responsible for ensuring adherence to these policies, with non-compliance resulting in appropriate disciplinary actions, which could involve investigations, verbal or written warnings or dismissal. Actions Equal Opportunity We are committed to providing all employees globally, irrespective of their background, with equal access to the necessary tools and resources to achieve success, in accordance with our performance management opportunity principles. QIAGEN supports professional growth and career advancement through mentorship, leadership training, including key elements of diversity and inclusion, and talent development initiatives, all led by the Global Learning and Development function. To reinforce this commitment, our Diversity & Inclusion Council collaborates with company leadership to uphold fair and objective hiring, promotion, and leadership development policies. The Council is composed of employees across organizational levels and functions, working to maintain a workplace culture that prioritizes respect, opportunity, and performance-based advancement. Workplace Accessibility QIAGEN is committed to fostering a work environment that is accessible to all employees, including those with disabilities. In 2024, we introduced a Reasonable Adjustment Framework at eight key locations, which are our largest sites, with the objective to facilitate that all employees can perform their roles effectively. QIAGEN LLC was also recognized as a Best Place to Work for Disability Inclusion by the Disability Equality Index for its commitment to workplace accessibility and continuous improvement. Equal Pay QIAGEN globally supports equal pay for equal work and is committed to competitive, fair compensation structures that recognize employees based on experience, skills, and performance. In 2024, we began the Fair Pay Certification process in the U.S., U.K., and Germany, with plans to expand to QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 114 Sustainability Statement additional countries. The results of this certification will be published in 2025, demonstrating our commitment to fair and transparent compensation. The EU Pay Transparency Directive, effective from June 2026, mandates that companies operating within the European Union disclose detailed pay metrics, including gender pay gaps. This initiative aims to enhance transparency and promote wage equality across industries. In preparation for compliance with this directive, QIAGEN has conducted an in-depth pay gap analysis utilizing external software designed to help companies assess pay structures in the context of local compensation frameworks and workforce composition. This software employs a multiple regression analysis methodology, evaluating independent variables such as job level, grade, function, and country to calculate both the unadjusted pay gap and the adjusted pay gap, quantifying the impact of these factors. Metrics In 2024, QIAGEN’s adjusted gender pay gap was 3.6%, indicating that female employees earned 96.4% of what male employees earned for comparable roles. Notably, this result is below the 5% threshold outlined in the EU Pay Transparency Directive, confirming equitable pay for similar work at QIAGEN. The adjusted pay gap accounts for key factors influencing compensation, with the three primary drivers of the unadjusted pay gap being: • Country of employment • Job grade • Functional job role differences QIAGEN’s unadjusted gender pay gap in 2024 was 23.5%. This figure reflects the broader impact of global workforce distribution, job categories, and salary structures rather than unequal pay for equal work. The unadjusted gender pay gap represents the difference in the gross hourly pay level paid to men and women expressed as a percentage of the mean hourly pay paid to men. The figure is calculated considering all QIAGEN employees and includes fixed salary and contractual bonus and sales incentive. As some compensation elements are not included, there is some degree of uncertainty in the calculation of this figure. We performed a sensitivity analysis to verify that there is no material impact. A significant portion of QIAGEN’s workforce (~30%) is based in lower-cost employment regions, including Wroclaw, Poland; Manila, Philippines; China; India; and Brazil, where salary levels are substantially lower than in Western Europe and North America due to regional labor market conditions. This geographic pay variance is a key driver of the unadjusted pay gap. The 23.5% unadjusted gender pay gap is explained by the following factors: • 9.1% – Geographic differences (country where employees are based) • 7.2% – Job grade variations • 0.6% – Job level differences • 3.0% – Functional job role differences By subtracting the effects of these factors from the unadjusted pay gap, a difference of 3.6% remains. While QIAGEN’s adjusted gender pay gap analysis confirms that the pay gap is driven by objective, explainable factors, the company remains committed to equal opportunity, fair pay, and merit-based advancement. Our goal is to ensure that all employees have the opportunity to succeed based on their skills, experience, and contributions and receive equal pay for equal work. We will continue to monitor, assess, and refine our compensation structures to uphold fair and equitable pay practices, aligning with global industry standards and regulatory expectations. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 115 Sustainability Statement Employees by gender 2024 2023 (unassured) Female 2,928 3,004 Male 2,837 2,962 Other — 1 Not reported — — Total 5,765 5,967 Information on Gender Distribution at Top Management can be found in the section Diversity and gender balance in management. Distribution of employees by age group 2024 2023 (unassured) Under 30 years old 644 763 30 to 50 years old 3,948 4,022 Over 50 years old 1,173 1,182 Total 5,765 5,967 Annual total remuneration ratio The total remuneration ratio for 2024 is 1:120. This ratio is determined by dividing the annual remuneration of the highest-paid employee, the CEO, by the median annual remuneration (excluding the highest-paid employee) for the period. The median pay is determined based on fixed salary and contractual bonus or sales incentive. For comparison purpose, the annual remuneration of the median employee includes all employee benefits. There is some uncertainty in the calculation. We performed a sensitivity analysis to verify that there is no material impact. This metric differs from the pay ratio disclosed in our remuneration report which has been prepared in accordance with the Dutch Corporate Governance Code as it concerns the ratio between the total annual remuneration of the CEO and the average annual remuneration of the employee. Occupational Health and Safety Our approach Safe workplaces as well as healthy employees are a priority at QIAGEN. We recognize that the nature of our activities can result in work related injuries and ill health, which may lead to lost workdays. Nearly all employees are covered by our health and safety management system. The Global Environment, Health and Safety (EHS) team oversees the establishment of Environment, Health and Safety policies and global standard operating procedures to manage Health and Safety. Our local EHS teams manage the implementation and monitoring activities at the site. It is fundamental that we have a health and safety management system that fosters a culture of safety amongst all our employees. In 2024, our primary health and safety hazards were associated with the handling of hazardous substances, working with vehicles, and operating complex technology and machinery. Consequently, a material negative impact identified in our materiality analysis pertains to workplace accidents that result in injury or illness. Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Actual negative impact Accidents in the workplace that lead to injury or illness resulting in extra work to cover for employees absenteeism because of injury and ill health Own operations Short-term S1 Own workforce Working conditions Health and safety Occupational Health and Safety Targets We use the U.S. based Occupational Safety and Health Administration (OSHA) criteria for categorizing our safety incidents. This allows for standardization QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 116 Sustainability Statement across all of our facilities located around the world and enables us to compare our performance with other international companies. Occupational Health and Safety target achievement is reviewed with local EHS and calculated from safety incidents that are reported, documented and investigated within our EHS Reporting portal. In 2024, our target for safety accidents resulting in employees having Days Away Restricted and Transferred (DART) was 0.7 per 100 workers, and we achieved a DART below this target with a score of 0.36 per 100 workers. This represents a clear reduction compared to the base year 2023, which had a DART score of 0.43 per 100 workers. It is set by the Global EHS team in collaboration with the Global Operational Leadership Team, and approved by Executive Committee as part of the annual Team Goals. The target supports a standardized approach to safety incidents, fosters a safer working environment, and mitigates the negative impact of workplace accidents on the workforce. Policies QIAGEN’s global Corporate Environment Health and Safety Policy outlines our commitment to provide a safe and healthy working environment for our employees and contractors. This is supported by standard operating procedures for the identification and mitigation of hazards and risks related to occupational work through risk assessments, safety walks, safety training, consultation and participation of the workforce in the promotion and achievement of safe and healthy conditions. These measures are applied to prevent occurrence of safety accidents especially those that result in lost workdays. The aim is to reduce the negative impact this has on our workforce which may arise due to high absenteeism. Labour utilization is managed locally, with each site responsible for allocating resources, adjusting workloads, and implementing measures to address staffing challenges as needed. Our Corporate Environment Health and Safety policy is endorsed by the Executive Committee, who is also accountable for providing the resources required to enable its implementation. ISO 45001 certification forms part of our strategy to drive and improve our safety performance. Our Occupational Health and Safety Management Systems at our sites in Milan, Italy; Shenzhen, China; and Hilden, Germany have been certified to ISO 45001 in 2021, 2023, and 2024, respectively. This covers 25.57% of our total workforce. The calculation is based on the average headcount of Milan, Shenzhen and Hilden as a percentage of the average total headcount for 2024. As a next step, our second largest manufacturing site in Germantown, Maryland, U.S. and also Manchester, UK, have started to prepare for certification in 2025. Actions All employees globally are required to report safety incidents in the Global EHS Reporting Portal. Global standard operating procedures provide instructions to all employees on how to log into the application and report safety incidents. Access to the application is available on QIAGEN's SharePoint site. Employees globally receive training on the Global EHS Reporting Portal as part of the onboarding process. Safety incidents reported in the Global EHS Reporting Portal are investigated by the local EHS representatives at the site following local legal regulations and QIAGEN standard operating procedures. Safety indicators for our operational manufacturing sites are monitored and reported monthly to Senior VP of Global Operations. Additionally, quarterly safety indicator reports are shared with site management at our manufacturing facilities, during the quarterly reviews with Global EHS. Each of the manufacturing sites are requested to establish initiatives, to improve the safety and awareness at the site. In 2024, the QIAGEN manufacturing sites increased their efforts and conducted actions to improve the reporting of near misses and safety observations to raise awareness of safety. The efforts and local initiatives comprised ergonomic related trainings, emergency incident training, tailored training provided during onboarding or on the job, and displaying safety information on facility screens and in posters. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 117 Sustainability Statement The Safety Day conducted at our largest manufacturing site in Hilden Germany, was tailored to address the nature of the recorded work-related injuries, for example by highlighting the causes of slip, trips and falls on stairways. All employees are encouraged to raise safety concerns through various channels, either reporting to their managers, or by contacting local EHS representatives. There is an option to raise concerns in the Global EHS Reporting Portal which is overseen by Global EHS. All employees who work in production areas in our manufacturing facilities are able to raise safety concerns during daily team meetings. In each area, there is a board displaying a 'Safety Cross.' Employees are required to record any safety incidents on the Safety Cross, specifying the type of incident that occurred. Safety concerns are also discussed during regular safety walks and during safety committee meetings conducted by local EHS representatives. They track and monitor the effectiveness of these channels. Financial and personnel resources to manage health and safety are addressed at an individual site level. Metrics The DART KPI covered 15 sites, which were selected based on their status as manufacturing sites or the number of employees. These 15 sites covered 65% of all QIAGEN employees in 2024 based on average headcount (DART is calculated by dividing the number of onsite recordable cases reported at the 15 key sites by the aggregated working hours, multiplied by 200,000). In 2024, we recorded no work related fatalities among our employees including other workers working on QIAGEN sites. In 2024, our Total Recordable Incident Rate (TRIR) of 2.39 represents the number of work-related accident cases per one million hours worked and scope covers nearly all our workforce. This is calculated by dividing the number of recordable accidents by the aggregated working hours, multiplied by one million. We recorded one case of work-related ill health that was confirmed by a health care professional. For our employees in Germany, Austria and Switzerland, data on work-related occupational diseases and ill health could not be calculated due to legal restrictions on data collection. A total of 542 lost workdays were recorded in 2024 due to work-related injuries and ill health. This was measured by counting the number of days lost from the first full day to last day of absence. In 2024, the total number of near misses and safety observations reported globally was 566, representing a 9.7% increase to 2023. Health and safety indicators 2024 Percentage of employees(1) covered by health and safety management system based on legal requirements and recognized standards or guideline(2) 99.98% Number of fatalities in own workforce as result of work-related injuries and work-related ill health — Number of fatalities of other workers working on QIAGEN's sites as result of work-related injuries and work-related ill health — Number of recordable work-related accidents for own workforce 25 Total recordable incident rate for our own workforce(3) (TRIR) 2.39 Number of cases of recordable work-related ill health of employees(4) 1 Number of days lost due to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health related to employees (3) 542 Percentage of employees covered by health and safety management system ISO 45001 25.57% (1) Calculated based on headcount (2) Excluding one employee (3) A number of our sites were unable to directly calculate the number of hours worked and this was estimated on the basis of normal standard hours work which took into account entitlement of paid leave of absence from work for the respective country (4) Voluntary disclosure (Phasing-in) QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 118 Sustainability Statement Workers in the value chain Value chain and affected workers: our approach QIAGEN´s activities throughout the upstream and downstream value chain involve individuals who are employed by third parties and not included in the scope of it´s own workforce. The upstream and downstream value chain in which QIAGEN operates encompasses the activities, resources, and relationships QIAGEN uses and relies on to create its products and services, and the external environment, in which QIAGEN operates. Globally, QIAGEN N.V., is the holding company for more than 50 consolidated subsidiaries, many of which have the primary function of distributing QIAGEN products and services on a regional basis. QIAGEN’s main operational headquarters are located in Germany and in the U.S.. In general, along the value chain QIAGEN develops, manufactures and distributes its products. Workers in the value chain may be involved in the extraction of raw materials, in research and development activities, in manufacturing, and in the distribution of QIAGEN products (please refer to section Value chain in the General information chapter). As for the extraction of raw materials, QIAGEN determines the presence of conflict minerals in its products and the source of those conflict minerals, such as gold, which is used in certain product components. While QIAGEN does not directly purchase conflict minerals from smelters or refineries, it relies on the specifications and declarations provided by its suppliers. Read more in the section conflict minerals. Research and development activities are performed by specialized R&D centers or manufacturing entities. In certain cases, QIAGEN contracts with external service providers for Research & Development auxiliary activities (contract R&D). Manufacturing entities source raw materials and semi-finished products from related manufacturing sites as well as from independent third parties (our suppliers) and are responsible for the manufacturing of QIAGEN products. The supply of raw materials in general refers to chemicals, biologics, plastics and electronics. Other raw materials are produced based on QIAGEN specifications. The main QIAGEN production sites are located in the three regions EMEA, APAC and Americas. Only rarely, manufacturing activities are conducted on a contractual basis with third parties. QIAGEN products are distributed via QIAGEN´s global distribution network, which consists of local sales subsidiaries but also involves third party distributors in all major markets. QIAGEN has set up a centralized distribution system with regional hubs which are responsible for the coordination of distribution and logistics functions across local markets. For EMEA and the APAC region, QIAGEN Distribution B.V. acts as a Master Distributor. For North America, QIAGEN Science LLC acts as distribution hub. Managing our impact As a global company we acknowledge that a potential negative impact can occur in our value chain. We identified one potential negative impact related to potential human right violations in our double materiality assessment of 2024; details of which are described in the chapter General Information , Double materiality analysis. We have not identified a specific geographical region that is subject to a significant exposure of human rights violations in our industry. We also have not identified a specific group of value chain workers that is particularly vulnerable to negative impacts. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 119 Sustainability Statement Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Potential negative impact Potential violations of human rights (e.g., child labor and forced labor) of workers who are employed by QIAGEN's suppliers or business partners for logistics Upstream and downstream Short-term S2 Workers in the value chain – Other work- related rights Position on human rights and related policies Respect for human rights is an essential component of promoting sustainability in our global business. As a publicly listed company with international operations, we regard ourselves as a responsible corporate citizen in all the countries and regions where we do business. This role includes rights and obligations governed by international and national law, with human rights as one of the foundational elements. We acknowledge and endorse the UN Universal Declaration of Human Rights, the European Convention on Human Rights, the business-related Organization for Economic Cooperation and Development (OECD) Guidelines for Multinational Enterprises, the ILO Declaration on Fundamental Principles and Rights at Work, and the UN Guiding Principles on Business and Human Rights and its application in National Actions Plans of our relevant jurisdictions. Our subsidiaries in the U.K. follow the U.K. Modern Slavery Act. Globally, we follow a three-pronged approach to exercise human rights due diligence and protect the workforce but also work on QIAGEN´s impact throughout the entire value chain. Our approach can be broken down to global policies, comprehensive internal management structures and an accessible, confidential and trusted whistleblower hotline. The principles for adherence to human rights (including trafficking of human beings are defined in our Corporate Code of Conduct and Ethics and in the Human Rights Policy referred to below (read more about the Corporate Code of Conduct and Ethics in chapter Business Conduct). Regular mandatory training sessions are conducted to reinforce these principles across all locations. To maintain compliance with QIAGEN policies, including fair labor practices, the prevention of child labor, and harassment, a formal HR structure with designated HR representatives has been established across all sites. Our reporting channel, the QIAintegrity Line, is open to all employees and third parties for reporting potential human rights violations. All reported cases are followed up thoroughly (Read more about the QIAintegrity Line in the chapter on Business Conduct). As expressed in our Human Rights Policy, which is designed to provide guidance on human rights matters in QIAGEN’s relationships with own employees, customers, and suppliers, QIAGEN considers respect for human rights as a fundamental value. Regarding child labor or any form of forced labor, QIAGEN follows a zero tolerance-approach and requires its suppliers to respect human rights and to comply with applicable laws and international standards. The respect for human rights referring to laws and international standards to prevent violations of human rights is furthermore addressed in the global Supplier Code of Conduct. It includes numerous behavioral obligations and is meant to safeguard the fundamental human rights of our suppliers’ employees. Committing to the QIAGEN Supplier Code of Conduct and its principles is a requirement for suppliers entering a contractual relationship with QIAGEN. While QIAGEN in general is strongly interested in long-term relationships with its suppliers, it will not knowingly do or continue doing business with suppliers who violate these expectations. The Human Rights Policy Statement explains how QIAGEN ensures respect for human rights and environmental standards in its supply chain. This process is based on an annual risk analysis, which follows the guidelines of the German Supply Chain Due Diligence Act (for more information, please see the details below). The Human Rights Policy Statement aligns with the German Corporate QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 120 Sustainability Statement Due Diligence Act (LkSG) and is complemented by our Rules of Procedure, which are published on our webpage under "Compliance." To monitor the implementation of these policies we refer to audit outcomes and conduct strategy reviews throughout the year. We hold annual strategy meetings with our to top 30 suppliers (based on our spend) to gain further insights. The Human Rights Committee - comprised of the Vice President Procurement, the Head of ESG Strategy & Impacts Programs, and the Head of Global Legal Affairs and Compliance - is responsible for ensuring the implementation of the policies as well as human rights due diligence measures, which are addressed in more detail below. All policies are annually reviewed and available on QIAGEN’s website. For 2024, no cases of non-respect of the UN Guiding Principles on Business and Human Rights, ILO Declaration on Fundamental Principles and Rights at Work or OECD Guidelines for Multinational Enterprises that involve value chain workers in our upstream or downstream value chain have been reported Due diligence in the supply chain Identification of human rights issues: risk analysis The global supplier network includes over 5,900 suppliers in more than 60 countries. 96% of the overall purchase volume comes from OECD countries. Out of 5,900 suppliers in total, QIAGEN has 350 core suppliers. QIAGEN’s top ten suppliers are based in the U.S., the Netherlands, Germany, Switzerland, Austria, Malaysia and India. Region of origin of suppliers 2024 2023 (unassured) Europe 63% 62% Asia 5% 5% North America 31% 31% South America —% —% Australia 1% 2% Africa —% —% Total 100% 100% Our review of compliance matters with respect to potential human rights violations applies a risk-based approach taking into account that our global business activities are classified as either administrative, research and development, manufacturing or sales activities. None of these activities, including at our manufacturing sites, allow for practices that violate human rights principles. For our risk analysis and when working with suppliers, we apply a multi-stage selection process to minimize compliance risks in our supply chain. Suppliers are subject to a risk analysis covering environmental and social criteria based on their geographic location. Effective risk management enables us to perform an assessment of human rights and environmental risks in our operating business with greater comprehension and prioritization. For the reporting year 2024, this included annual risk assessment of existing suppliers and risk assessment of new suppliers during their onboarding process. In the 2024 analyses, no risks were identified, and the outcomes of the 2024 risk assessment were communicated to the Executive Committee. 2024 supplier assessments and audits Comprehensive supplier assessments are part of our supplier selection process. All direct strategic suppliers with a critical impact on the value of our supply undergo the assessment, which is based on but not limited to the following QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 121 Sustainability Statement criteria: quality management, violations of human rights and environmental laws, future supply strategies, financial stability, embargoes, and risks of natural disaster. We collect the relevant data for the assessment via a submitted questionnaire or when assessing the suppliers directly on site during a visit. If suppliers fail to fulfil all criteria, we reserve the right to refrain from future cooperation. For all direct suppliers that we define as critical, quality audits are conducted on site at least every three years on a case-by-case basis. We document all audit findings and share the results with the audited suppliers. In case of nonconformity with quality processes, we deliver corrective actions to the supplier and continually follow-up until effective implementation adheres to expected quality standards. Beginning in 2024, human rights and environmental topics were incorporated into procedures evaluating quality processes. Processes for engagement We engage with supplier representatives in our supplier audits and annual supplier meetings, and we also consider the perspective of workers in the value chain in our Supplier Code of Conduct, which addresses internationally recognized labor rights (ILO). QIAGEN tolerates no retaliation against complainants or whistleblowers and encourages to report any concerns or suspicions (anonymously) via the QIAintegrity Line, which is referred to in detail in the section Business conduct. Conflict minerals U.S. legislation has been enacted to improve transparency and accountability concerning the sourcing of conflict minerals from mines located in the conflict zones of the Democratic Republic of Congo (DRC) and its adjoining countries. Conflict minerals comprise tantalum, tin, tungsten (or their ores) and gold. Certain of our instrumentation product components that we purchase from third party suppliers contain gold. This U.S. legislation requires manufacturers, such as us, to investigate our supply chain and disclose if there is any use of conflict minerals originating in the DRC or adjoining countries. We conduct due diligence measures annually to determine the presence of conflict minerals in our products and the source of any such conflict minerals. Because we do not purchase conflict minerals directly from smelters or refineries, we rely on our suppliers to specify to us their conflict minerals sources and declare their conflict minerals status. We disclosed our most recent conflict minerals findings to the U.S. Securities and Exchange Commission for the calendar year ending December 31, 2023, on Form SD on May 31, 2024, and will provide updated disclosure to the U.S. Securities and Exchange Commission as required. Remedies In 2024, no violations of incidents involving workers in the value chain in our upstream value chain were reported. If we become aware of potential or actual violations of the prohibitions of the LkSG or our Supplier Code of Conduct, we will take immediate corrective action to prevent, end or minimize such violations. We will ensure that any information we receive or become aware of regarding possible violations of the provisions of the LkSG by QIAGEN or its suppliers is immediately forwarded to the Compliance team. In the case of (imminent) violations in the business area of direct suppliers, we will develop a corrective action plan and associated schedule with the goal to end the violation together with the affected suppliers and monitor its sustainable implementation, provided that the business relationship is to be continued. In the case of indirect suppliers, in the event of substantiated knowledge of a (imminent) violation, we will develop a concept for the prevention or termination and ensure its implementation. We reserve the right to terminate the business relationship and apply the requirements of the LkSG, at least in exceptional cases. Exceptional cases include: • Serious violations of the law, • No remedy through implemented measures after the specified time has expired, • No milder means recognizable and influence ability does not seem promising. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 122 Sustainability Statement Ensuring diligence Throughout the reporting year, QIAGEN continued its processes for being diligent. In the highly regulated Med Tech Industry, compliance with regulation and diligence throughout the entire value chain are integral to everything QIAGEN does. QIAGEN has not set targets or action plans. Consumers and end-users Our approach At the heart of our operations lies a steadfast commitment to our customers. Their satisfaction is not just a priority but the cornerstone of everything we do. We understand that delivering high-quality products is integral to ensuring a positive customer experience. This commitment extends to our approach to healthcare access. In 2024, QIAGEN shipped products to more than 150 countries and served more than 500,000 customers worldwide. As a B2B company, our products are used by professionals in scientific and diagnostic labs (e.g., private or governmental), or in hospitals and medical practices. The laboratories serve two roles: they are both customers and users. They produce scientific data, diagnostic or forensic results that have a potential impact on scientific research, patient diagnosis or outcome of a forensic investigation. There is no specific or direct involvement of vulnerable groups such as children or people with disabilities. Quality, Ingenuity and Accessibility is what we stand for – in short QIA. This reflects our commitment to quality in our daily efforts towards achieving our vision to make improvements in life possible. Reliable, safe and effective products are essential to enable our customers to gain valuable insights from molecular research to clinical healthcare. Additionally, we know that high product quality is a differentiator to our competitors. Ensuring unrestricted reliability of our products is a top priority as any defects could lead to significant consequences such as inaccurate medical diagnoses for patients or erroneous scientific results in laboratory settings. Such an impact, however, would be systemic and directly linked to the specific product in question. Our customers’ satisfaction and high-quality products are an integral part of the QIAGEN vision to make improvements in life possible. To support this vision our approach to access to healthcare aims at providing individuals who may benefit from a QIAGEN testing solution with access to our solutions, regardless of where they live in the world and regardless of their economic status or background. Understanding the IROs in our customer interactions is crucial. Conducting an IRO assessment helps us address customer needs and expectations more effectively, ensuring satisfaction and fostering long-term relationships. This approach allows us to enhance our services and maintain high customer satisfaction levels. We identified material impacts in our 2024 materiality analysis (please see chapter General Information, Double materiality analysis), which are referred to below. The focus areas connected to our customer relationships are product quality, customer satisfaction and access to healthcare. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 123 Sustainability Statement Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Potential negative impact Any defects in the QIAGEN products can lead to inaccurate diagnosis or erroneous scientific results and lead to customer dissatisfaction Downstream Short-term S4 Consumers and end-users Actual positive impact QIAGEN provides physical products, comprehensive services, and up-to-date product information to enhance customer experience and expedite the generation of reliable scientific insights through high- quality technical support Downstream Short-term S4 Consumers and end-users Actual positive impact Improved accessibility and availability of healthcare services for underserved populations. This could lead to better healthcare, a reduction in disease burdens, and an overall improvement in public health in these regions Downstream Short-term S4 Consumers and end-users Risk Customer dissatisfaction leads to increased time investment in handling unsatisfied customers, resulting in higher support costs for QIAGEN Along the whole value chain Medium-term S4 Consumers and end-users Opportunity Demonstrated reliability and high customer satisfaction can open doors to additional and new business, new geographic or sector markets Own operations Short-term S4 Consumers and end-users QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 124 Sustainability Statement Targets What we strive to achieve: continuous improvement Product Quality High product quality goes hand in hand with a positive customer experience. QIAGEN’s ambition is to continuously increase product quality. While we have not set particular targets, we strive to continuously improve our processes and products. This includes keeping the number of recalls and the customer complaint rate as low as possible and maintaining a high rate of certified sites (ISO 9001 and/or ISO 13485) at best at 100%. Customer satisfaction In terms of customer satisfaction, QIAGEN has set itself a minimum target for the Service-NPS-T of 64 in 2024. As we reached a score of 69.7, we overachieved our goal by the end of December 2024. For 2025, the target Service-NPS-T is set to be 64.5. The global target for the metric is to be approved by the Head of Global Service Solutions Management and was defined for the first time for 2023 after base lining historical survey data dating back to 2019. The target is revisited and redefined yearly taking external benchmarks into consideration. In 2024, Customer Care NPS-T established its first minimum target at 62, after collecting data during the 2024 calendar year. We achieved a score of 60 by the end of December 2024. We actively address customer feedback as it is received and the CC-NPS-T target is revisited and redefined annually. We plan to set it at 60 for 2025. We do not involve customers directly in the process of setting our targets, as they are based on internal reasoning. However, we take our customers’ feedback into consideration for any actions aiming at improving our products or processes. For example, QIAGEN responded to customer feedback in connection with waste management. Although we have already been working on our waste management over the past years, we received concerns from customers particularly in the EU region, regarding our use and quantity of plastic transportation packaging. We have integrated customer feedback and, since 2020, defined a yearly corporate goal to reduce the use of plastic by eliminating it or replacing it with alternative packaging (see also chapter Resource Use and Circular Economy). Access to Healthcare To increase QIAGEN’s impact on access to healthcare, we are expanding our networks and collaborations. While we track and report the number of collaborations as an indicator of our engagement, we have not set a specific target for these partnerships due to the complexity and variability of the challenges related to access to healthcare. Instead, our approach remains adaptive and responsive to evolving healthcare needs and opportunities to increase impact in underserved regions by leveraging collective expertise and resources to address critical diagnostic challenges. Policies Improving access to diagnostics remains a significant global healthcare challenge. QIAGEN is dedicated to addressing this issue through global healthcare projects and collaborations. By offering high-quality products and services, as well as through customer satisfaction tools, QIAGEN strives to meet the needs of both end-users and customers. QIAGEN respects human rights as a fundamental value in its relations to customers and has aligned its Human Rights Policy (see chapter Workers in the value chain) and its Corporate Code of Conduct and Ethics (see chapter Business Conduct) with internationally recognized principles and frameworks, such as the UN Guiding Principles on Business and Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work. We do not tolerate the misuse of QIAGEN products and will block customers involved in practices, such as mass screening or the surveillance of ethnic minorities, from further sales should this become known to us. The QIAintegrity Line our publicly accessible reporting channel, allows for remedial actions in case of violations. In 2024, no violations of incidents involving customers in our downstream value chain were reported. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 125 Sustainability Statement Our Global Quality Manual in conjunction with the Quality Policy and global Process Documents lay the foundation for the QIAGEN Quality Management under the responsibility of our Executive Committee. The Manual sets out and defines the processes around product quality referring to the corporate mission and strategy, upon which the corporate and quality goals are based. The regularly updated Manual is not publicly accessible but is made available to hundreds of customers each year upon request. As described in our Access to Healthcare Policy, our Global Public Health Task Force (GPHTF) is the highest governing body, responsible for oversight of QIAGEN’s Access to Healthcare strategy and its objectives to expand access and improve affordability, including allocation of resources and overseeing project expansion in crucial regions. The policy applies globally to all QIAGEN sites, employees, and processes within the GPHTF, as well as supporting departments. It covers all sales regions: Asian-Pacific Economic Cooperation (APEC), Europe, the Middle East, and Africa (EMEA), North America, and Latin America, with a focus on high-burden and underserved areas. The policy is designed to enhance diagnostic accessibility, apply global health access pricing, and foster partnerships with global health institutions, governments, and NGOs. Actions and metrics Quality management Since the beginning of our operations in 1986, our products have been manufactured and distributed in compliance with applicable global regulatory requirements. To achieve and maintain our high-quality standards, we established Global Quality Management Systems in all our manufacturing facilities worldwide. Risk management is fully implemented in our Quality Management System. To ensure the quality of our products and solutions, we validate our manufacturing processes, and each manufactured lot is verified according to predefined specification prior to market release. We monitor product performance according to established procedures internally through trending and data analysis and in the market by assessing complaints and engaging in post market surveillance. The Global Quality Management Systems (QMS) of QIAGEN form the basis for compliance with applicable regulatory requirements and continuous improvement of our products, processes and services, assuring the satisfaction of our customers. The QMS is certified according to ISO 9001, ISO 13485, Medical Device Single Audit Program (MDSAP), ISO 18385, and comply with European In Vitro Diagnostic Devices Regulation EU/2017/746 (IVDR) and U.S. FDA 21 CFR 820 and other applicable medical device standards around the world. Refer to the appendix Government Regulations for further discussion of our regulatory environment. All processes at QIAGEN are customer- and patient-oriented. Our activities are systematically and consistently integrated into cross-functional end-to-end processes. Based on collected insights and facts, reliable and sound information, and relevant measured data, we continuously monitor and improve our processes. This ensures the effectiveness and efficiency of our Quality Management System (QMS). Important key performance indicators (KPIs) to measure the effectiveness of our QMS and our product quality are: • First time right of our products manufactured • Customer complaint rate, including trending and turnaround cycle times • Supplier and internal corrective and preventive actions (CAPA), including the efficiency and the cycle times • Recalls and medical device reports, including trending and timely completion • Internal and external audits and inspections, including tracking of timely completion of observations QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 126 Sustainability Statement Audits and inspections As a certified manufacturer of IVD and Life Science products, QIAGEN's QMS undergoes regular audits by competent authorities and notified bodies. QIAGEN values the recommendations and continuous improvements that can result from these audits. Additionally, QIAGEN closely monitors the audit nonconformance rate as an indicator of the compliance and effectiveness of its QMS. Nonconformance refers to an event where a process, service, or product does not meet the required standards. This is measured by the number of nonconformances identified by a notified body or competent authority per auditor per day. A rate below 0.5 indicates that QIAGEN maintains an effective and efficient QMS. Our approach to quality 100% of manufacturing facilities are certified to ISO 9001 and/or ISO 13485 quality system standards Recalls Due to our stringent quality management, recalls rarely occur. In the reporting year 2024, six recalls (U.S./EU FSCA) and no FDA Class I recalls were registered. In the event of a recall, all of our sites are subject to global procedures to avoid the further use of the affected product. We assure full traceability of each product to the final customer and can, therefore, notify customers directly in the event of a recall. Required actions for recalls depend on the individual case. Actions can range from providing additional information to physically recalling a product. We have defined processes, responsibilities and improvement programs as required by regulating authorities to avoid the recurrence of recalls. Global certifications at manufacturing sites ISO 9001 and/or ISO 13485 Certified manufacturing sites Hilden, Germany Germantown, USA Shenzhen, China Stockach, Germany Beverly, USA Beijing, China Barcelona, Spain Ann Arbor, USA Gdańsk, Poland Västeråss, Sweden Frederick, USA QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 127 Sustainability Statement QMS certification 2024 2023 (unassured) Percent of certified manufacturing sites 100% 100% Audits and inspection 2024 2023 (unassured) External audit non-conformance rate (NC/audit man days) <0.5 <0.5 Number of FDA warning letters — — Recalls 2024 2023 (unassured) Number of recalls (U.S./EU FSCA) 6 7 Number of FDA Class I recalls — — Complaint management Regarding our processes for engaging with customers, for the most part, complaints in 2024 centered around product performance. Typically complaints are very specific to the customer's application. Consequently, QIAGEN's actions focused on identifying the root cause and avoid reoccurrence by effective corrective and preventive actions. QIAGEN has established a global process to manage customer feedback. Central entry gate for technical customer interaction is our Tech-Service. Each support incident can be escalated to a complaint case if product performance may be impacted. Each complaint is investigated and appropriate corrections and corrective and preventive actions (CAPAs) are implemented. The overall complaint numbers are trended and evaluated. The complaint management process is part of QIAGEN global CAPA process landscape that also includes Risk management, CAPA investigations, handling of non-conforming products, and management of deviations. All are feeding into a structured process to identify potential root causes and establish effective corrections and CAPAs. This process is part of QIAGENs global QMS and is overseen by the Global Quality Assurance team. The CAPA process as all other processes are trained to relevant employee groups at QIAGEN. Available channels for customers to reach out to QIAGEN are channels like the QIAintegrity Line (see also chapter Business Conduct) or Tech-Service. Customers may also get in contact via social media, telephone and e-mail. Improving customer satisfaction QIAGEN not only provides physical products but also comprehensive services and up-to-date product information to support customers in solving their scientific questions. This enhances the customer experience and, through high- quality technical support, accelerates the generation of valuable and trustworthy insights that customers are seeking. Meeting or exceeding service expectations builds trust, strengthens our reputation as a reliable partner, unlocks new business opportunities, and facilitates expansion into new regions and market sectors. By prioritizing customer needs and experiences, we build lasting relationships that benefit both our customers and our company while also streamlining interactions and reducing support efforts. Service at QIAGEN is organized in regional operational teams supporting the customer remotely or onsite and a global team working on strategy, processes, and tools. Customer experience assessment and improvement actions are implemented through the collaboration of those regional and global service functions to continuously drive customer centricity. Additionally, customers can use various channels to submit their feedback and help us improve customer experience. In 2024, we launched our web-chat option in additional countries outside of North America, like Germany, France, the UK and Australia to offer even more timely solutions to the evolving requirements of our customers. Furthermore, additional web-based tools are being planned for 2025 and beyond to give customers further self-service options. To address our customers' expectations in the best possible way, we emphasize trainings for our sales force, with the goal of enhancing our abilities to understand customer demands and to educate them about our solutions. Through our internal learning platform QIAlearn, we offer e-learning and QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 128 Sustainability Statement instructor-led training to our sales professionals on various topics ranging from basic knowledge to detailed product offerings. Offerings to meet customer needs We are committed to enhancing our customers' experiences by monitoring system functionality and analyzing survey feedback. This helps us adapt to their evolving needs. Our products span various market segments, leading to both common and market-specific expectations. Customers expect reliability, safety, and environmentally friendly manufacturing. Our products are used in controlled environments, often involving hazardous liquids or complex machinery with electrical components. To ensure they function with high precision and to prevent misuse, we provide training on product usage. Customers are guided with accurate and accessible product- or service-related information, such as detailed product manuals, handbooks, and data safety sheets, to ensure proper handling and avoid potential hazards. Improved access to comprehensive product information and up-to-date research offers valuable guidance and strengthens our relationships with customers. Engaging with them through regular updates further deepens these relationships and can increase customer loyalty. In case our products do not meet the customers’ needs, our Cancellation and Returns practices ensure flexibility and support for customers managing their orders, allowing standard orders to be cancelled if not yet shipped and providing prompt replacements for non-conforming products under warranty. Measuring customer satisfaction with the Net Promoter Score QIAGEN strives to create trust and demonstrate reliability, recognizing the risks related to customer dissatisfaction. Customer dissatisfaction leads to increased time investment in handling unsatisfied customers, resulting in higher support costs for QIAGEN. Additionally, unsatisfied customers are less likely to accept price increases due to a perceived mismatch in value for money. This might lead to a decline in repeat purchases, compounded by the fact that acquiring new customers is significantly more time-consuming and costly compared to retaining existing ones. To continually assess the satisfaction of our customers, we employ the Net Promoter Score (NPS) methodology – a systematic global approach to measure customer experience, analyze feedback, resolve identified individual situations of dissatisfaction, and derive corrective actions to improve customer experience in the future where necessary. The NPS is a market research metric that measures customer satisfaction by asking customers to rate the likelihood that they would recommend a company or a specific product to a colleague. Respective NPS values can range from -100, indicating all customers were detractors and dissatisfied, to +100, indicating all customers were promoters and satisfied. In 2024, we continued with our approach of the transactional Net Promoter Score (NPS-T) for customer care (ordering support) and for tech service (technical product requests) which we introduced firstly in 2023. Both are run independently, yet results are analyzed in a combined way to comprehensively assess customer satisfaction. Upon the completion of an interaction with a customer, we sent out requests to the respective NPS-T survey via email and solicited customer feedback on their experience. All collected customer feedback was directly accessible by local country managers. They analyzed the collected responses and followed up with customers who indicated they were not fully satisfied with the resolution of their requests. Based on the feedback we received, in the future, we will offer enhanced customer service features. As a consequence of the feedback received, we for instance established a specific priority routing for incoming requests of a specific customer group in North America leading to initial response times of less than two hours for those customers. Access to healthcare Our commitment to access to healthcare is focused on Accessibility, Affordability and Collaboration, with a special focus on therapeutic areas that disproportionately affect vulnerable populations, including elimination of Tuberculosis (TB) and Mpox among other infectious and neglected diseases. Improved accessibility and availability of healthcare services for underserved populations leads to better healthcare, a reduction in disease burdens and overall improvements in public health in these regions. However, affordability QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 129 Sustainability Statement remains a challenge, particularly in Low and Middle-Income Countries (LMICs) with constrained healthcare budgets. The pricing of QIAGEN's diagnostic tools may pose a challenge for lower-income populations, potentially limiting access to healthcare for these groups. To address this, QIAGEN implements global health access pricing and collaborates with public health organizations, NGOs, and governments to reduce costs and expand access to diagnostics. While public health touches every region, particular consideration is given to LMICs where global health access pricing of our products is offered. By working in partnership with public health stakeholders, we continuously explore ways to expand access through technology donations, strategic pricing models, and funding collaborations to ensure that vital diagnostics reach the populations who need them most. Facilitating our collaborations We collaborate with public health laboratories, research institutions, and government agencies worldwide to enhance access to healthcare through strategic partnerships and shared initiatives. By working alongside key institutions, we support sustainable healthcare programs that strengthen diagnostic capacity, improve resource allocation, and facilitate the integration of molecular testing into public health strategies—without engaging in political influence or lobbying activities. In 2024, QIAGEN continued to expand healthcare access in emerging markets through targeted collaborations and public health initiatives. Our actions included partnerships in Africa, Central America, Eastern Europe, and Asia, addressing critical infectious disease challenges through innovative diagnostic solutions. Below we highlight several examples of these partnerships. GenPath Africa Project One collaboration launched in 2024 involved working with the GenPath Africa Project based at Stellenbosch University in South Africa, using targeted whole genome sequencing (WGS) of the entire Tuberculosis mycobacterium genome for surveillance of drug-resistance. Multidrug-resistant TB (MDR-TB) remains a major public health challenge around the world and particularly in high-burden countries such as South Africa. According to the World Health Organization (WHO), in 2023 an estimated 400,000 people developed a form of drug- resistant TB. As part of a pilot project QIAseq xHYB Mycobacterium TB Panels were utilized, enabling the GenPath team to conduct AMR profiling by examining mutations in drug-resistant genes to identify MDR-TB “hot-spots” in the country. Ministries of Health of Costa Rica and Panama In Central America, QIAGEN has been working in collaboration with officials from the Ministries of Health of Costa Rica and Panama to provide QIAcuity digital PCR technology for disease surveillance of wastewater. Very often the monitoring of wastewater in local communities is the first line of defense for infectious disease outbreaks. Wastewater surveillance was a particularly effective tool during the COVID-19 pandemic to identify areas where transmission was occurring so that additional public health resources could be deployed to those areas. This is particularly important in the Panama Canal Zone where a confluence of multiple disease vectors makes wastewater monitoring critical to supporting the health and well-being of employees and their families who work to ensure the safe passage of goods through the canal. In 2024, QIAGEN shipped digital PCR assays and consumables to Panama and provided a quote for a sales opportunity, with shipment expected in 2025. Response to public health emergencies – Mpox QIAGEN rapidly responds to public health threats. In April 2024, our Early Warning and Response System (EWS) flagged an MPOX Clade 1 outbreak in the Democratic Republic of the Congo (DRC). We engaged public health officials, surveillance labs, and local partners to coordinate diagnostics. Following WHO’s PHEIC declaration in August 2024, QIAGEN shipped extraction kits and QIAstat-Dx panels to WHO and affected countries, including DRC, Kenya, Burundi, Rwanda, Senegal, Central African Republic, and Liberia, supporting outbreak response. We continue working with WHO, Ministries of Health, and global partners to expand diagnostic access, aligning with our Access to Healthcare strategy. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 130 Sustainability Statement Tuberculosis In their latest Global TB Report, the WHO confirmed that Tuberculosis (TB) is once again the world’s leading infectious disease killer, taking the top spot from COVID-19. In 2023, an estimated 10.8 million people became ill with TB, the largest number since WHO began tracking this figure, and an estimated 1.25 million died of the disease. Recognizing this, for over a decade, QIAGEN has undertaken a global effort to advance diagnostics for TB in low-resource, high-disease burdened countries. Our QuantiFERON-TB Gold Plus (QFT-Plus) remains a known test for the detection of Tuberculosis which is used globally. We work closely with the World Health Organization, Stop TB Partnership Private Sector Constituency, and many other organizations involved in the fight to eliminate this deadly disease and raise awareness on the importance of TB infection testing. In the Philippines, for example, one of the five countries that makes up more than half of the total number of TB cases worldwide along with India, Indonesia, China and Pakistan. QIAGEN is supporting the Philippines Department of Health and the USAID in a major pilot project to introduce QFT Plus IGRA testing to support contact tracing in the country. The project involves approximately 40,000 tests and will begin in early 2025. This was the culmination of more than two years of ongoing discussions with Philippines health authorities, key opinion leaders, and advocacy through patient-centered organizations including the Philippine Coalition Against Tuberculosis (PhilCAT), to achieve this important milestone. QIAGEN's commitment to eliminating TB did not go unnoticed. In 2024, we reinforced our position as a leader in TB detection by achieving a funding increase of over 50% compared to 2023. This substantial growth highlights our dedication to advancing innovative diagnostic solutions for TB. Our sustained investment underscores QIAGEN's commitment to supporting global efforts in combating this disease through cutting-edge research and development in diagnostics. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 131 Sustainability Statement Governance approach High awareness of integrity through compliance and trust-building is a key component of QIAGEN's long-term success. Our commitment to ethical business conduct is reflected in compliance programs, cyber security measures, and strategic industry collaborations, all of which support risk mitigation and operational resilience. In our 2024 materiality analysis, we assessed the following material impacts: Description Allocation in the value chain Time horizon Topic Sub-topic Sub-sub-topic Actual positive impact High awareness of integrity through compliance can lead to stable relationships with employees and suppliers and can increase their sense of security and trust Along the whole value chain Medium-term G1 Business Conduct - Corruption and bribery Actual negative impact Misbehavior can have negative consequences for those affected if it goes unnoticed -> leading to e.g. loss of trust or stigmatization Along the whole value chain Short-term G1 Business Conduct - Protection of whistleblowers Actual negative impact Animal testing conducted by suppliers can negatively affect the animals involved Upstream Short-term G1 Business Conduct - Animal welfare Potential negative impact We handle data from e.g., our suppliers, customers and business partners who could be exposed to negative consequences of sensitive data leakage Along the whole value chain Short-term G1 Business Conduct QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 132 Sustainability Statement Policies Our compliance-related policies outline the standards we uphold in our business activities and our expectations for both internal and externa l stakeholders. These policies reflect our commitment to integrity. Our compliance policies are developed by the designated policy owners, who are the managers responsible for the relevant topics. These policies undergo a thorough review and approval process by both the Compliance Committee and the Executive Committee. Annually, the policy owners reassess and update the policies as necessary. Any modifications are subsequently reviewed and approved by the Compliance Committee and the Executive Committee to maintain alignment with our corporate governance standards and sustainability objectives. The Corporate Code of Conduct and Ethics Policy is designed to empower our employees with a clear understanding of the principles of business conduct and ethics that we uphold. This policy is likely to positively impact employees by increasing their awareness of integrity and enhancing their sense of security and trust. It applies to all employees of QIAGEN and its subsidiaries, all members of QIAGEN´s senior management and every member of the Managing Board and the Supervisory Board, even if such member is not employed by QIAGEN. Compliance with the Corporate Code of Conduct and Ethics Policy is expected by companies, organizations and individuals with whom QIAGEN does business, such as contract partners, distributors, and consultants. QIAGEN commits to integrity and transparency concerning comprehensive disclosure to shareholders and authorities, fair dealing with stakeholders, leading ethical relations to public institutions, being compliant with laws, rules and regulations and taking responsibility towards society and environment. Furthermore, QIAGEN is committed to advancing the industry responsibly and is a member of several industry trade associations, such as AdvaMed (U.S.) and MedTech (Europe), which ensures that collaborations between AdvaMed and MedTech companies and healthcare professionals adhere to high ethical standards. We also collaborate with global health policy institutions such as the World Health Organization and regional consortia, such as the African Society for Laboratory Medicine, to improve affordable access to testing solutions for neglected diseases in low-resource settings. Besides our engagement in industry associations, we are not active in any direct lobbying activities. Moreover, we do not make or receive any payments to or from political parties or political action committees. Such actions have been prohibited without exception by our Code of Conduct. As a publicly traded company with global operations, we are governed by regulations across multiple jurisdictions. Ethical conduct and compliance with laws and regulations therefore are fundamental assets for our business integrity and our reputation. Oversight and accountability play a central role in QIAGEN’s compliance framework. The Compliance Program and the implementation of related policies is overseen by the Global Compliance Manager and is supported by the Compliance Committee under the leadership of the Head of Global Legal Affairs and Compliance. In this role, he reports directly to the Audit Committee of the Supervisory Board. The Compliance Committee consists of managers from Legal, Internal Audit, Human Resources, SEC Reporting, Clinical and Medical Affairs, and Trade Compliance. The Supervisory Board consists of senior leaders, who are trained in and updated on compliance matters and new legal requirements. More information on the Supervisory Board and the Management are registered in our Corporate Governance Report and in the section General Information in this Sustainability Statement. Our Compliance Program includes a comprehensive set of policies designed to ensure adherence to legal and ethical standards. These policies cover areas, such as conflicts of interest, insider trading, anti-corruption, revenue recognition, confidentiality, and social media policy. Particularly, policies regarding interactions with healthcare professionals are created based on the the AdvaMed Code of Ethics. The Advanced Medical Technology Association (AdvaMed) is a global trade association of companies that develop, produce, QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 133 Sustainability Statement manufacture, and market medical technologies. The policies are described in more detail in our Global Legal Framework for Sales and Marketing Activities Policy, which includes guidelines on various marketing activities such as samples, gifts, etc. All policies related to compliance and anti-corruption are available to QIAGEN employees via the intranet. Each policy includes contact information and the invitation to comment or to ask questions. Violation of these policies may result in a disciplinary response, up to and including termination of any employment or other relationship with the Company, and possibly other legal action. Prevention of corruption and bribery We pay special attention to anti-trust and anti-corruption laws with the help of our Global Anti-Corruption Policy. As a U.S. listed company with global operations, QIAGEN is subject to anti-corruption laws worldwide, such as the Foreign Corrupt Practices Act (FCPA) and the U.K. Bribery Act 2010 (UKBA). Our Global Anti-Corruption Policy supports our commitment to aiming to abide by the anti-trust and anti-corruption laws of the countries in which we operate. As part of the policy QIAGEN expects all employees, directors, officers, and business partners to refrain from engaging in any form of bribery and corruption. The policy strictly prohibits offering, giving or accepting payments, gifts or anything of value to influence business decisions, including dealings with government officials and private entities. Limited exceptions, such as non-cash gifts and business hospitality, are permitted but must comply with internal policies and approval procedures. The Global Anti-corruption Policy is based on the United Nations Convention against Corruption (UNCAC). Animal welfare: animal testing QIAGEN does not conduct any animal testing and does not engage in related activities. In our supply chain, however, we are unable to entirely rule out that we source raw materials for some of our products from suppliers who could engage in animal testing or research as stated in CIOMS (Council for International Organizations of Medical Sciences). Rules are in place within the QIAGEN Supplier Code of Conduct to promote responsible actions and address the negative impact regarding animals which is generated by suppliers that conduct such animal testing. These rules require that suppliers involved in the use or supply of human embryonic stem cells, genetic information, human and animal biological samples or genetically modified microorganisms follow the animal research and welfare requirements set forth in the International Guiding Principles for Biomedical Research Involving Animals by the CIOMS. Suppliers shall conduct testing and research activities only in alignment with the guidelines of international organizations such as the Association for the Assessment and Accreditation of Laboratory Animal Care (AAALAC). Suppliers undertaking clinical trials ensure that they comply with the IFPMA (International Federation of Pharmaceutical Manufacturers & Associations) Code of Pharmaceutical Marketing Practices, the Declaration of Helsinki, local laws, regulations and applicable codes of marketing practice in connection with interactions with Healthcare Professionals (HCP’s). Any violation of the Supplier Code of Conduct QIAGEN becomes aware of may result in the termination of the business relationship. Aside from following the rules in the Supplier Code of Conduct, QIAGEN has not set up actions for the reporting year or beyond in its upstream value chain. Whistleblower policy The Whistleblower Policy defines the competencies and procedures for submitting, receiving, handling, and retaining whistleblowing reports at QIAGEN. To encourage people to report misbehavior in order to prevent negative impacts and consequences for those affected, it also outlines the protection measures in place to ensure the effectiveness of the whistleblowing system. Applicable to all reasonable suspicions of actual or potential misconduct or risks, the policy covers reports related to any area of QIAGEN’s business or operations, including those concerning direct or indirect suppliers. Reporting Persons may include current or former employees of QIAGEN, as well as any other individuals who submit a report in accordance with this policy. The administration of the policy falls under the responsibility of the Head of Global Legal Affairs and Compliance. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 134 Sustainability Statement Robust cyber security governance Data and cyber security are critical priorities for QIAGEN due to the sensitive nature of the data the company handles, including proprietary scientific information, customer and partner data. As a global provider of Sample to Insight solutions, QIAGEN has a responsibility to protect this data from cyber threats that could result in financial loss, reputational damage, regulatory repercussions, harm to data subjects and loss of customer trust. We handle data from our suppliers, customers, and business partners, for example, who could be exposed to the negative consequences of a leak of sensitive data. Our Cyber Security Policy is made publicly available to these stakeholder publicly on our webpage-. Additionally, further details pertaining to our cyber security measures and protocols are provided within the framework of established contracts with our stakeholders, as necessary. Through the implementation of appropriate cyber security policies, monitoring, risk assessments and cooperation, QIAGEN aims to protect its intellectual property, ensure compliance with data protection and cyber security regulations, maintain the integrity and privacy of sensitive information, and reinforce the company's commitment to secure, reliable, and trustworthy operations. Our suppliers, customers, and business partners can access our publicly posted cyber security policies and measures for data protection matters. With our Cyber Security Policy and Cyber Security Handbook, we have supporting privacy and cyber security policies and guidelines in place, which are reviewed and approved as part of our Cyber Security Council and Compliance Committee procedures. The Cyber Security Council is sponsored by the Head of Cyber Security (CISO) who will act as the Chair for the Council. The Cyber Security Policy and Cyber Security Handbook apply to all employees and are available on our intranet. Employees are required to acknowledge their understanding of the policies; otherwise, the training will not be marked as complete. With these procedures defined in the policy, QIAGEN promotes secure handling of sensitive data of suppliers, customers and business partners which would be negatively impacted in case of data leakage. Our Cyber Security Policy defines and references the information security requirements and controls within QIAGEN that all stakeholders must adhere to when planning, implementing or operating information processing, storage or transmission to comply with the cyber security program of QIAGEN. It describes the approach and associated controls of information security for information-based systems and services in accordance with the company’s business needs and legal obligations. The policy documents the organization’s cyber security objectives as agreed by the Cyber Security Council to address the specific needs and requirements of QIAGEN. Failure to comply with this policy could result in a legal or contractual violation with significant financial or reputational risks to QIAGEN. To simplify and streamline the implementation of the objectives derived from the Cyber Security Policy, we have created our Cyber Security Handbook for Employees, which focuses on the day-to-day use by all employees for secure and compliant use of standard applications, information handling and communications. The handbook provides information on secure passwords, restrictions on the use of information, services and devices provided by QIAGEN, the use of mobile computing, communication and internet access, cyber incident reporting, and other security considerations such as access to work areas. Failure to comply with any provision of or referenced in the Handbook may result in disciplinary action, up to and including termination of employment for employees or termination of contractual relationships for third parties, contractors or consultants. Our cyber security efforts are based on the ISO 27001 standard and incorporate the Information Security Forum “Standard of Good Practice for Information Security.” Global cyber security and privacy requirements are actively monitored for and discussed as part of our Cyber Security Council as well as during Data Protection Committee meetings, both held multiple times a year. Actions Compliance program Our Compliance Program incorporates several key initiatives to ensure effective implementation and adherence. These actions include training QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 135 Sustainability Statement initiatives designed to educate employees on compliance requirements and ethical conduct. We monitor compliance risks through regular assessments and audits to identify and mitigate potential issues proactively. Additionally, our program includes thorough compliance investigations to address any reported or suspected violations. More detailed descriptions of these actions can be found further below. Protection of whistleblowers: QIAGEN Integrity Line A functioning whistleblower system offers potential whistleblowers the opportunity to expose misconduct and thus make a difference. The Head of Global Legal Affairs and Compliance and the Compliance Manager oversee corruption prevention and operation of the Company's web-based whistleblower reporting line called QIAintegrity. The QIAintegrity Line is an independent, impartial and confidential system put into place for the reporting of severe misconduct within our Company and/or in our supply chain. Our hotline for the good faith reporting of violations of the law or our compliance policies are based on the applicable German Whistleblower Act (Hinweisgeberschutzgesetz), the U.S. Sarbanes-Oxley Act, and the listing standards of the NYSE. We follow strict non-retaliation practices. Upon identification of a report, we diligently investigate all such complaints and protect the anonymity of the complainant to ensure protection from retaliation as well as to secure the employment status of the complainant. We also offer a direct email and telephone hotline for employees to communicate questions or make suggestions for our Compliance Program. The protection from retaliation does not apply to persons who intentionally or grossly negligently report false information. QIAGEN reserves the right to hold such persons liable for any damage resulting from such false reporting. Our Whistleblower Policy allows compliance- or audit-related complaints to be collected from outside the organization and not limited to only reports by employees. Details about the QIAGEN Integrity hotline are outlined on the compliance intranet pages and included in our policies, such as the Code of Conduct. QIAGEN employees are informed about aware of it during their onboarding process and through the Code of Conduct training. If potential or actual violations are reported through the QIAintegrity Line, we will take immediate action upon receipt of a report. The responsibility for receiving and handling reports lies with the Head of Global Legal Affairs and Compliance, the Compliance Manager, and the Head of Internal Audit, who qualify for this task due to their position, education and expertise. In cases involving possible conflicts of interest, external counsel is engaged to act as a party. Reported potential or actual violations and breaches will be forwarded to the Audit Committee of the Supervisory Board. Investigation processes Violation of anti-corruption laws such as the FCPA can have significant consequences for QIAGEN and its employees who can be held personally liable. In addition, individuals violating anti-bribery laws may be fined and imprisoned because of criminal prosecution. Our Global Anti-Corruption Policy gives us guidance to understand the requirements, risks and pitfalls of anti- corruption laws to avoid any conflicts. Our policies on bribery and anti- corruption can be found on our Compliance webpage under Investor Relations. The Legal and Compliance Department closely monitors the evolution of the law to adapt our policies and training courses. No incidents of corruption and bribery were detected internally or reported to us during 2024. Any suspected or reported corruption allegations will be investigated by the Head of Global Legal Affairs and Compliance in cooperation with the Head of Internal Audit, as applicable, so the parties are separated from each other. The investigation process is outlined as follows: Follow up can comprise any action taken to assess the accuracy of the allegations made in the report and, where relevant, to address the breach or risk reported, including, without limitation, through actions such an inquiry, an investigation, a prosecution, an action for recovery of funds, a referral of the Reporting Person and/or the matter to another competent internal person (e.g., manager or Executive Committee member) or function (e.g., Human Resources, Cyber Security, Internal Audit, QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 136 Sustainability Statement Data Protection, Audit Committee of the Supervisory Board) or public authority, or the closure of the procedure. Follow up will be guided by the principle of proportionality. Each case will be examined individually to determine which consequences are suitable, necessary and appropriate. At the same time, the rights of the persons being subject of the report and the other persons mentioned in the report will be respected, based on the principle that no individual should be considered in violation of any law or policy without adequate proof based on established facts. The risk assessments are applied to the entire group. When evaluating the individual jurisdictions across each subsidiary, we generally observe a higher corruption risk in developing countries as per the Transparency International Corruption Perceptions Index. However, we have not identified any significant risks related to corruption in any of our operations. Compliance training courses 2024 Our employees' awareness of compliance is shaped by regular in-person, web- based or virtual training courses held by in-house legal, compliance and regulatory experts. For example we offer online courses to instruct and verify knowledge of policies for anti-trust, bribery and corruption, conflicts of interest, data protection, gifts and entertainment, harassment, insider trading, reporting. Online training is provided to all employees in nine languages and supported by multiple communication resources. Additional mandatory courses, including courses related to risks linked with job function, are customized to the specific area of responsibility. For example, anti-bribery is addressed at a high level in the Code of Conduct training, which is mandatory for all new employees. However, for certain higher-risk roles, such as sales, finance & procurement, these employees are required to complete advanced training upon joining QIAGEN and annually thereafter. The basic training courses are followed by regular refresher courses, with reassessment varying in frequency from annually up to every three years, depending on the course. The members of the Executive Committee and the Supervisory Board are regularly updated on matters of anti-corruption and anti-bribery but are not requested to complete the standard e-learning courses. Regarding the prevention of corruption and bribery, in 2024 QIAGEN offered various training courses. Below please find more detailed information by target group: 2024 Training coverage At-risk functions Managers Other own workers Total (number of employees) 1,683 1,055 3,058 Total receiving training (number of employees) 35 2 52 Delivery method and duration: Classroom training — — — Computer-based training (Hours) 36.5 2.1 158.6 Voluntary computer-based training — — — Frequency: How often training is required Annually Annually Annually Topics covered: Anti-Money Laundering ✓ ✓ ✓ Anti-corruption and Bribery: Global Anti-corruption ✓ ✓ ✓ Risk management and due diligence Our third-party due diligence program follows a risk-based approach that categorizes third-party intermediaries, such as distributors and agents, based on the applicable Transparency International Corruption Perceptions Index. Before any QIAGEN company enters into a contract or business relationship with any agent, reseller, distributor, consultant, or other representative, QIAGEN requires that due diligence be conducted, and proper authorization be obtained prior to commencing the relationship with the representative. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 137 Sustainability Statement Our third-party due diligence program entails the following elements: (1) pre-screening, anti-corruption questionnaire and certification for new distributors, resellers and agents; (2) annual risk assessment of selected third parties based on a calculated risk score, which factors in location of business and Corruption Perceptions Index; (3) training for third-party distributors; (4) contractual obligation to comply with applicable laws (including anti- corruption laws) and QIAGEN´s Code of Conduct and Anti-Corruption Policy, as well as compliance certification; and (5) due diligence in the form of annual background checks of a random selection of third parties, and ongoing monitoring. QIAGEN engages third-party resources to investigate and conduct due diligence (background checks) on a select sample of High Risk Distributors on an annual basis. We further exercise a due diligence program on distributors and agents with the support of external providers annually. This due diligence program includes the contractual obligation by all third party intermediaries to observe the related QIAGEN policies, trainings and background checks which will be applied with a risk-based approach. Increasing awareness for cyber security among employees In addition to managing external risks through due diligence processes, QIAGEN also prioritizes the protection of its digital infrastructure. QIAGEN has already built a culture of cyber security awareness. We have implemented a mandatory cyber security awareness training program for all employees to be completed annually, the completion status of which we monitor monthly. This program includes educational material on key cyber threats relevant to our operations, ensuring that employees are aware of potential risks and their role in mitigating them. Our online awareness training aims to enable all employees to understand key security principles, relevant regulations, and their role in protecting sensitive information. By educating employees about data security, privacy requirements, cyber threats, and secure data handling practices, e-learning directly supports compliance with regulatory standards and internal protection protocols. This knowledge reinforces a culture of responsibility and vigilance in data protection across the organization which can potentially reduce the likelihood of security breaches. On average, more than 90% of our global employees successfully completed the training in 2024, up from 85% in 2023. We also conduct several times a year phishing simulations, which are carried out at least once a month, to give all employees the opportunity to safely interact with current phishing threats as seen from real threat actors. We offer awareness webinars and workshops on important security topics, including emerging phishing trends, as well as role-specific training. In addition, the cyber security team regularly conducts incident response exercises to evaluate the organization’s established procedures, including an analysis of each applicable incident response phase. Cooperation with international organizations To facilitate information and knowledge exchange, QIAGEN has joined well- known industry and governmental cyber security communities like the Information Security Forum (ISF), Allianz für Cyber-Sicherheit and Health-ISAC. The Cyber Security team consists of professionals with varying industry experience, education and security expertise. The team maintains a balanced combination of managerial and technical skills to provide comprehensive security capabilities. The Cyber Security employees are also part of QIAGENS’s HR development processes. The staff development is reviewed in line with other standard processes. We are monitoring our organization’s externally exposed assets and services (Attack Surface Monitoring), as well as information exposure (Dark Web Monitoring) to identify blind spots and potential weaknesses. For that, we use professional solutions for monitoring which are managed by the Cyber Security Team. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 138 Sustainability Statement Findings are analyzed and handled as part of our Security Operations work. Our vulnerability management program covers our global networks, digital workplaces and corporate cloud environments. We are working with Council for Registered Ethical Security Testers (CREST) certified partners to conduct regular, at least annual, security assessments of our global infrastructure. We further engage with external partners as needed to utilize their expertise for advanced security assessments. Cyber security risks are considered in the context of our Enterprise Risk Management. Cyber Incident Response Plan QIAGEN has a comprehensive Cyber Incident Response Plan as required by law to support management of material cyber security incidents. Skilled cyber security staff execute the plan, which includes regularly exercised response processes for efficient and effective incident management. During the reporting period, QIAGEN did not experience any material cyber security incidents (according to SEC reporting definition). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 139 Sustainability Statement Sustainability Statement - Annex ESRS disclosure requirements The reference table presents the requirements of the ESRS. It indicates where you can find the specific ESRS disclosure requirement, as well as where we have used incorporation by reference Cross-cutting standards Disclosure requirement Section / Report Page Additional information ESRS 2 - General disclosures BP-1 General basis for preparation of the sustainability statement SUS 51 BP-2 Disclosures in relation to specific circumstances SUS 51- 52 GOV-1 The role of the administrative, management and supervisory bodies SUS 52 GOV-2 Information provided to and sustainability matters addressed by the undertaking's administrative, management and supervisory bodies SUS 54 GOV-3 Integration of sustainability-related performance in incentive schemes SUS 55 GOV-4 Statement on sustainability due diligence SUS 55 GOV-5 Risk management and internal controls over sustainability reporting SUS 56 SBM-1 Strategy, business model and value chain SUS 57 SBM-2 Interests and views of stakeholders SUS 61- 63 SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model SUS 65 IRO-1 Description of the process to identify and assess material impacts, risks and opportunities SUS 67 IRO-2 Disclosure requirements in ESRS covered by the undertaking's Sustainability Statement SUS 139 SUS Sustainability Statement CG Corporate Governance QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 140 Sustainability Statement Environmental standards Disclosure requirement Section / Report Page Additional information ESRS E1 - Climate change ESRS 2, GOV-3 Integration of sustainability-related performance in incentive schemes SUS 74 E1-1 Transition plan for climate change mitigation SUS 73 ESRS 2, SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and business model SUS 72 ESRS 2, IRO-1 Description of the processes to identify and assess material climate-related impacts, risks and opportunities SUS 67 E1-2 Policies related to climate change mitigation and adaptation SUS 74 E1-3 Actions and resources in relation to climate change policies SUS 74- 78 E1-4 Targets related to climate change mitigation and adaptation SUS 76 E1-5 Energy consumption and mix SUS 79 E1-6 Gross Scopes 1, 2, 3 and total GHG emissions SUS 80- 84 E1-7 GHG removals and GHG mitigation projects financed through carbon credits — — Not applicable E1-8 Internal carbon pricing — — Not applicable E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities — — Phase-in E2 - Pollution Not material E3 – Water and Marine Resources Not material E4 – Biodiversity and Ecosystems Not material ESRS E5 - Resource use and circular economy ESRS 2, IRO-1 Description of the processes to identify and assess material resource use and circular economy- related impacts, risks and opportunities SUS 67, 96 E5-1 Policies related to resource use and circular economy SUS 99 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 141 Sustainability Statement Environmental standards Disclosure requirement Section / Report Page Additional information ESRS E5 - Resource use and circular economy (continued) E5-2 Actions and resources related to resource use and circular economy SUS 100- 102 E5-3 Targets related to resource use and circular economy SUS 98- 99 E5-4 Resource inflows SUS 102 E5-5 Resource outflows SUS 102 E5-6 Anticipated financial effects from material resource use and circular economy-related risks and opportunities — — Phase-in Social standards Disclosure requirement Section / Report Page Additional information ESRS S1 - Own workforce ESRS 2, SBM-2 Interests and views of stakeholders SUS 61- 63, 105, 112 , 115 ESRS 2, SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and business model SUS 105, 106, 112, 115 S1-1 Policies related to own workforce SUS 108 S1-2 Processes for engaging with own workers and workers' representatives about impacts SUS 109 S1-3 Processes to remediate negative impacts and channels for own workers to raise concerns SUS 109 S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions SUS 109, 113 ,116 S1-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 107, 112, 115 S1-6 Characteristics of the undertaking's employees SUS 111, 112, 115 S1-7 Characteristics of non-employee workers in the undertaking's own workforce — — Phase-in S1-8 Collective bargaining coverage and social dialogue — — Not material QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 142 Sustainability Statement Social standards Disclosure requirement Section / Report Page Additional information S1-9 Diversity metrics SUS 54, 115 S1-10 Adequate wages — — Not material ESRS S1 - Own workforce (continued) S1-11 Social protection — — Phase-in S1-12 Persons with disabilities — — Phase-in S1-13 Training and skills development metrics — — Phase-in S1-14 Health and safety metrics SUS 117 S1-15 Work-life balance metrics — — Phase-in S1-16 Compensation metrics (pay gap and total compensation) SUS 114, 115 S1-17 Incidents, complaints and severe human rights impacts SUS 110 ESRS S2 - Workers in the value chain ESRS 2, SBM-2 Interests and views of stakeholders SUS 61- 63, 118 ESRS 2, SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and business model SUS 118 S2-1 Policies related to value chain workers SUS 119 S2-2 Processes for engaging with value chain workers about impacts SUS 121- 121,135 S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns SUS 121, 135 S2-4 Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions SUS 120- 122 S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 122 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 143 Sustainability Statement Social standards Disclosure requirement Section / Report Page Additional information ESRS S3 - Affected communities Not material ESRS S4 - Consumers and end-users ESRS 2, SBM-2 Interests and views of stakeholders SUS 61- 63, 122 ESRS 2, SBM-3 Material impacts, risks and opportunities, and their interaction with strategy and business model SUS 122- 123 ESRS S4 - Consumers and end-users (continued) S4-1 Policies related to consumers and/or end-users SUS 124- 125 S4-2 Processes for engaging with consumers and end-users about impacts SUS 125 S4-3 Processes to remediate negative impacts and channels for consumers and end-users to raise concerns SUS 127 S4-4 Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions SUS 125- 130 S4-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities SUS 124 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 144 Sustainability Statement Governance standards Disclosure requirement Section / Report Page Additional information ESRS G1 - Business conduct ESRS 2, GOV-1 The role of administrative, supervisory and management bodies SUS CG 52 156, 158-161 ESRS 2, IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities SUS 67 G1-1 Business conduct policies and corporate culture SUS 132- 134 G1-2 Management of relationships with suppliers Not material G1-3 Prevention and detection of corruption and bribery SUS 136 G1-4 Incidents of corruption or bribery SUS 135 G1-5 Political influence and lobbying activities — — Not material G1-6 Payment practices — — Not material QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 145 Sustainability Statement Data points that derive from other EU legislation Disclosure requirement Data point Name of Data point SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Relevance Page ESRS 2 GOV-1 21 (d) Board's gender diversity x x 54 ESRS 2 GOV-1 21 (e) Percentage of board members who are independent x ESRS 2 GOV-4 30 Statement on due diligence x 55- 56 ESRS 2 SBM-1 40 (d) i Involvement in activities related to fossil fuel activities x x x Not applicable ESRS 2 SBM-1 40 (d) ii Involvement in activities related to chemical production x x Not applicable ESRS 2 SBM-1 40 (d) iii Involvement in activities related to controversial weapons x x Not applicable ESRS 2 SBM-1 40 (d) iv Involvement in activities related to cultivation and production of tobacco x Not applicable ESRS E1-1 14 Transition plan to reach climate neutrality by 2050 x 73 ESRS E1-1 16 (g) Undertakings excluded from Paris-aligned Benchmarks x x Not applicable ESRS E1-4 34 GHG emission reduction targets x x x 76 ESRS E1-5 38 Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors) x 79 ESRS E1-5 37 Energy consumption and mix x 79 ESRS E1-5 40–43 Energy intensity associated with activities in high climate impact sectors x 79 ESRS E1-6 44 Gross Scope 1, 2, 3 and Total GHG emissions x x x 82 ESRS E1-6 53-55 Gross GHG emissions intensity x x x 83 ESRS E1-7 56 GHG removals and carbon credits x Not applicable ESRS E1-9 66 Exposure of the benchmark portfolio to climate-related physical risks x Phase-in ESRS E1-9 66 (a); 66 (c) Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical risk x Phase-in ESRS E1-9 67 (c) Breakdown of the carrying value of its real estate assets by energy- efficiency classes x Phase-in ESRS E1-9 69 Degree of exposure of the portfolio to climate-related opportunities x Phase-in QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 146 Sustainability Statement Disclosure requirement Data point Name of Data point SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Relevance Page ESRS E2-4 28 Amount of each pollutant listed in Annex II of the E-PRTR Regulation emitted to air, water and soil x Not material ESRS E3-1 9 Water and marine resources x Not material ESRS E3-1 13 Dedicated policy x Not material ESRS E3-1 14 Sustainable oceans and seas x Not material ESRS E3-4 28 (c) Total water recycled and reused x Not material ESRS E3-4 29 Total water consumption in m3 per net revenue on own operations x Not material ESRS 2- SBM 3 - E4 16 (a) i — x Not material ESRS 2- SBM 3 - E4 16 (b) — x Not material ESRS 2- SBM 3 - E4 16 (c) — x Not material ESRS E4-2 24 (b) Sustainable land/agriculture practices or policies x Not material ESRS E4-2 24 (c) Sustainable oceans/seas practices or policies x Not material ESRS E4-2 24 (d) Policies to address deforestation x Not material ESRS E5-5 37 (d) Non-recycled waste x 103 ESRS E5-5 39 Hazardous waste and radioactive waste x 103 ESRS 2- SBM3 - S1 14 (f) Risk of incidents of forced labour x 110 ESRS 2- SBM3 - S1 14 (g) Risk of incidents of child labour x 110 ESRS S1-1 20 Human rights policy commitments x 110 ESRS S1-1 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 x 110 ESRS S1-1 22 Processes and measures for preventing trafficking in human beings x 110 ESRS S1-1 23 Workplace accident prevention policy or management system x 116 ESRS S1-3 32 (c) Grievance/complaints handling mechanisms x 109 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 147 Sustainability Statement Disclosure requirement Data point Name of Data point SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Relevance Page ESRS S1-14 88 (b) and (c) Number of fatalities and number and rate of work-related accidents x x 117 ESRS S1-14 88 (e) Number of days lost to injuries, accidents, fatalities or illness x 117 ESRS S1-16 97 (a) Unadjusted gender pay gap x x 114 ESRS S1-16 97 (b) Excessive CEO pay ratio x 115 ESRS S1-17 103 (a) Incidents of discrimination x 110 ESRS S1-17 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD x x 110 ESRS 2- SBM3 - S2 11 (b) Significant risk of child labour or forced labour in the value chain x 118 ESRS S2-1 17 Human rights policy commitments x 119 ESRS S2-1 18 Policies related to value chain workers x 119 ESRS S2-1 19 Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines x x 120 ESRS S2-1 19 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 x 119 ESRS S2-4 36 Human rights issues and incidents connected to its upstream and downstream value chain x 120- 121 ESRS S3-1 16 Human rights policy commitments x Not material ESRS S3-1 17 Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines x x Not material ESRS S3-4 36 Human rights issues and incidents x Not material ESRS S4-1 16 Policies related to consumers and end-users x 124- 125 ESRS S4-1 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines x x 124 ESRS S4-4 35 Human rights issues and incidents x 124 ESRS G1-1 §10 (b) United Nations Convention against Corruption x 133 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 148 Sustainability Statement Disclosure requirement Data point Name of Data point SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Relevance Page ESRS G1-1 §10 (d) Protection of whistle-blowers x 135 ESRS G1-4 §24 (a) Fines for violation of anti-corruption and anti-bribery laws x x 135 ESRS G1-4 §24 (b) Standards of anti-corruption and anti-bribery x 135 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 149 Corporate Governance 150 Message from the Chair 153 Governance Structure 155 Managing Board 157 Supervisory Board 163 Board-Related Matters 165 Shareholder Meetings and Share Capital 170 Additional Information 176 Corporate Governance Statement 177 Supervisory Board Report 185 Remuneration Report 209 Responsibility Statement of the Managing Board QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 150 Message from the Chair of the Supervisory Board Dear Stakeholders, 2024 was a year of both opportunities and challenges for QIAGEN. The global business environment remained complex, with geopolitical uncertainty, inflationary pressures and shifting macroeconomic conditions influencing market dynamics. Yet, through the resilience, ingenuity and unwavering dedication of our more than 5,700 QIAGENers, we made significant progress in executing our strategy, further solidifying our position in key market segments and driving sustainable growth. QIAGENers as our strength We have a strong sense of pride in how our QIAGENers have emerged stronger and more focused after the pandemic, continuing our momentum to address the evolving needs of customers around the world. The determination and passion of our employees are at the heart of our ability to innovate, adapt and succeed. During 2024, we advanced our leadership in Life Sciences and Molecular Diagnostics, expanded our automation solutions and launched new products that will drive scientific breakthroughs. These achievements reaffirm QIAGEN’s role as a trusted partner in Life Sciences and healthcare. It is always a pleasure to see QIAGEN customers winning a Nobel Prize, as was the case again in 2024, demonstrating the profound impact of our solutions on groundbreaking scientific advancements. While some market headwinds persisted, our relentless commitment to innovation, operational efficiency and customer-centric solutions has positioned us well to navigate these challenges. Our strategic orientation remains on "balance" and "focus" – maintaining a well-diversified customer base across the Life Sciences and Molecular Diagnostics sectors while prioritizing investments in our Growth Pillars. These represent areas where QIAGEN has established market leadership or where there is a strong potential to achieve one in the coming years, supported by a high level of R&D investment that drives innovation and differentiation. Providing guidance with oversight The Supervisory Board continues to play a crucial role in providing oversight, evaluating performance and advising senior management as QIAGEN executes its long-term strategy. With diverse expertise in international business leadership, finance, operations and supply chains, and deep knowledge of Life Sciences and diagnostics, our Board members remain actively engaged in shaping the Company’s direction. Through formal meetings, ad hoc discussions and close interactions with the Managing Board, as well as dedicated sessions with other senior leaders, our role is to ensure QIAGEN remains well-positioned to adapt to evolving market conditions. This reporting of the Supervisory Board activities in 2024 details the key areas we have focused on throughout the year, including financial performance, strategic initiatives and governance matters. During the year, the Supervisory Board held sessions without the Managing Board to discuss important topics, including strategic planning and governance priorities, ensuring thorough and independent oversight. The Supervisory Board also continued to refine its approach to risk management, compliance and ethical business practices, reinforcing our commitment to the highest governance standards and ensuring QIAGEN’s long-term success. An area of emphasis continues to be reviewing our Environmental, Social and Governance (ESG) strategy, which is central to our long-term sustainability and value creation. The Supervisory Board remains pleased with the progress made in integrating ESG principles across QIAGEN, reinforcing our commitment to responsible business practices. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 151 Message from the Chair of the Supervisory Board Robust stakeholder engagement Engaging with stakeholders remains fundamental to our mission. We continue to collaborate closely with our customers and partners to advance our "Sample to Insight" solutions, enabling scientists and healthcare providers to unlock valuable molecular insights. Our ongoing interactions with employees foster an inclusive and innovative workplace culture, helping us attract and retain top talent. Their engagement, drive and willingness to go above and beyond continue to be the backbone of our success. In 2024, we enhanced our commitment to employee engagement through leadership development programs, mentoring initiatives and well-being support, ensuring that QIAGENers continue to thrive and grow within the organization. This year, we introduced new professional development programs and initiatives aimed at fostering leadership and career growth among QIAGENers, further strengthening our talented workforce. We also maintained an open dialogue with shareholders, discussing QIAGEN’s performance, strategy and long-term ambitions. The successful completion of a total of $600 million of synthetic share repurchases through programs in early 2024 and early 2025 underscores our confidence in QIAGEN’s value creation potential and our commitment to delivering returns to investors. Strengthening the Supervisory Board composition Ensuring strong governance and leadership is a key priority for the Supervisory Board. The addition of two new members, Dr. Eva van Pelt and Bert van Meurs, in early 2024 further strengthened our Board’s already strong expertise in international healthcare management, digitalization and strategic business leadership. Their insights will be invaluable as we navigate the evolving industry landscape and drive QIAGEN’s growth agenda. Furthermore, the Scientific Advisory Board, under the leadership of Supervisory Board member Prof. Dr. Ross Levine, continues to provide critical insights into emerging market opportunities and technology advancements. Regular updates from this group have helped prioritize internal R&D efforts and assess potential external collaborations, reinforcing our innovation-driven strategy. As a last point, it is my intention to step down from the Supervisory Board with effect at the Annual General Meeting in June 2025 after having served on the Board since 2013. I would like to personally express my appreciation to my colleagues on the Supervisory Board and the Managing Board for their highest level of collaboration and professionalism during my tenure. I continue to be truly inspired by the level of commitment among my colleagues and their dedication to the success of QIAGEN. Following the Annual General Meeting, the Supervisory Board intends to elect Stephen H. Rusckowski as the new Chair. With his leadership, a strong executive team and a clear strategic vision, QIAGEN is well-positioned to continue its trajectory of growth and innovation. Under Mr. Rusckowski’s chairmanship, the Company will build on its strengths while exploring new opportunities in the evolving Life Sciences landscape. Mr. Rusckowski has had a remarkable career in the healthcare industry and a proven track record as the former Chairman and CEO of Quest Diagnostics, one of the most important diagnostics companies in the U.S. and a QIAGEN customer. He has made significant contributions to QIAGEN since joining the Board in 2023, and I am convinced that his leadership will be instrumental in guiding QIAGEN through this volatile macroeconomic landscape. 2025 perspectives Looking ahead to 2025, we anticipate continued geopolitical and macroeconomic uncertainties, especially with the announcement of new tariffs in the United States along with ongoing efforts by central banks to manage inflation and enhance economic growth. The global landscape remains dynamic, shaped by technological advancements, regulatory changes and evolving customer needs. Despite these complexities, we remain confident in QIAGEN’s ability to capitalize on growth opportunities. QIAGEN remains committed to delivering long-term value by investing in high-impact innovation, sustainable business practices and fostering global partnerships that drive scientific and medical breakthroughs. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 152 Message from the Chair of the Supervisory Board In particular, we continue to integrate digitalization and AI-powered bioinformatics solutions to enhance data interpretation and improve efficiency in molecular testing. These advancements are enabling customers to gain deeper insights from their samples faster than ever before, reinforcing our role as a leader in Life Sciences and diagnostics. Our robust strategy, strong execution and commitment to innovation position us well for sustained success. Most importantly, the dedication, talent and expertise of our QIAGENers continue to be the foundation of our achievements, ensuring that we remain at the forefront of our industry. As we move forward, we encourage all stakeholders—including employees, customers, partners, and shareholders—to actively engage in shaping QIAGEN’s continued success and advancing our shared vision for the future. As I conclude my tenure on the Board, it is truly remarkable to see what our QIAGENers have achieved together as a team, and I have the highest confidence that QIAGEN will continue to thrive in the years ahead. On behalf of the Supervisory Board, I thank you for your trust and support as we work together to fulfill our vision of “making improvements in life possible.” Lawrence A. Rosen Chair of the Supervisory Board April 2025 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 153 Governance Structure We understand the significance of clear and transparent corporate governance rules and have aligned our internal organization and processes with these principles where appropriate. This section provides an overview of our corporate governance structure and includes details of the information required under the Dutch Corporate Governance Code 2022 (published at www.mccg.nl) (the Dutch Code). The Dutch Code is applicable to QIAGEN N.V. (in the following, also referred to as QIAGEN or the Company) as a publicly listed company incorporated under the laws of the Netherlands with a registered seat in Venlo, The Netherlands. The Dutch Code contains the principles and concrete provisions which the persons involved in a listed company (including Managing Board members and Supervisory Board members) and stakeholders should observe in relation to one another. QIAGEN is a ‘Naamloze Vennootschap,’ or N.V., a Dutch limited liability company similar to a corporation in the United States. We have a two-tier board structure under which QIAGEN is managed by a Managing Board that consists of executive management and acts under the supervision of an independent Supervisory Board (non-executives). It is in the interest of QIAGEN and all of our stakeholders, including shareholders, that each board performs its functions appropriately with a clear division of responsibilities, inclusive of interactions with the General Meeting of Shareholders (General Meeting) and the external auditor, to operate in a well- functioning system of checks and balances. The Supervisory Board follows the principle of increasing stakeholder value and has always pursued the highest standards in corporate governance. QIAGEN is committed to ensuring a corporate governance structure that best suits its business and stakeholders and that complies with relevant rules and regulations. Our corporate governance practices are generally derived from the provisions of the Dutch Civil Code and the Dutch Corporate Governance Code, although there are some minor deviations due to factors such as legal requirements imposed by other jurisdictions in which QIAGEN's Shares are listed as well as due to industry standards. A brief summary of the principal differences is presented in the section Dutch Corporate Governance Code - Comply or Explain. Requirements – U.S. Our Shares are registered and traded in the United States on the New York Stock Exchange (NYSE). Consequently, we must comply with requirements of U.S. legislation, such as the Sarbanes-Oxley Act of 2002, as well as other regulations enacted under U.S. securities law. In addition, we are subject to the NYSE listing standards that are applicable to "foreign private issuers" such as QIAGEN. A brief summary of the principal differences is presented under the section NYSE Exemptions. Requirements – EU and Germany Our Global Shares are also listed in Germany on the Frankfurt Stock Exchange in the Prime Standard segment, where QIAGEN is a member of the DAX Index of the 40 largest blue-chip stocks in Germany. QIAGEN is also a member of the TecDAX Index composed of the country’s leading technology companies. Accordingly, we are required to follow the applicable European regulations and German capital market laws, in particular the EU Market Abuse Regulation No 596/2014 and the German Securities Trading Act (Wertpapierhandelsgesetz). We believe all of our operations are carried out in accordance with legal frameworks, including Dutch Corporate Law, U.S. laws and regulations, EU regulations and applicable German and U.S. capital market laws. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 154 Governance Structure QIAGEN operates under a two-tier corporate structure General Meeting • Each share carries one vote • Decisions on key topics (e.g., authorizations to Supervisory Board to issue shares and repurchase shares, adoption of the remuneration policies for the Managing Board and Supervisory Board and the appointment of independent auditors) Reports to Elects and ratifies Reports to Elects and ratifies Managing Board Close cooperation for the benefit of the company Supervisory Board Executive Committee • Top management body of QIAGEN N.V. • Decisions on issues of business policy and corporate strategy as well as annual and multi-year plans • Four committees – Audit – Compensation & Human Resources – Nomination & Governance – Science & Technology • Comprised of experienced leaders across the Company allowing for functions, businesses and markets to be represented at the highest level • The Managing Board is accountable for the actions and decisions by the Executive Committee Informs and reports to Advises, oversees, approves QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 155 Managing Board General The Managing Board is responsible for the continuity of QIAGEN and its affiliated enterprise and for defining our strategy for, among other things, sustainable long-term value creation, and achieving our aims and results through the management of QIAGEN worldwide. The Managing Board is also responsible for financing, managing the risks associated with our business activities and complying with all relevant legislation and regulations. In accordance with Dutch Law, our Managing Board, which has two members, has chosen to work with an Executive Committee and is accountable for the actions and decisions of the Executive Committee. This Committee is comprised of the CEO, the CFO and certain experienced leaders who are responsible for the operational management of the Company and the achievement of its objectives and results. The Managing Board (specifically, the Chief Financial Officer) is informed of the findings of the Internal Audit function, which operates under the direct responsibility of the Supervisory Board through the Audit Committee. The Managing Board provides timely information to the Supervisory Board for discussions on the development of QIAGEN and, in particular, reviews internal risk management and control systems with the Audit Committee. The Managing Board is accountable for the performance of its duties to the Supervisory Board and the General Meeting. In discharging its duties, the Managing Board takes into account the interests of all stakeholders, including shareholders, in a commitment to sustainable long-term value creation. Composition and Appointment The Managing Board consists of one or more members as determined by the Supervisory Board. The Managing Board members are appointed by the General Meeting upon a binding nomination by the Joint Meeting of the Supervisory Board and the Managing Board (the Joint Meeting). The General Meeting may overrule the binding nature of any nomination by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half of the issued share capital. Managing Board members are appointed annually for one-year terms for the period beginning on the day following the Annual General Meeting up to, and including, the day of the Annual General Meeting held in the following year. Managing Board members may be suspended and dismissed by the General Meeting by a resolution adopted by a two-thirds majority of the votes cast, if such majority represents more than half of the issued share capital, unless the proposal was made by the Joint Meeting, in which case a simple majority of votes cast is sufficient. Furthermore, the Supervisory Board may, at any time, suspend (but not dismiss) a member of the Managing Board. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 156 Managing Board Managing Board Members The following were our Managing Board members for the year ended December 31, 2024. This information is part of the sustainability statement (ESRS GOV-1 21c and 23a) and was subject to a limited assurance engagement. Thierry Bernard Chief Executive Officer (1964, U.S./French) Thierry Bernard joined QIAGEN in February 2015 to lead our growing presence in molecular diagnostics, the application of Sample to Insight solutions for molecular testing in human healthcare. He was named Chief Executive Officer in March 2020 after serving in this role on an interim basis and became a member of the Managing Board in 2021. Previously, Mr. Bernard held roles of increasing responsibility during 15 years with bioMérieux SA, most recently as Corporate Vice President, Global Commercial Operations, Investor Relations and the Greater China Region. He also held senior management roles in several other leading international companies. In March 2023, he was named Chair of the AdvaMedDx Board of Directors, a U.S. industry trade association, and joined the Board of Directors of Neogen Corporation (NASDAQ: NEOG) in 2024. Mr. Bernard has earned degrees and certifications from Sciences Po, LSE, the College of Europe, Harvard Business School, Centro de Comercio Exterior de Barcelona and has been appointed Conseiller du Commerce Extérieur by the French government. Roland Sackers Chief Financial Officer (1968, German) Roland Sackers joined QIAGEN in 1999 as Vice President, Finance and has been Chief Financial Officer since 2004. In 2006, Mr. Sackers became a member of the Managing Board. From 1995 to 1999, he was an auditor with Arthur Andersen Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft. Since 2019, Mr. Sackers has served on the Supervisory Board of Evotec SE, a publicly listed company based in Germany, becoming Chair of the Audit Committee in 2019 and Vice Chair of the Supervisory Board in 2021. He is also a member of the Board of the industry association BIO Deutschland. Mr. Sackers earned his Diplom-Kaufmann from the University of Münster. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 157 Supervisory Board General The Supervisory Board supervises the policies of the Managing Board, the general course of our business and our strategy for, among other things, sustainable long-term value creation. The Supervisory Board assists the Managing Board by providing advice related to the business activities of QIAGEN. Meetings are held in the absence of the Managing Board for select topics at each regular meeting. In discharging its duties, the Supervisory Board takes into account the interests of QIAGEN and all stakeholders, including shareholders, in its aim to create long-term value. The Supervisory Board is responsible for the quality of its own performance. In this respect, the Supervisory Board conducts an annual self-evaluation which periodically takes place under the supervision of an external expert. Our Supervisory Board has specified matters requiring its approval, including decisions and actions that would fundamentally change our assets, financial position or results of operations. The Supervisory Board has established four Committees - Audit, Compensation & Human Resources, Nomination & Governance (formerly the Nomination & ESG Committee) and Science & Technology - from among its members. Additional committees can be established, or existing Committees modified, based on the terms of the charter, as deemed beneficial. The Supervisory Board has approved charters for each of these Committees. An overview of these Committees, their operations and meeting attendance is provided in the Supervisory Board Report. Composition and Appointment The Supervisory Board consists of at least three members, or a larger number as determined by the Joint Meeting. Members of the Supervisory Board are appointed by the General Meeting upon the Joint Meeting having made a binding nomination for each vacancy. However, the General Meeting may overrule the binding nature of any nomination by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half of the issued share capital. The Supervisory Board shall be composed in a way that enables it to carry out its duties properly and enables its members to act critically and independently of one another, of the Managing Board and of any one particular interest. As a result, the Supervisory Board has adopted a profile, in terms of its size and composition, that takes into account the nature of our business, its activities and the desired diversity, expertise and background of the Supervisory Board members. The current profile of the Supervisory Board can be found on our website (www.qiagen.com). The Supervisory Board has appointed a Chair from among its members, who is subject to adhere to the duties assigned by the Articles of Association and the Dutch Code. Members of the Supervisory Board are appointed annually for the period beginning on the day following the Annual General Meeting of our shareholders up to, and including, the day of the Annual General Meeting held in the following year. Members of the Supervisory Board may be suspended and dismissed by the General Meeting by a resolution adopted by a two-thirds majority of the votes cast, if such majority represents more than half of the issued share capital, unless the proposal was made by the Joint Meeting, in which case a simple majority of votes cast is sufficient. Our Supervisory Board is composed of individuals with diverse expertise, backgrounds, nationalities and professional experiences, ensuring a well- rounded and effective leadership team. The desired qualifications and composition of the Supervisory Board are outlined in its charters, which are available on our website under “Supervisory Board.” Independence QIAGEN is in compliance with the NYSE listing standards that require a majority of the Supervisory Board Members to be independent. Additionally, the Dutch Code distinguishes between certain independence criteria that may be fulfilled by not more than one Supervisory Board member (e.g., prior employment with the Company, receiving personal financial compensation from the Company or having an important business relationship with the Company) and other criteria that may not be fulfilled by more than the majority of the Supervisory Board members. In some cases, Dutch independence requirements are more stringent, such as by requiring a longer QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 158 Supervisory Board “look back” period (five years) for former executives to become Supervisory Board members. In other cases, the NYSE rules are more stringent, such as having a broader definition of disqualifying affiliations. All of our Supervisory Board members are independent under the Dutch Code and under the NYSE requirements. Supervisory Board Independence under the Dutch Code Independent Not Independent Supervisory Board Members The following is a brief summary of Supervisory Board members for the year ended December 31, 2024. This information is part of the sustainability statement (ESRS GOV-1 21c and 23a) and was subject to a limited assurance engagement.: Lawrence A. Rosen Supervisory Board Chair Committees: Audit, Nomination & Governance (1957, U.S.) Lawrence A. Rosen joined the Supervisory Board in 2013 and has served as Chair of the Supervisory Board since 2020. He has been a member of the Audit Committee since 2013 and a member of the Nomination & Governance Committee since 2020. Mr. Rosen also serves on the Supervisory Boards of Lanxess AG and Deutsche Post AG, where he previously was a member of the Board of Management and Chief Financial Officer from 2009 to 2016. He served as Chief Financial Officer of Fresenius Medical Care AG & Co. KGaA from 2003 to 2009, and earlier as Senior Vice President and Treasurer of Aventis SA in Strasbourg. Mr. Rosen holds a bachelor’s degree from the State University of New York and an MBA from the University of Michigan. Dr. Metin Colpan Committees: Science & Technology (Chair), Nomination & Governance (1955, German) Metin Colpan Ph.D. co-founded QIAGEN and served as its first Chief Executive Officer and a Managing Director from 1985 to 2003. Dr. Colpan has been a member of the Supervisory Board since 2004 and has served as Chair of the Science & Technology Committee since 2014. He has been a member of the Nomination & Governance Committee since 2015. Prior to co-founding QIAGEN, Dr. Colpan was an Assistant Investigator at the Institute for Biophysics at the University of Düsseldorf. He has extensive experience in Sample technologies, in particular the separation and purification of nucleic acids, and has many patents in the field. Dr. Colpan obtained his Ph.D. and master’s degree from the Darmstadt Institute of Technology. Dr. Toralf Haag Committee: Audit (Chair and Financial Expert) (1966, German) Toralf Haag Ph.D. joined the Supervisory Board and Audit Committee in 2021 and is Chair of the Audit Committee. Since September 2024, Dr. Haag is Chief Executive Officer and Chairman of the Executive Board of Aurubis AG, QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 159 Supervisory Board a publicly-listed German company. Previously, Dr. Haag was Chief Executive Officer and Chairman of the Corporate Board of Management of Voith GmbH & Co. KGaA, a privately held German technology company. Before joining Voith as Chief Financial Officer in 2016, Dr. Haag served for more than 11 years as Chief Financial Officer and Member of the Executive Committee of Lonza Group AG. Dr. Haag earned a degree in business administration from the University of Augsburg and a Ph.D. from the University of Kiel. Prof. Dr. Ross L. Levine Committee: Science & Technology (1972, U.S.) Ross L. Levine M.D. joined the Supervisory Board and its Science & Technology Committee in 2016. In 2021, he became Chair of QIAGEN’s Scientific Advisory Board. A physician-scientist focused on researching and treating blood and bone-marrow cancers, Dr. Levine is the Laurence Joseph Dineen Chair in Leukemia Research, the Chief of Molecular Cancer Medicine and an Attending Physician at Memorial Sloan Kettering Cancer Center, and Professor of Medicine at Weill Cornell Medicine. Board-certified in internal medicine and hematology-oncology, Dr. Levine received a bachelor’s degree from Harvard College and his M.D. from The Johns Hopkins University School of Medicine. Prof. Dr. Elaine Mardis Committees: Compensation & Human Resources, Science & Technology (1962, U.S.) Elaine Mardis Ph.D. joined the Supervisory Board in 2014. She is also a member of the Science & Technology Committee and the Compensation & Human Resources Committee. Dr. Mardis is Co-Executive Director of the Steve and Cindy Rasmussen Institute for Genomic Medicine at Nationwide Children’s Hospital in Columbus, Ohio, and Professor of Pediatrics at The Ohio State University College of Medicine. Previously, she was the Robert E. and Louise F. Dunn Distinguished Professor of Medical Sciences at Washington University School of Medicine and President of the American Association for Cancer Research. Dr. Mardis is a scientific advisor to Scorpion Therapeutics LLC, an elected member of the U.S. National Academy of Medicine, and a member of the Board of Directors of Singular Genomics Systems, Inc., a publicly listed company based in the U.S. Dr. Mardis received her bachelor’s degree and Ph.D. from the University of Oklahoma. Bert van Meurs Committee: Nomination & Governance (1961, Dutch) Bert van Meurs joined the Supervisory Board and the Nomination & Governance Committee in April 2024. He is a member of the Executive Committee at Royal Philips N.V. of the Netherlands, where he serves as Executive Vice President and Chief Business Leader of Image Guided Therapy, and also as Chief Business Leader of Precision Diagnosis (ad interim) responsible for Diagnosis & Treatment. He has more than 30 years of experience since joining Philips in 1985 in various global business leadership positions in research and development, clinical science, and marketing and sales in Europe and Asia. He has a Master’s degree in Physics from the University of Utrecht and a degree in Business Marketing from the Technical University of Eindhoven, both in the Netherlands. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 160 Supervisory Board Eva van Pelt Committee: Audit Committee (1965, German) Eva van Pelt joined the Supervisory Board and the Audit Committee in March 2024. She most recently served as Co-CEO and member of the Management Board of Eppendorf Group, a privately-held German Life Sciences company with more than EUR 1.2 billion of annual sales and over 5,000 employees worldwide. Prior to her time at Eppendorf, she held various international management positions of increasing responsibility with Siemens, Accenture, Hitachi Data Systems and Leica Microsystems. She also currently serves as a member of the Supervisory Board of Paul Hartmann AG, a publicly-listed German healthcare company, and as President of the German-Dutch Chamber of Commerce. She earned a Diplom-Kauffrau degree from the Ludwig- Maximilians-Universität in Munich. Dr. Eva Pisa Committees: Compensation & Human Resources (Chair) (1954, Swedish/Swiss) Eva Pisa Ph.D. joined the Supervisory Board and the Compensation & Human Resources Committee in 2022. She is an advisor to several life science and diagnostic companies through her company piMed Consulting, and she previously held senior leadership positions in Roche Diagnostics International from 2007 to 2020, most recently as Senior Vice President at Roche Centralized and POC Solutions. Prior to joining Roche, she was Chief Executive Officer of Sangtec Molecular Diagnostics AB, a Swedish start-up, from 2001 to 2007. Dr. Pisa holds a Ph.D. from the Karolinska Institutet and an MBA from Heriot-Watt University. Stephen H. Rusckowski Committees: Compensation & Human Resources, Nomination & Governance (Chair) (1957, U.S.) Stephen H. Rusckowski joined the Supervisory Board in April 2023. He is the Chair of the Nomination & Governance Committee and serves on the Compensation & Human Resources Committee. He most recently served as Chairman, President and Chief Executive Officer of Quest Diagnostics. He joined Quest Diagnostics as President and Chief Executive Officer in May 2012 and was named Chairman in 2016. He stepped down from his role as President and CEO in 2022, and as Chairman in early 2023. Prior to joining Quest Diagnostics, Mr. Rusckowski was CEO of Philips Healthcare, which he joined in 2001 when Philips acquired the Healthcare Solutions Group that he was leading at Hewlett-Packard/Agilent Technologies. Mr. Rusckowski also serves on the Board of Directors of Baxter International Inc. and Tenet Healthcare Corporation, and previously served as a member of the Board of Directors of Xerox Holdings Corporation and Covidien plc. He earned a bachelor’s degree in Mechanical Engineering from Worcester Polytechnic Institute and a master’s in Management from the Massachusetts Institute of Technology’s Sloan School of Management. Elizabeth E. Tallett Committees: Audit, Compensation & Human Resources, Nomination & Governance (1949, U.S./British) Elizabeth E. Tallett joined the Supervisory Board and its Audit Committee and Compensation & Human Resources Committee in 2011. In 2016, she joined the Nomination & Governance Committee. Ms. Tallett is Chair of the Board of Directors of Elevance Health, Inc., and a member of the Board of Directors of Moderna, Inc., both publicly listed companies based in the U.S. From 2002 to QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 161 Supervisory Board 2015, she was a Principal of Hunter Partners, LLC, a management company for pharmaceutical, biotechnology and medical device companies, and continues to consult with early-stage healthcare companies. She previously served as President and Chief Executive Officer of Transcell Technologies Inc., President of Centocor Pharmaceuticals, a member of the Parke-Davis Executive Committee, and Director of Worldwide Strategic Planning for Warner-Lambert Company. A founding Board member of the Biotechnology Council of New Jersey, Ms. Tallett received bachelor’s degrees in mathematics and economics from the University of Nottingham. Summary of Skills, Qualifications and Background for the Supervisory Board: The following tables outline the current Supervisory Board members and a selection of their skills and experience. This collective expertise provides the Supervisory Board with comprehensive capabilities to drive innovation, ensure governance and lead strategic growth in the Life Sciences and healthcare industries. This information is part of the sustainability statement (ESRS GOV-1 21c and 23a) and was subject to a limited assurance engagement. Lawrence A. Rosen Dr. Metin Colpan Dr. Toralf Haag Prof. Dr. Ross L. Levine Prof. Dr. Elaine Mardis • Financial leadership in healthcare and corporate sectors: Former Chief Financial Officer at Deutsche Post AG and Fresenius Medical Care AG & Co. KGaA, with extensive experience in financial management and corporate strategy. • Leadership and entrepreneurial experience: Co-founder and first CEO of QIAGEN, leading the company from 1985 to 2003. • Financial and executive leadership in healthcare and industry: Extensive experience as Chief Financial Officer and CEO for global companies, including Voith GmbH, Lonza Group AG and Aurubis AG. • Expertise in hematology-oncology and molecular cancer medicine: Board-certified physician-scientist specializing in blood and bone marrow cancers with leadership roles at Memorial Sloan Kettering Cancer Center and Weill Cornell Medicine. • Leadership in genomic medicine and cancer research: Co- Executive Director at the Steve and Cindy Rasmussen Institute for Genomic Medicine and former President of the American Association for Cancer Research. • Governance and supervisory experience: Chair of the Supervisory Board at QIAGEN since 2020 and active member of Audit Committee and Nomination & Governance Committee. • Expertise in Sample technologies: Pioneer in nucleic acid separation and purification with extensive patents in the field. • Governance and audit expertise: Chair of the Audit Committee at QIAGEN and a member of its Supervisory Board since 2021. • Leadership in scientific advisory and research initiatives: Laurence Joseph Dineen Chair in Leukemia Research. • Scientific governance and advisory roles: Member of QIAGEN’s Science & Technology Committee, advisor to Scorpion Therapeutics and Board Director at Singular Genomics Systems, Inc. • Healthcare and multinational oversight: Supervisory Board member at Lanxess AG and Deutsche Post AG, with a strong background in global corporate finance and treasury. • Scientific governance and innovation oversight: Chair of the Science & Technology Committee since 2014 and member of the Nomination & Governance Committee since 2015. • Strategic oversight: Experienced in managing public and private healthcare companies with expertise in business administration and corporate governance. • Start-up and biotechnology ventures: Advises and supports start-ups in cancer therapies and molecular diagnostics, providing scientific expertise and strategic guidance. • Academic and clinical excellence: Professor of Pediatrics at The Ohio State University College of Medicine and an elected member of the U.S. National Academy of Medicine. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 162 Supervisory Board Bert van Meurs Eva van Pelt Dr. Eva Pisa Stephen H. Rusckowski Elizabeth E. Tallett • Expertise in medical technology and innovation: Over 30 years of global business leadership roles at Royal Philips N.V., specializing in Image Guided Therapy and Precision Diagnosis. • Executive leadership in life sciences and healthcare: Former Co-CEO of Eppendorf Group, managing a global company with over €1.2 billion in annual sales and 5,000+ employees. • Senior leadership in life sciences and diagnostics: Former Senior Vice President at Roche Diagnostics and CEO of Sangtec Molecular Diagnostics, with extensive experience in the diagnostics industry. • Leadership in healthcare and diagnostics: Former Chairman, President and CEO of Quest Diagnostics and previous CEO of Philips Healthcare, with extensive experience in the healthcare industry. • Healthcare & biotech leadership: Chair of Elevance Health, Board member at Moderna, former CEO of Transcell Technologies and President of Centocor Pharmaceuticals. • Strategic senior leadership and operational oversight: Member of the Executive Committee at Royal Philips, with extensive experience in research, development, clinical science and marketing across Europe and Asia. • Broad international management expertise: Held senior roles at Siemens, Accenture, Hitachi Data Systems and Leica Microsystems, with a strong focus on strategic growth and operations. • Strategic advisory and business development: Advisor to life science and diagnostic companies through her consultancy, piMed Consulting, providing expertise in innovation and commercialization. • Governance expertise: Serves on the Boards of Baxter International Inc. and Tenet Healthcare Corporation, with prior experience on the Boards of Xerox Holdings Corporation and Covidien plc. • Pharma & biotech strategy: Former Principal at Hunter Partners and held senior roles at Warner- Lambert and Parke-Davis, specializing in strategy, business development and growth. • International leadership and market expansion: Led global business initiatives across Europe and Asia, driving growth and innovation in the medical technology sector. • Governance & advisory: Supervisory Board member at Paul Hartmann AG and President of the German-Dutch Chamber of Commerce, specializing in cross- border collaboration. • Global healthcare & biotech leadership: Led business growth and strategy in Europe, North America and global markets. • Technical & management expertise: B.S. in Mechanical Engineering (Worcester Polytechnic) and M.S. in Management (MIT Sloan). • Global leadership & governance: Experienced in leading and advising healthcare and pharma companies across the U.S., Europe and international markets. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 163 Board-Related Matters Dutch law: Diversity requirements within the Managing Board and Supervisory Board On January 1, 2022, a Dutch gender diversity bill became effective. The gender diversity bill imposes requirements on so-called "large" companies such as QIAGEN to formulate appropriate and ambitious gender balance targets for the Supervisory Board, Managing Board and senior management. Accordingly, we have established gender balance targets that we consider appropriate and ambitious as follows: • Our objective is for at least 40% of the Supervisory Board members to be women and at least 40% men in the mid-term. As of December 31, 2024, the Supervisory Board was comprised of 40% women. • Our current Managing Board consists of two members, the CEO and the CFO, who are ultimately accountable for the actions and decisions of QIAGEN. If there is a change of a current Managing Board member, an expansion in the number or a change in the governance structure, we will seek to have at least 30% women as members and at least 30% men. We will consider internal candidates from QIAGEN’s senior management who fulfill the desired profile for any open position or by defining selection criteria for new hires that include, among other factors, gender diversity. • In senior management, our goal is to have at least 40% women and 40% men in these roles in the mid-term. To achieve this goal, gender diversity is a goal that is part of our annual Team Goals, as well as a priority in our recruiting practices and talent development programs. As of December 31, 2024, 37% of senior management roles were held by women, having increased from 28% in 2018. Although we are not subject to quota requirements for gender diversity within the Managing Board and Supervisory Board, we support the trend toward higher participation of women. At the same time, QIAGEN believes that gender is only one aspect of diversity and strives to ensure a diverse composition in terms of factors such as age, nationality, public reputation, industry or academic experience, etc. We are committed to increasing diversity while pursuing individuals for these Boards and senior management roles who offer a unique blend of scientific and commercial expertise combined with leadership capabilities that will contribute to the future success of QIAGEN. Management development programs support the career advancement of leaders regardless of gender and other factors. As a result, the number of women in key leadership roles, particularly in commercial and operational positions, has increased within QIAGEN in recent years. In line with this commitment, our Nomination & Governance Committee will continue to select future members for the Managing Board and Supervisory Board with due observance of its aim to ensure a diverse leadership team on the basis of gender, but also on the basis of other factors - all without compromising our commitment to hiring the best individuals for those positions. More information about diversity at QIAGEN can be found below under the section Dutch Corporate Governance Code - Comply or explain. Culture At QIAGEN, we foster a culture deeply embedded in quality, ingenuity, and accessibility, reflecting our core brand values. Our purpose—to help customers advance science and improve patient outcomes—drives our commitment to a strong, ethical, and inclusive corporate culture. Culture’s Contribution to Long-Term Value Creation Our EMPOWER culture is designed to encourage employees to take ownership of their work while remaining accountable for decisions that align with the best interests of QIAGEN, our customers, and stakeholders. This empowerment fosters innovation, collaboration, and integrity—critical components of our long- term sustainable value creation. Our approach to compensation reinforces our cultural aspirations by rewarding both what goals are achieved and how they are accomplished, ensuring alignment with our values and ethical standards. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 164 Board-Related Matters Governance and Compliance: Ensuring Ethical Conduct QIAGEN maintains a robust framework of checks and balances to uphold compliance with laws, ethical standards and healthy business practices: (1) Corporate Code of Conduct and Ethics – Establishes the highest standards of integrity, ensuring ethical decision-making across all levels of the organization. (2) QIAintegrity Line – A web-based, independent and confidential reporting tool that allows employees and third parties to report misconduct within QIAGEN or our supply chain, reinforcing transparency and accountability. (3) Compliance Committee – Comprising senior executives from various functions, this committee is responsible for overseeing compliance with our Corporate Code of Conduct and Ethics and ensuring continuous improvement in ethical governance. QIAGEN regularly evaluates the effectiveness of these initiatives and remains committed to fostering a culture that supports sustainable, long-term value creation while maintaining the highest standards of compliance and integrity. Conflicts of Interest, Loans or Similar Benefits Resolutions to enter into transactions that may create a conflict of interest between a member of the Managing Board or Supervisory Board and QIAGEN – where such transactions could have material significance for either QIAGEN or the involved member – must be reported to the Supervisory Board for review and approval. In 2024, neither QIAGEN nor any of its Supervisory Board members entered into any such transactions. No credit, loans or similar benefits were granted to members of the Managing Board or Supervisory Board. Additionally, the Managing Board and Supervisory Board members did not receive any benefits from third parties that were either promised or granted in view of their position with QIAGEN. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 165 Shareholder Meetings and Share Capital Shareholder Meetings Our Shareholders exercise their voting rights through the Annual General Meeting and also through any Extraordinary General Meeting that may be called. Resolutions at a General Meeting are adopted by an absolute majority of votes cast, unless a different majority of votes or quorum is required by Dutch law or the Articles of Association. Each Share confers the right to cast one vote. Furthermore, the Managing Board, or where appropriate the Supervisory Board, shall provide all shareholders and other stakeholders with equal and simultaneous public information about any matters deemed to be materially relevant and could significantly influence QIAGEN's Share price. QIAGEN is required to convene an Annual General Meeting in the Netherlands within six months following the end of each year. The agenda must contain certain matters as specified in our Articles of Association and under Dutch law, including, among other things, the adoption of the Annual Financial Statements. Extraordinary General Meetings are held as often as deemed necessary by the Managing Board or Supervisory Board, or upon a request to the Managing Board or Supervisory Board by one or more shareholders and other persons entitled to attend meetings jointly representing (i) at least 40% of our issued share capital, with those persons jointly being authorized to convene such meeting themselves in case the Boards do not timely comply with the request, in accordance with the Articles of Association, or (ii) at least 10% of our issued share capital, with those persons jointly being authorized to convene such meeting themselves in case the Boards do not timely comply with the request, but only if and to the extent authorized thereto by a competent Dutch court in accordance with the laws of the Netherlands. Shareholders are entitled to propose items for the agenda provided that they hold at least 3% of the issued share capital. Proposals for agenda items must be submitted at least 60 days prior to the General Meeting date. The notice convening a General Meeting, accompanied by the agenda, shall be sent no later than 42 days prior to the meeting date. QIAGEN informs the General Meeting by means of explanatory notes to the agenda, providing all information relevant to the proposed resolutions. Pursuant to the Dutch Code, all transactions between QIAGEN and legal or natural persons who hold at least 10% of the shares in the Company shall be agreed on terms that are customary to our industry. Decisions to enter into transactions in which there are considered to be conflicts of interest of material significance to the Company and/or to the people involved require the approval of the Supervisory Board. QIAGEN did not enter into any such transaction in 2024. Furthermore, pursuant to the Dutch implementation of the Shareholders Rights Directive II (SRD II), certain material transactions with related parties (in the meaning of the standards adopted by the International Accounting Standards Board and approved by the European Commission) require the approval of the Supervisory Board or, if all Supervisory Board members are involved in such transactions, the General Meeting of Shareholders. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 166 Shareholder Meetings and Share Capital Major Shareholders The following table sets forth certain information concerning the ownership of our Shares by holders with at least 5% ownership. None of these holders have any different voting rights than other shareholders. Name and country of residence Shares beneficially owned Number Percent ownership(1) BlackRock, Inc., United States and United Kingdom 22,845,802 (2) 10.28% Massachusetts Financial Services Company, United States and Canada 24,066,569 (3) 10.83% Wellington Management Group LLP, United States and United Kingdom 23,291,538 (4) 10.48% (1) The percentage ownership was calculated based on 222,290,848 Common Shares outstanding as of December 31, 2024. (2) Of the 22,845,802 shares attributed to BlackRock, Inc., it has sole voting power over 21,036,992 and sole dispositive power over all 22,845,802 shares. This information is based solely on the Schedule 13G filed by BlackRock, Inc. with the Securities and Exchange Commission on November 7, 2024, which reported ownership as of October 31, 2024. (3) The 24,066,569 shares attributed to Massachusetts Financial Services Company are reported as of December 31, 2023. Of the 24,066,569 shares attributed to Massachusetts Financial Services Company, it has sole voting power over 20,451,464 and sole dispositive power over all 24,066,569 shares. This information is based solely on the Schedule 13G filed by Massachusetts Financial Services Company with the Securities and Exchange Commission on February 9, 2024, which reported ownership as of December 31, 2023. (4) Information is based on a report on Schedule 13G jointly filed with the Securities and Exchange Commission on February 6, 2025 by Wellington Management Group LLP, Wellington Group Holdings LLP, Wellington Investment Advisors Holdings LLP and Wellington Management Company LLP. These shares are owned of record by clients of certain investment advisers including Wellington Management Company LLP (together, the "Wellington Investment Advisers"), of which Wellington Management Group LLP is the parent holding company. Wellington Investment Advisors Holdings LLP controls directly, or indirectly through Wellington Management Global Holdings, Ltd, the Wellington Investment Advisers. Wellington Investment Advisors Holding LLP is owned by Wellington Group Holdings LLP. Wellington Group Holdings LLP is owned by Wellington Management Group LLP. According to this Schedule 13G, of these 23,291,538 shares, each of Wellington Management Group LLP, Wellington Group Holdings LLP and Wellington Investment Advisors Holdings LLP have shared voting power over 18,485,559 and shared dispositive power over all 23,291,538 shares as of January 31, 2025. Wellington Management Company LLP has shared voting power over 13,367,076 shares and shared dispositive power over 14,178,191 shares as of January 31, 2025. Control of Registrant To our knowledge, QIAGEN is not directly or indirectly owned or controlled by another corporation, by any foreign government, or by any other natural or legal person. As of January 31, 2025, the officers and directors of QIAGEN as a group beneficially owned approximately 1.0 million Shares, or 0.4% of outstanding Shares. Holders of any securities with special control rights Not applicable. System of control of any employee share scheme where the control rights are not exercised directly by the employees Not applicable. Restrictions on voting rights At the General Meeting, each Share shall confer the right to cast one vote, unless otherwise provided by law or our Articles of Association. No votes may be cast in respect of Shares that we or our subsidiaries hold, or by usufructuaries and pledgees. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 167 Shareholder Meetings and Share Capital All shareholders and other persons entitled to vote at General Meetings are entitled to attend General Meetings, to address the meeting and to vote. They must notify the Managing Board in writing of their intention to be present or represented no later than on the third day prior to the day of the General Meeting, unless the Managing Board permits notification within a shorter period of time prior to the Meeting. Subject to certain exceptions, resolutions may be passed by a simple majority of the votes cast. Agreements between shareholders known to the Company and may result in restrictions on the transfer of securities and/or voting rights Not applicable. Rules governing the appointment and replacement of Board members and amendments of the Articles of Association Supervisory Board and Managing Board members are appointed annually for the period beginning on the day following the Annual General Meeting up to, and including, the day of the Annual General Meeting held the following year. Managing Board members shall be appointed by the General Meeting upon the Joint Meeting having made a binding nomination. However, the General Meeting may overrule the binding nature of a nomination by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half the issued share capital. This is different from the provisions of many U.S. corporate statutes, including the Delaware General Corporation Law, which give the directors of a corporation greater authority in choosing the executive officers. Under our Articles of Association, the General Meeting may suspend or dismiss a Managing Board member at any time. The Supervisory Board shall also be entitled at all times to suspend (but not to dismiss) a Managing Director. The Articles of Association also provide that the Supervisory Board may adopt management rules governing the internal organization of the Managing Board. The Supervisory Board members shall be appointed by the General Meeting upon the Joint Meeting having made binding nominations. If a vacancy occurs in the Supervisory Board during the year, the Supervisory Board may appoint a new member who will cease to hold office at the next Annual General Meeting, where this member may stand for appointment to a one-year term along with other Supervisory Board and Managing Board members. This right is limited to a number up to one-third of its current members. Under Dutch law, in the event that there is a conflict of interest between a Supervisory Board member and QIAGEN involving our business, the involved Supervisory Board member shall not participate in the discussions and voting on that matter. Additionally, Dutch law stipulates that a Supervisory or Managing Board member should report any conflict of interest or potential conflict of interest in a transaction that is of material significance to the Company and/or to the member to the Chair of the Supervisory Board without delay. The Supervisory Board should decide, outside the presence of the involved Supervisory Board member, whether there is a conflict of interest. If all Supervisory Board members have a conflict of interest, the relevant resolution shall be voted on by the General Meeting. Decisions to enter into transactions under which a Supervisory Board member has a conflict of interest require the approval of the Supervisory Board. The Nomination & Governance Committee is primarily responsible for the preparation of selection criteria and appointment procedures for members of the Supervisory Board and Managing Board as well as the periodic evaluation of the scope and composition of the two Boards, including the profile of the Supervisory Board. It also proposes the (re-)appointments of the members for both Boards and supervises the policy of our Managing Board in relation to selection and appointment criteria for senior management. A resolution of the General Meeting to amend our Articles of Association, dissolve QIAGEN, issue shares or grant rights to subscribe for shares or limit or exclude any pre-emptive rights to which shareholders shall be entitled is valid only if proposed to the General Meeting by the Supervisory Board. A resolution of the General Meeting to amend our Articles of Association is further only valid if the complete proposal has been made available for inspection by the shareholders and the other persons entitled to attend General QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 168 Shareholder Meetings and Share Capital Meetings at our offices as from the day of notice convening such meeting until the end of the meeting. A resolution to amend our Articles of Association to change the rights attached to the shares of a specific class requires the approval of the relevant class meeting. Powers of Board members, including to issue or buy back shares The Managing Board manages QIAGEN and is responsible for defining and achieving QIAGEN’s aims, strategy, policies and results. It is also responsible for complying with all relevant legislation and regulations, as well as for managing the risks associated with our business activities and financing requirements. The Managing Board provides the Supervisory Board with timely information necessary for the exercise of the duties of the Supervisory Board, and takes into account the interests of QIAGEN, its enterprises and all parties involved in QIAGEN, including shareholders and other stakeholders. Supervisory Board members have the powers assigned to them by Dutch law, the Articles of Association and in certain cases powers assigned by the General Meeting. The Supervisory Board assists the Managing Board by providing advice relating to the business activities and strategy. In discharging its duties, the Supervisory Board also takes into account the interests of QIAGEN, its enterprise and all parties involved in QIAGEN, including shareholders and other stakeholders. On June 21, 2024, the General Meeting authorized the Supervisory Board until December 21, 2025 (i) to issue a number of ordinary shares and financing preference shares and grant rights to subscribe for such shares, the aggregate par value of which shall be equal to the aggregate par value of fifty percent (50%) of the shares issued and outstanding in the capital of the Company as at December 31, 2023, as included in the Annual Accounts for Calendar Year 2023 and (ii) to restrict or exclude the pre-emptive rights with respect to issuing ordinary shares or granting subscription rights, the aggregate par value of such shares or subscription rights shall be up to a maximum of ten percent (10%) of the aggregate par value of all shares issued and outstanding in the capital of the Company as at December 31, 2023. We may acquire our own shares, subject to certain provisions of Dutch law and our Articles of Association, if (i) shareholders’ equity less the payment required to make the acquisition does not fall below the sum of paid-up and called-up capital and any reserves required by Dutch law or the Articles of Association, and (ii) we and our subsidiaries would not thereafter hold shares with an aggregate nominal value exceeding half of our issued share capital. Shares that we hold in our own capital or shares held by one of our subsidiaries may not be voted. The Managing Board, subject to the approval of the Supervisory Board, may effect the acquisition of shares in our own capital. Our acquisitions of shares in our own capital may only take place if the General Meeting has granted to the Managing Board the authority to effect such acquisitions. Such authority may apply for a maximum period of eighteen months and must specify the number of shares that may be acquired, the manner in which shares may be acquired and the price limits within which shares may be acquired. Dutch corporate law allows for the authorization of the Managing Board to purchase a number of shares equal to up to 50% of the Company’s issued share capital on the date of the acquisition. On June 21, 2024, the General Meeting resolved to extend the authorization of the Managing Board in such manner that the Managing Board may cause us to acquire shares in our own share capital, for an 18-month period beginning June 21, 2024, until December 21, 2025, without limitation at a price between one euro cent (EUR 0.01) and one hundred ten percent (110%) of the higher of the average closing price of our shares on the New York Stock Exchange or, as applicable, the Frankfurt Stock Exchange, for the five trading days prior to the day of purchase, or, with respect to Preference and Financing Preference shares, against a price between one euro cent (EUR 0.01) and three times the issuance price and in accordance with applicable provisions of Dutch law and our Articles of Association. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 169 Shareholder Meetings and Share Capital Significant agreements to which the Company is a party and which take effect after or terminate upon a change of control of the Company following a takeover bid Certain other provisions of our Articles of Association allow us, under certain circumstances, to prevent a third party from obtaining a majority of the voting control of our Common Shares through the issuance of Preference Shares. Pursuant to our Articles of Association and the resolution adopted by our General Meeting, our Supervisory Board is entitled to issue Preference Shares in case of an intended takeover of our Company by (i) any person who alone or with one or more other persons, directly or indirectly, have acquired or given notice of an intent to acquire (beneficial) ownership of an equity stake which in aggregate equals 20% or more of our share capital then outstanding or (ii) an “adverse person” as determined by the Supervisory Board. If the Supervisory Board opposes an intended takeover and authorizes the issuance of Preference Shares, the bidder may withdraw its bid or enter into negotiations with the Managing Board and/or Supervisory Board and agree on a higher bid price for our Shares. In 2004 (as amended in 2012), we granted an option to the Stichting Preferente Aandelen QIAGEN (the “Foundation” (Stichting)), whereby the exercise of the option by the Foundation is subject to the conditions described in the paragraph above and which option allows the Foundation to acquire preference shares. The option enables the Foundation to acquire such number of preference shares as equals the number of our outstanding common shares at the time of the relevant exercise of the right less one share. When exercising the option and exercising its voting rights on such shares, the Foundation must act in our interest and the interests of our stakeholders. The purpose of the Foundation option is to prevent or delay a change of control that would not be in the best interests of us and our stakeholders. An important restriction on the Foundation’s ability to prevent or delay a change of control is that issuing (preference or other) protective shares enabling the Foundation to exercise 30% or more of the voting rights without the obligation to make a mandatory offer for all shares held by the remaining shareholders, is only allowed after a public offer has been announced by a third party. In addition, the holding of such a block of shares by the Foundation is restricted to two years and, as a consequence, the size of the protective stake will need to be decreased below the 30% voting rights threshold before the two-year period lapses. Pursuant to our stock plans, the vesting and exercisability of certain stock rights will be accelerated in the event of a change of control, as defined in the agreements under the 2014 and 2023 Stock Plans. Further, certain of our employment contracts contain provisions which guarantee the payments of certain amounts in the event of a change in control, or if the executive is terminated for reasons other than cause, as defined in the agreements. Agreements between the Company and its Board members or employees providing for compensation in case of resignation or termination without valid reason or if employment ceases due to a change of control The Managing Board members are appointed annually to one-year terms by the General Meeting upon a binding nomination by the Joint Meeting. Further, the Managing Board members have entered into employment agreements with QIAGEN N.V. and other QIAGEN affiliates. The terms of these agreements vary for each Managing Board member due to individual arrangements, and these go beyond the one-year term of appointment as Managing Directors. These agreements cannot be terminated without cause and, absent such cause, have to be fulfilled under the terms. These agreements contain provisions that guarantee certain payments in the event of a change in control, as defined in the agreements. There are no arrangements for any extra compensation in case of resignation or termination. The Supervisory Board members are also appointed annually by the General Meeting upon a binding nomination by the Joint Meeting. There are no additional employments in place and there are no arrangements for any extra compensation in case of resignation or termination. The General Meeting determines the remuneration of the members of the Supervisory Board. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 170 Shareholder Meetings and Share Capital Reporting in accordance with Directive 2004/25/EC of the European Parliament and of the Council of April 21, 2004, on takeover bids Not applicable. Structure of our capital, including securities which are not admitted to trading on a regulated market in a Member State of the European Union The authorized classes of our shares consist of common shares, Financing Preference Shares and Preference Shares. No Financing Preference Shares or Preference Shares have been issued. As of December 31, 2024, a total of approximately 222.3 million Common Shares were outstanding along with approximately 3.6 million additional shares reserved for issuance upon the vesting of outstanding stock awards. Additionally, convertible debts issued in 2020 and 2024, discussed further in Note 16 "Debt," cover an aggregate of 14.0 million underlying shares of common stock or up to a maximum of 18.7 million shares, subject to customary adjustments under certain circumstances. Shares - restrictions on the transfer of securities Our Shares are issued in registered form only. No Share certificates are issued for our Shares, which are registered in our Shareholders' Register with Equiniti Trust Company, LLC, our transfer agent and registrar in New York. The transfer of registered Shares requires a written instrument of transfer and the written acknowledgment of such transfer by QIAGEN or the New York Transfer Agent (in our name). Anti-Takeover Measures In 2004, the Supervisory Board granted an option to the Dutch Foundation Stichting Preferente Aandelen QIAGEN that allows the Foundation to acquire preference shares from QIAGEN if (i) a person has (directly or indirectly) acquired or has expressed a desire to acquire more than 20% of our issued share capital, or (ii) a person holding at least a 10% interest in the share capital has been designated as a hostile person by our Supervisory Board. The option enables the Foundation to acquire preference shares equal to the number of our outstanding common shares at the time of the relevant exercise of the right, less one share. When exercising the option and exercising its voting rights on these shares, the Foundation must act in the interest of QIAGEN and the interests of our stakeholders. No preference shares are currently outstanding. Additional Information Cyber Security Cyber security risks are managed at multiple levels throughout the Company and are considered in the context of our overall Enterprise Risk Management as discussed under Risks and Risk Management. Cyber security risks facing our business that are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition, are described in Risks and Risk Management under “We rely on secure communication and information systems and are subject to evolving privacy and data security laws. Any disruption, breach or failure could adversely affect our business, financial condition and reputation.” In the last three years through the date of this annual report, there have been no breaches of cyber security or other related risk threats that have, or are reasonably likely to have, a material impact to our business. We have not incurred any material expenses and have not incurred any penalties or settlements. Cyber Security Risk Management and Strategy Embedded in our risk management strategy, we maintain a cyber security program to identify and assess material risks to ensure the confidentiality, integrity and availability of our information assets and to ensure our IT systems operate effectively. Reporting to our Chief Financial Officer, our Chief Information Security Officer (CISO) is responsible for our enterprise and cyber risk management program. A subject-matter expert with more than a decade of experience leading information security programs, our CISO is supported by a global team of security professionals. These security professionals focus on information security and evaluate our global processes and relevant cyber QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 171 Additional Information security threats. The severity and materiality of incidences are address through an incident reporting process and, if necessary, are escalated internally to senior management, who assess the need for public disclosure. Our cyber security program includes appropriate testing and training, and we engage third parties in connection with such processes to ensure the effectiveness of our cyber security controls. Additionally, relevant third-party service providers are subject to cyber security review. Cyber Security Governance The Managing Board is ultimately responsible for cyber security management, which is overseen by our Audit Committee, a committee of our Supervisory Board. The CISO reports cyber security risks and incidents to the Audit Committee. This reporting includes an update on cyber risk management, internal security awareness testing results, cyber incident response and planned improvements. In the event of a material incidence, the Audit Committee would be informed in a timely manner and kept updated regarding the mitigation and remediation of such an incidence. They would also be involved in the assessment of any public disclosure. Stock Plans The stock plan is administered by the Compensation & Human Resources Committee of the Supervisory Board, which selects participants from among eligible employees, consultants and directors, and determines the number of shares subject to the stock-based award, the length of time the award will remain outstanding, the manner and time of the award's vesting, the price per share subject to the award, and other terms and conditions of the award consistent with the Plan. The Compensation & Human Resources Committee's decisions are subject to the approval of the Supervisory Board. The Compensation & Human Resources Committee has the power, subject to Supervisory Board approval, to interpret the plans and to adopt such rules and regulations (including the adoption of “sub plans” applicable to participants in specified jurisdictions) as it may deem necessary or appropriate. The Compensation & Human Resources Committee or the Supervisory Board may, at any time, amend the plans in any respect, subject to Supervisory Board approval. Exceptions apply, including (i) no amendment that would adversely affect the rights of any participant under any option previously granted may be made without such participant's consent, and (ii) no amendment shall be effective prior to shareholder approval to the extent such approval is required to ensure favorable tax treatment for incentive stock options or to ensure compliance with Rule 16b-3 under the United States Securities Exchange Act of 1934, as amended (the Exchange Act) at such times as any participants are subject to Section 16 of the Exchange Act. On June 22, 2023, our shareholders approved the QIAGEN N.V. 2023 Stock Plan, which replaced the 2014 Stock Plan in May 2024. Further detailed information regarding stock options and awards granted under the plan can be found in Note 22 "Share-Based Compensation" included in the Consolidated Financial Statements. Corporate Code of Conduct and Ethics and Whistleblower Policy We have a Corporate Code of Conduct and Ethics that outlines business principles for our employees and rules of conduct. Our Corporate Code of Conduct and Ethics is updated annually and meets the requirements of the SEC and the NYSE Listed Company Manual. The Corporate Code of Conduct and Ethics applies to all employees including the chief executive officer, chief financial officer, the principal accounting officer or controller and other persons performing similar functions. The full text of our Corporate Code of Conduct and Ethics can be found on our website, www.qiagen.com, on the Compliance page under About QIAGEN. Furthermore, we have a formal Whistleblower Policy concerning the reporting of alleged irregularities within QIAGEN of a general, operational or financial nature. We have a web-based, independent and confidential reporting tool, our QIAintegrity Line, that allows employees and third parties to report misconduct within QIAGEN or our supply chain, reinforcing transparency and accountability. The QIAintegrity Line can be found on our website, www.qiagen.com, on the Compliance page under About QIAGEN. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 172 Additional Information Insider Trading Policy Dealings in our Shares based on material non-public information about QIAGEN is strictly prohibited under U.S. and German securities laws. These laws are complex and penalties can be severe. In order to protect QIAGEN and its employees from such sanctions, we have adopted an Insider Trading Policy that outlines basic rules, including procedures governing any dealings in our Shares, that applies to potential Insiders (individuals with knowledge of non-public material information) and holders of QIAGEN Shares (including stock options and Restricted Stock Units). The Insider Trading Policy applies to the Supervisory Board, Managing Board and all employees of QIAGEN N.V. and its subsidiaries. Clawback Policy To create and maintain a culture that emphasizes integrity and accountability and that reinforces our pay-for-performance compensation philosophy, the Managing Board and Supervisory Board adopted a policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material non-compliance with financial reporting requirements under the federal securities laws (Clawback Policy). The Clawback Policy applies to our current and former executive officers, as determined by the Supervisory Board, in accordance with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC and any national securities exchange on which our securities are listed, and any such other employees who may, from time to time, be deemed subject to the Clawback Policy by the Supervisory Board. Independent Auditors In accordance with the requirements of Dutch law, our independent auditor for our statutory consolidated financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the European Union and filed with the Netherlands Authority for the Financial Markets (AFM), is appointed, and may be removed, by the General Meeting. The Supervisory Board nominates a candidate for the appointment as external auditor, for which the Audit Committee advises the Supervisory Board. At the Annual General Meeting in 2024, KPMG Accountants N.V. was appointed as external auditor for the Company for the 2024 year. The external auditor is invited to attend the meeting of the Supervisory Board at which the statutory financial statements prepared in accordance with International Financial Reporting Standards and filed with the AFM shall be approved. Furthermore, the external auditor is invited to attend the General Meeting at which the statutory financial statements are adopted and may be questioned by the General Meeting on its statement on the fairness of our annual accounts prepared in accordance with International Financial Reporting Standards. Following the appointment of KPMG Accountants N.V. for the audit of our statutory consolidated financial statements, the external auditor for our consolidated financial statements prepared under U.S. generally accepted accounting principles is KPMG AG Wirtschaftsprüfungsgesellschaft, which audited the U.S. GAAP consolidated financial statements as of and for the year ended December 31, 2024. The remuneration of the external auditor, and instructions to the external auditor to provide non-audit services, shall be approved by the Supervisory Board on the recommendation of the Audit Committee and after consultation with the Managing Board. At least once every four years, the Supervisory Board and the Audit Committee shall conduct a thorough assessment of the functioning of the external auditor. The main conclusions of this assessment shall be communicated to the General Meeting for the purposes of assessing the nomination for the appointment of the external auditor. KPMG Accountants N.V. have been our auditor since 2015. According to Dutch regulations, an audit firm can be elected only for a period of 10 subsequent years. Therefore, the formal appointment of Ernst & Young Accountants LLP as external auditor for the reporting year 2025 was approved by the shareholders at QIAGEN's 2024 Annual General Meeting (AGM). Dutch Corporate Governance Code – Comply or Explain The corporate governance structure and compliance with the Dutch Code is the joint responsibility of the Managing Board and the Supervisory Board. They are accountable for this responsibility to the General Meeting. We continue to seek QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 173 Additional Information ways to improve our corporate governance by measuring ourselves against international best practice. The Dutch Code was last amended on December 20, 2022 and can be found at www.mccg.nl. Non-application of a specific best practice provision is not in itself considered objectionable by the Dutch Code and may well be justified because of particular circumstances relevant to a company. In accordance with Dutch law, we disclose in our Annual Report the application of the Dutch Code's principles and best practice provisions. To the extent that we do not apply certain principles and best practice provisions, or do not intend to apply these in the current or the subsequent year, we state the reasons. We take a positive view of the Dutch Code and apply nearly all of the best practice provisions. However, we prefer not to apply some provisions due to the international character of our business as well as the fact - acknowledged by the Commission that drafted the Dutch Code - that existing contractual agreements between QIAGEN and individual members of the Managing Board cannot be set aside at will. The following provides an overview of exceptions that we have identified: 1. Best practice provision 2.2.2 recommends that a Supervisory Board member is appointed for a period of four years and may then be reappointed once for another four-year period. The Supervisory Board member may then subsequently be reappointed again for a period of two years, which appointment may be extended by at most two years. In the event of a reappointment after an eight-year period, reasons should be given in the report of the supervisory board. In any appointment or reappointment, the profile referred to in best practice provision 2.1.1 should be observed. Explanation of Supervisory Board Appointment Terms QIAGEN has adopted the approach to appoint its Supervisory Board members on an annual basis. Each member is elected for a one-year term, beginning the day after the General Meeting and concluding at the following year's General Meeting. This approach allows for greater flexibility, regular accountability and ongoing shareholder oversight, ensuring that the Board continues to serve the best interests of the Company and its stakeholders. Long-Term Supervisory Board Members and Their Contributions • Dr. Metin Colpan has been a member of the Supervisory Board since 2004. His extensive scientific and commercial expertise, particularly as a co- founder of QIAGEN, brings invaluable strategic insight to the Board. His experience as a board member of various healthcare industry companies further enriches discussions with a broad, industry-specific perspective. • Ms. Elizabeth Tallett, a member since 2011, brings executive and board- level experience from numerous international companies, particularly in pharmaceuticals, biotechnology, healthcare and insurance. Her expertise spans international operations, mergers and acquisitions, strategic planning, marketing, product development, talent management and executive compensation. • Mr. Lawrence A. Rosen, who joined in 2013, is a seasoned executive with extensive leadership experience at multinational companies, including Deutsche Post AG, Fresenius Medical Care AG & Co. KGaA and Aventis SA. His deep knowledge of finance, strategy, mergers and acquisitions, investor relations, corporate governance and capital markets engagement makes him a key asset to the Board, particularly given his international career spanning both Europe and the United States. • Prof. Dr. Elaine Mardis, a Supervisory Board member since 2014, brings a strong scientific perspective to QIAGEN. Her internationally recognized contributions to biological research significantly enhance the Board’s understanding of scientific and technological advancements relevant to the Company’s mission. QIAGEN highly values the commitment and expertise of Dr. Colpan, Ms. Tallett, Mr. Rosen and Prof. Dr. Mardis. Their diverse backgrounds and deep industry knowledge strengthen the Supervisory Board, ensuring effective oversight and strategic guidance. Despite the deviation from the standard Dutch corporate governance tenure framework, QIAGEN believes that its annual QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 174 Additional Information appointment structure enhances transparency, adaptability and shareholder engagement, ultimately benefiting the Company’s long-term success. 2. Best practice provision 2.2.4 recommends that the Supervisory Board should draw up a retirement schedule in order to avoid, as much as possible, Supervisory Board members retiring simultaneously. The retirement schedule should be posted on the Company’s website. The Supervisory Board takes a proactive approach to succession planning by discussing individual members' retirement plans well in advance. Rather than adhering to a fixed retirement schedule, as recommended by Dutch corporate governance best practice provision 2.2.4, QIAGEN believes that this flexible approach allows for more effective continuity management and succession planning. By assessing board composition on an ongoing basis, QIAGEN ensures that transitions are strategic and well-managed, aligning with the Company's evolving needs while maintaining strong governance and leadership stability. 3. Best practice provision 3.1.2 (vi) recommends that when formulating the remuneration policy, it should be be taken into consideration that shares awarded to members of the Management Board should be held for at least five years after they are awarded; Under the Company’s Remuneration Policy, long-term equity-based compensation for members of the Managing Board primarily consists of performance stock units (PSUs). These long-term incentive awards are tied to the achievement of pre-defined performance goals, ensuring alignment with the Company’s strategic objectives. Unlike the Dutch corporate governance best practice provision 3.1.2 (vi), which recommends that shares be held for at least five years, QIAGEN’s approach has evolved over time: • Prior to February 2018, grants of performance stock units (PSUs) and restricted stock units (RSUs) vested as follows: 40% after three years; 50% after five years; remaining 10% after ten years • After February 2018, grants of PSUs and RSUs were structured to vest: 40% after three years; 60% after five years • Starting in February 2021, grants of performance stock units vest entirely after three years. This approach reflects QIAGEN’s shift toward a three-year vesting schedule, which differs from the Dutch recommendation but remains aligned with the Company's long-term incentive strategy. By focusing on performance-based equity awards, QIAGEN ensures that Managing Board members are incentivized to drive sustained Company performance while maintaining effective governance and shareholder alignment. 4. Best practice provision 3.2.3 recommends that the maximum remuneration in the event of dismissal of a Management Board member should not exceed one year's salary (the "fixed" remuneration component). Our Managing Board members have entered into agreements with QIAGEN N.V. and certain QIAGEN affiliates where they hold managing positions. Under these agreements, if an employment contract is terminated without serious cause, as defined by the applicable law, the respective affiliate remains obligated to compensate the Managing Board member for the remaining duration of the contract. This approach ensures contractual consistency and legal compliance across QIAGEN’s international operations. While it deviates from the Dutch recommendation, it reflects standard employment practices in certain jurisdictions where QIAGEN operates and provides stability in leadership transitions. 5. Best practice provision 3.3.2 recommends that a Supervisory Board member may not be awarded remuneration in the form of shares and/or rights to shares. Since its establishment, QIAGEN granted stock options to Supervisory Board members as part of their remuneration until 2013, when this practice was discontinued. However, since 2007, QIAGEN has granted restricted stock units (RSUs) to Supervisory Board members. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 175 Additional Information We believe that maintaining a reasonable level of share-based compensation fosters a positive alignment with shareholder interests while ensuring that Supervisory Board members remain engaged and committed to QIAGEN’s long-term success. Additionally, granting share-based compensation to Supervisory Board members is a common industry practice, helping QIAGEN to attract and retain highly qualified board members who bring valuable expertise to the Company. NYSE Exemptions Exemptions from the NYSE corporate governance standards are available to foreign private issuers, such as QIAGEN, when those standards are contrary to a law, rule or regulation of any public authority exercising jurisdiction over such issuer or contrary to generally accepted business practices in the issuer’s country of domicile. In connection with QIAGEN’s listing on the NYSE, the NYSE accepted QIAGEN's exemptions from certain corporate governance standards that are contrary to the laws, rules, regulations or generally accepted business practices of the Netherlands. These exemptions and the practices followed by QIAGEN are described below: • QIAGEN is exempt from NYSE’s quorum requirements applicable to meetings of ordinary shareholders. In keeping with the law of the Netherlands and generally accepted business practices in the Netherlands, QIAGEN’s Articles of Association provide that there are no quorum requirements generally applicable to meetings of the General Meeting. • QIAGEN is exempt from NYSE’s requirements that shareholder approval be obtained prior to the establishment of, or material amendments to, stock option or purchase plans and other share-based compensation arrangements pursuant to which options or stock may be acquired by directors, officers, employees or consultants. QIAGEN is also exempt from NYSE’s requirements that shareholder approval be obtained prior to certain issuances of stock resulting in a change of control, occurring in connection with acquisitions of stock or assets of another company or issued at a price less than the greater of book or market value other than in a public offering. QIAGEN’s Articles of Association do not require approval of the General Meeting prior to the establishment of a stock plan. The Articles of Association also permit the General Meeting to grant the Supervisory Board general authority to issue shares without further approval of the General Meeting. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 176 Corporate Governance Statement The Dutch Corporate Governance Code requires businesses to publish a statement on their approach to corporate governance and their compliance with the Code. This is referred to in Article 2a of the Decree on additional requirements for directors’ reports (Decree on the Content of Directors’ Reports – Besluit inhoud bestuursverslag), last amended on January 1, 2024 (the Decree). The information that must be included in this Corporate Governance statement as described in Sections 3, 3a, 3b and 3d of the Decree, which is incorporated herein and repeated here by way of cross-reference, can be found in the following sections of this annual report: • The information concerning compliance with the Dutch Code, as required by Section 3 of the Decree, is provided in the section Dutch Corporate Governance Code - Comply or Explain; • The information concerning QIAGEN's risk management systems and internal control frameworks relating to the financial reporting process, as required by Section 3a(a) of the Decree, can be found under Risk Management; • The information regarding the functioning of QIAGEN's General Meeting, and the authority and rights of QIAGEN's shareholders, as required by article 3a(b) of the Decree, can be found under Shareholder Meetings; • The information regarding the composition and functioning of QIAGEN's Managing Board, the Supervisory Board and its committees, as required by article 3a(c) of the Decree, can be found in the relevant sections under Managing Board, Supervisory Board and the Supervisory Board Report; • The information on the policy and targets on diversity in the composition of the Managing and Supervisory Boards, as required under Section 3a(d) and 3d of the Decree, is provided in Diversity within the Managing Board and Supervisory Board; and • The information concerning the powers to issue and repurchase shares can be found under Shareholder Meetings and Share Capital in this Annual Report. Decree implementing Article 10 of the Takeover Directive Insofar as applicable, references are given below to information included pursuant to the Decree implementing Article 10 of the Takeover Directive (Besluit artikel 10 overnamerichtlijn): • The information on the capital structure, the existence of different types of shares and the associated rights and obligations and the percentage of issued share capital represented by each type is provided in Classes of Shares and Note 18 of the Consolidated Financial Statements; • The information on limitations imposed on the transfer of shares issued with the Group’s cooperation is provided in the paragraph Anti-takeover Measures; • Information on the mechanism for assigning rights to employees to take or acquire shares in the capital of the company is provided in Stock Plans; • Information on limitations on voting rights and deadlines for exercising voting rights is provided under Shareholder Meetings, Voting Rights and Other Shareholder Rights; • Information on the regulations regarding appointment and dismissal of Managing and Supervisory Board members and changes to the articles of association is provided under Memorandum and Articles of Association; and • Information on the powers of the Managing Board, in particular to issue shares in the Company and to repurchase Company shares, is provided under Acquisition of Our Own Shares. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 177 Supervisory Board Report Supervisory Board composition Board Nationality The composition of our Supervisory Board is diverse in gender, nationality, background, knowledge and experience. The Board is comprised of six men and four women. Four members are American, three are German, one is Dutch, one is U.K.–American and one is Swedish–Swiss. Many have spent considerable time during their careers living and working outside their home countries in developing global management and leadership capabilities. Following best practice 2.1.10 of the Dutch Corporate Governance Code, the US European Dual Supervisory Board establishes that its members are able to act critically and independently of one another and of the Managing Board. To safeguard this, the Supervisory Board is composed in such a way that all its members are independent in the meaning of best practice 2.1.8 of the Dutch Corporate Governance Code. As a result, the Supervisory Board confirms being of the opinion that the Board Gender Diversity independence requirements referred to in best practice 2.1.7 to 2.1.9 inclusive of the Dutch Corporate Governance Code have been fulfilled. We further believe that all of the Supervisory Board members qualify as independent under the independence standards set forth in the New York Stock Exchange (NYSE) Listed Company Manual. Pursuant to the NYSE rules, a majority of the Supervisory Directors must qualify as independent, as defined in the Manual. The targeted profile of the Supervisory Board is reflected in its regulations, which are published on our website under “Supervisory Board.” Please refer to the discussion under Supervisory Board Members for information Female Male on the principal positions and relevant other positions held by members of the Supervisory Board. Further detailed information is also available on the Company website at www.qiagen.com. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 178 Supervisory Board Report The following table outlines the current Supervisory Board members. Supervisory Board members are reappointed annually for a one-year term. Key competencies Lawrence A. Rosen (Chair) Dr. Metin Colpan Dr. Toralf Haag Prof. Dr. Ross L. Levine Prof. Dr. Elaine Mardis Bert van Meurs Eva van Pelt Dr. Eva Pisa Stephen H. Rusckowski Elizabeth E. Tallett Year of birth 1957 1955 1966 1972 1962 1961 1965 1954 1957 1949 Gender Male Male Male Male Female Male Female Female Male Female Nationality U.S. German German U.S. U.S. Dutch German Swedish / Swiss U.S. U.S. / British Date of initial appointment 2013 2004 2021 2016 2014 2024 2024 2022 2023 2011 Independent per Dutch rules Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes SB Aged 50 to 65 years SB over 65 years age 64 average Age in years Age in 2024 Tenure in 2024 Less than 3 years 3-5 years 6-12 years more than 12 years 8 average tenure in years QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 179 Supervisory Board Report Supervisory Board meetings in 2024 The Supervisory Board held eight meetings in 2024. Of these meetings, six were held in person and two were held virtually. The Supervisory Board meetings and the Supervisory Board committee meetings are held over a number of days, ensuring there is time for review and discussion. At each meeting, the members discuss among themselves the goals and outcome of the meeting as well as topics such as the functioning and composition of the Supervisory Board and the Managing Board. Members of senior management are also regularly invited to provide updates on topics within their area of expertise. This gives the Supervisory Board the opportunity to become acquainted with a variety of managers across QIAGEN, which the Supervisory Board considers very useful in connection with its talent management and succession planning activities. The Supervisory Board also reviewed and discussed agenda items in the absence of the Managing Board members in each meeting, such as performance and strategy as well as compensation matters. Supervisory Board committees The Board has four Committees to cover key areas in greater detail: • Audit Committee • Compensation & Human Resources Committee • Nomination & Governance Committee • Science & Technology Committee The Supervisory Board can establish other committees as deemed beneficial. Charters have been approved by the Supervisory Board under which each of the committees operates. These charters are published on our website at www.qiagen.com under "Supervisory Board." QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 180 Supervisory Board Report The following table outlines the committee membership and meetings attended during 2024: Meeting Attendance Supervisory Board Audit Committee Compensation & Human Resources Committee Nomination & ESG Committee Science & Technology Committee Lawrence A. Rosen 8/8 6/8 3/4 Dr. Metin Colpan 7/8 3/4 4/4 (Chair) Dr. Toralf Haag 8/8 8/8 (Chair) Prof. Dr. Ross L. Levine 8/8 4/4 Prof. Dr. Elaine Mardis 7/8 5/5 4/4 Bert van Meurs(1) 6/6 2/2 Eva van Pelt(2) 5/5 7/7 Dr. Eva Pisa 8/8 5/5 (Chair) Stephen H. Rusckowski 8/8 5/5 2/2 (Chair) Elizabeth E. Tallett 7/8 8/8 5/5 4/4 (1) Mr. van Meurs joined the Supervisory Board in March 2024. (2) Ms. van Pelt joined the Supervisory Board in April 2024. Audit Committee The Audit Committee members are appointed annually by the Supervisory Board for one-year terms. In 2024, the Committee consisted of four members and met at least quarterly. All members are believed to meet the independence requirements outlined in Rule 10A-3 of the Securities Exchange Act of 1934, as amended, and the New York Stock Exchange Listed Company Manual. The Supervisory Board has designated Dr. Toralf Haag as the Committee’s “audit committee financial expert,” as defined by the U.S. Securities and Exchange Commission under the Sarbanes-Oxley Act of 2002 and referenced in the Dutch Decree on Audit Committees (Besluit instelling auditcommissie). The Audit Committee conducts an annual self-evaluation of its activities. As detailed in its charter, its primary responsibilities include serving as an independent and objective body that monitors QIAGEN’s accounting and financial reporting processes, internal controls, compliance systems and risk management, including cyber security risks. The Committee is also responsible for proposing the external auditor to the Supervisory Board, who then present the nomination for approval at the Annual General Meeting. Additionally, the Committee oversees and determines the compensation of QIAGEN’s external auditor while maintaining open communication between the auditor, the Managing Board and the Supervisory Board. The Internal Audit and Compliance functions report directly to the Audit Committee. Furthermore, the Committee is responsible for establishing procedures that allow employees to confidentially or anonymously report concerns, ensuring proper receipt, retention and treatment of submissions related to accounting, internal controls or auditing matters. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 181 Supervisory Board Report The Audit Committee met eight times in 2024 and also met with the external auditor, excluding members of the Managing Board, in October 2024. Throughout the year, the Committee reviewed key financial and operational matters and provided updates to the Supervisory Board. Topics discussed included: • The adequacy of financial accounting, reporting principles, policies and internal controls, in collaboration with the external auditor and management; • Consideration and approval of recommended changes to accounting principles, policies and processes; • Review of quarterly earnings reports with management and the external auditor before public release; • Examination of quarterly and annual reports (Forms 6-K and 20-F) for submission to the U.S. Securities and Exchange Commission and Deutsche Boerse; • Review of the annual report for submission to the Dutch Authority for the Financial Markets; • Evaluation and recommendation of Ernst & Young Accountants LLP as successor auditors to KPMG Accountants N.V.; and • Assessment of major risk exposures, including cyber security, and legal or compliance matters that could significantly impact the financial statements. Compensation & Human Resources Committee The Compensation & Human Resources Committee consists of four members, appointed annually by the Supervisory Board for one-year terms. Its primary responsibilities include overseeing programs, policies and practices related to human capital management, including talent development, workplace culture and fair and inclusive hiring practices. The Committee is also responsible for preparing proposals on the Remuneration Policies for both the Managing Board and Supervisory Board, which are submitted at least every four years to the General Meeting for adoption. Additionally, it prepares proposals regarding the individual compensation of Managing Board members for approval by the Supervisory Board and drafts the Remuneration Report detailing the compensation of Managing Board and Supervisory Board members. This report is submitted to the Supervisory Board for adoption and presented at the Annual General Meeting for an advisory vote in compliance with Dutch law. The Remuneration Report also provides an overview of the implementation of the Remuneration Policies for the most recent year. To ensure that remuneration levels remain competitive, the Committee engaged external consultants in 2024 to benchmark compensation against a selected group of companies and key markets in which QIAGEN operates. The Compensation & Human Resources Committee met five times in 2024 addressing key topics and providing updates to the Supervisory Board. Discussions included: • Policies and practices for managing human capital, including talent management and fair and inclusive hiring practices; • Review and approval of the proposed Supervisory Board Remuneration Policy, which was approved at the June 2024 AGM; • Review and approval of annual salaries, bonuses and other benefits for the Executive Committee; • Approval of all share-based compensation; and • Review of general policies related to employee compensation and benefits. Nomination & Governance Committee The Nomination & Governance Committee consists of five members, appointed annually by the Supervisory Board for one-year terms. Its primary responsibilities include defining selection criteria and appointment procedures for members of the Supervisory Board and Managing Board as well as periodically evaluating the scope, composition and effectiveness of both boards. The Committee also assesses the performance of individual Board members and reports its findings to the Supervisory Board. Additionally, it is responsible for proposing (re-)appointments of Supervisory Board and Managing Board members and conducting evaluations of QIAGEN’s ESG (Environmental, Social and Governance) policies and related public disclosures. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 182 Supervisory Board Report Furthermore, the Committee reviews the Corporate Governance structure to ensure compliance with legal requirements and recommends any necessary changes to the Supervisory Board. The Nomination & Governance Committee met four times in 2024 addressing key topics and providing updates to the Supervisory Board. Discussions included: • An annual evaluation of the scope and composition of the Managing Board and Supervisory Board, including their overall profile and the performance of individual board members; • Proposals for the (re-)appointment of Managing Board and Supervisory Board members, as well as oversight of selection and appointment criteria for senior management; • The search and selection process for new members and succession planning for the Supervisory Board, Managing Board, Executive Committee and senior management, considering short-, medium- and long-term perspectives; • Preparation of the Supervisory Board’s self-evaluation process; and • Regular updates on ESG program progress, including a review and discussion of policies. In February 2025, the Committee name was changed to the Nomination & Governance Committee. Science & Technology Committee The Science & Technology Committee comprises three members appointed annually by the Supervisory Board for one-year terms. The Committee collaborates with QIAGEN’s Scientific Advisory Board, established in 2021, to assess emerging market and technology trends that may impact the Company's development and positioning in the Life Sciences and Molecular Diagnostics sectors. The Committee's key responsibilities include: • Reviewing and monitoring research and development projects, programs, budgets and infrastructure management; and • Overseeing risk management related to QIAGEN’s portfolio and information technology platforms. In 2024, the Committee met four times, addressing key topics and providing updates to the Supervisory Board, including: • Gaining insights into the technical foundations of QIAGEN’s businesses to support the Supervisory Board in making informed strategic decisions; and • Guiding the Managing Board in leveraging world-class science to drive innovation and create value for stakeholders, including shareholders. Annual self evaluation In 2024, the Supervisory Board conducted its annual self-evaluation to assess its performance and effectiveness. The review covered key aspects such as the skills and experience of its members, the adequacy of the Board’s size and composition, the structure, content and frequency of meetings, access to relevant information, roles and responsibilities and the performance of the Chair. A similar evaluation was conducted for each of the Committees. Additionally, the Supervisory Board assessed the performance of Managing Board members, focusing on expertise, skills, leadership, strategic thinking and other key attributes. Insights from the evaluation process were translated into concrete action steps to enhance overall effectiveness. Stakeholder management as a central responsibility The Supervisory Board acts in accordance with the interests of the Company and the business connected with it, taking into consideration the interests of our stakeholders. The members of the Supervisory Board are in regular, close contact with the Managing Board members, and the same applies to the members of the Audit Committee. In 2024, six of the eight Supervisory Board meetings were in person. The in- person meetings were held at various QIAGEN sites and provided the opportunity for the Board members to interact with QIAGEN employees. These meetings enabled the Supervisory Board to receive information on relevant topics from senior leaders and experts, both internally and externally, during QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 183 Supervisory Board Report committee meetings and Supervisory Board meetings. The knowledge and insight shared also composed part of their ongoing professional education. Direct, one-to-one contact between Supervisory Board members and members of the Managing Board and Executive Committee generally yields conversations that build on the topics discussed in the meetings of the Supervisory Board. These discussions draw on the expertise of individual Supervisory Board members, whose advice is sought on a wide range of topics. The Supervisory Board takes an active interest in maintaining a good understanding of our stakeholders and their positions on various topics related to QIAGEN’s areas of business. This includes the perceptions of our shareholders, which is received through direct interaction and calls with major institutional shareholders. The Supervisory Board is also informed of the position of the range of QIAGEN stakeholders by the Managing Board and senior management. In addition, the Supervisory Board members collect information through their own individual networks, and this is shared with other Board members and the Managing Board. Role of the Supervisory Board The Supervisory Board is responsible for overseeing the activities of the Managing Board and the overall affairs of QIAGEN. Its key responsibilities include: • Monitoring the achievement of corporate objectives; • Evaluating business strategy and associated risks; • Assessing the structure and effectiveness of internal risk management and control systems; • Overseeing the financial reporting process; and • Ensuring adherence to good corporate governance practices. Throughout 2024, the Supervisory Board agenda was centered around the strategy and its execution, financial and operational performance, business developments, risk management, and people and organization. Based on the strategic priorities for QIAGEN as agreed in the annual strategy review, several topics were extensively discussed by means of deep dives, allowing a focused and in-depth review. Considering the strong demand for QIAGEN’s products in combination with the Company’s focus on the execution of its strategic priorities, the Supervisory Board has confidence in QIAGEN’s long-term growth opportunities and the continued delivery of value to its stakeholders. As part of the annual strategy review, the Supervisory Board held dedicated discussions focused on QIAGEN’s strategy, in particular the Pillars of Growth. An in-depth review was performed of the short-, medium- and long-term market developments in the segments served by QIAGEN and the related plans to meet customer demands. These reviews formed the basis for the preparation and execution of the Capital Markets Day in June 2024, where QIAGEN announced new mid-term targets for 2028. In advance of this event, the Supervisory Board discussed the overall targets and key priorities for our Growth Pillars with the Managing Board and other senior leaders. Additional strategy sessions were focused on longer-term growth opportunities. In line with our overall strategy, the Supervisory Board regularly discusses M&A strategy and relevant developments within our sectors. They also regularly reviewed potential M&A targets during the year. These sessions enable an engaged and focused discussion between the Supervisory Board and Managing Board on key strategic matters, and we highly value this way of contributing to the strategic decision-making process. Financial statements and audits This Annual Report presents the 2024 financial statements, prepared by the Managing Board and audited by KPMG Accountants N.V. (Independent Auditor). The Audit Committee reviewed these financial statements, including the proposed allocation of distributable profit, the consolidated financial statements and the Management Report. Additionally, the Supervisory Board confirmed the external auditor’s independence from QIAGEN. The Supervisory Board has approved the financial results, with the external auditors issuing an unqualified opinion. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 184 Supervisory Board Report The 2024 financial statements will be submitted for approval at the next Annual General Meeting of Shareholders, scheduled for June 2025. The proposal will request shareholder adoption of the financial statements along with the discharge of both the Managing Board from liability for its managerial activities and the Supervisory Board for its oversight responsibilities. Venlo, The Netherlands April 2025 The Supervisory Board QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 185 Remuneration Report x Message from the Chair of the Compensation & Human Resources Committee Dear Stakeholders, As the new Chair of the Compensation & Human Resources Committee, let me express my appreciation for your support of QIAGEN and present to you to the Remuneration Report for 2024. This report summarizes the Remuneration Policies for our Managing Board and Supervisory Board, and how these Policies were applied during the year. We look back on 2024 as a year in which QIAGEN achieved solid sales growth combined with market share gains and operational efficiency thanks to a differentiated portfolio. These results are only possible through the tremendous efforts of our QIAGENers, and underscore the resilience of our portfolio, with over 85% of sales coming from highly recurring revenues, and our focus on delivering solid profitable growth in an ongoing challenging environment. Our teams also made progress on many fronts in our portfolio. QIAstat-Dx clearly met our expectations with four FDA clearances for our syndromic testing system in 2024, coupled with over 660 placements in 2024 that was ahead of our target. QuantiFERON delivered solid growth amid significant opportunities for further expansion since only 40% of the global latent TB testing market has so far been converted from the outdated skin test. QIAcuity also delivered solid growth despite challenging instrument purchase trends as we expanded digital PCR into clinical use in 2024 while expanding our presence with academia, pharma and other customers. For our Managing Board members, as well as for our QIAGENers around the world, the success of QIAGEN is mirrored in an achievement level of 107% of target for the combination of Corporate Financial Goals and Team Goals. Implementing our policies In 2024, we have implemented our Remuneration Policies without exception. In 2024, the total compensation at target for both the CEO and CFO remained unchanged. This included no change to the base salary, to the target STI bonus level as a percentage of base salary, nor was there any change in the LTI target grant level. For the Supervisory Board we have implemented the updated Remuneration Policy that was approved by shareholders at the Annual General Meeting (AGM) in June 2024. Under this Policy, fixed cash compensation remained unchanged at the same level from 2015, while remuneration in the form of shares has been simplified and significantly reduced to align with market best practices. Additionally, a minimum shareholding guideline has been implemented for Supervisory Board members. Updating our Management Board Remuneration Policy The Compensation & Human Resources Committee - composed of Elaine Mardis, Elizabeth Tallett, Stephen Rusckowski and myself - has put together the proposal for the update to the Managing Board Remuneration Policy. This has been approved by the Supervisory Board and will be presented to shareholders for approval at the AGM in June 2025. We continue to strongly support the clear “pay-for-performance” culture that is embodied in our Policy and a key contributor to the culture of QIAGEN. It offers a base salary considering the median benchmark for the role, while offering variable rewards for both short-term (in the form of an annual cash bonus payment) and long-performance (in the form of share grants with a three- year vesting period that are contingent upon reaching ambitious mid-term goals). This contributes to a remuneration opportunity to our Managing Board members that we believe is challenging, competitive and fair. In the past year, we have engaged with our shareholders to hear their views on remuneration policies at QIAGEN. We have welcomed their input, and this QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 186 Remuneration Report was taken into consideration in updating the Managing Board remuneration policy as well as in the implementation. Following a thorough review of our current policy, and in light of the significant changes made in 2021, we have concluded that QIAGEN continues to have a Managing Board Remuneration Policy in line with market best practices. Based on this view, we have proposed limited changes, which are mainly to address shareholder feedback and to ensure continued competitiveness in attracting and retaining the best talent at QIAGEN. These changes include: • Short-Term Incentive (STI) focused solely on Company performance: The STI will now be based exclusively on Corporate Goals, removing the Personal Goals component. This aligns rewards more directly with overall Company performance. • Annual decision on STI weighting for performance priorities: The revised policy sets minimum weightings of 60% for Financial Goals and 20% for Team Goals. The Supervisory Board will determine the exact allocation annually based on the business context, replacing the prior fixed split of 66% Financial and 34% Team Goals. Within the Financial Goals for the STI we will continue to include targets such as sales, profitability, and cash flow. Unlike the previous approach with fixed weightings, the policy allows the Supervisory Board to rebalance the relative importance of each target annually enabling a sharper focus on evolving strategic priorities. Shareholder support Our performance-based Remuneration Policy has proven its effectiveness over the past four years. We note that shareholder support for the implementation of this Policy has been shown through over 90% support in the voting results of the AGMs held in 2023 and 2024. We feel the proposed adjustments, set out above, will add to its appeal and help us attract the global talent QIAGEN needs to successfully develop and implement a sustainable growth strategy. We are confident that the Remuneration Policy will receive broad support from our shareholders. If you have any questions or comments on our remuneration policies and practices, or the contents of this Report, please do not hesitate to contact our Board via our Investor Relations team at ir@qiagen.com. Thank you for your continued support and helping QIAGEN achieve our vision of "making improvements in life possible." Yours sincerely, Eva Pisa Chair of the Compensation & Human Resources Committee April 2025 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 187 Remuneration Report Managing Board Remuneration This section of the Remuneration Report provides a summary of the Remuneration Policy of the Managing Board that was adopted by the AGM in 2021 and an account of how it was implemented in 2024. It also presents the details of the actual remuneration outcomes for our two Managing Board members for their performance during the year. This Remuneration Report complies with the European Directive (EU) 2017/828 on Shareholder Engagement, SRD II, as implemented into Dutch law. It also complies with the Dutch Corporate Governance Code. No deviations were made from the Policy in implementing remuneration for 2024. The 2021 Remuneration Policy is available on the QIAGEN website at www.qiagen.com. Remuneration Policy summary Remuneration as a strategic instrument The Remuneration Policy for the Managing Board supports the long-term development and strategy of QIAGEN in a highly dynamic environment while aiming to address the views of various stakeholders and maintaining an acceptable risk profile. It builds on remuneration principles and practices that have proven to be both fitting and effective for QIAGEN in recent years. The Supervisory Board ensures that the Remuneration Policy for the Managing Board and its implementation are linked to our objectives. More than ever, the ambition for QIAGEN is to stay true to its mission of advancing the use of its products and solutions for molecular research and clinical testing. These help us achieve our vision of making improvements in life possible. QIAGEN is a global leader in providing a differentiated portfolio of products and services used across the continuum from research in Life Sciences to clinical healthcare using novel products and solutions that are used to unlock valuable insights from any biological sample. Founded in Germany in 1984, QIAGEN has grown by developing new solutions based on consumables kits, related instruments and bioinformatics, to meet the diverse and rapidly changing needs of more than 500,000 customers worldwide. QIAGEN’s strategy is focused on innovation and sustainable value creation with an emphasis on increasing growth, efficiency, engagement and improving customer experience. To successfully develop and implement this strategy, we need to attract and retain highly trained employees at all levels, including the executive management level. U.S. practices have been taken into consideration to set competitive remuneration levels given that many of our leaders, customers, competitors and employees are based here. Remuneration principles QIAGEN strongly believes in competitive remuneration as a precondition to attracting intrinsically motivated top talent throughout all levels of the organization. Furthermore, we believe in a "pay-for-performance" culture that is based on creating a shared focus on setting ambitious operational and strategic targets that are not rewarded when they are not achieved, rewarded at target when fully achieved, and additionally rewarded when the targets are exceeded. A system of Corporate Goals (comprised of Financial and Team Goals) and Personal performance goals applies to all members of our global workforce. The percentage weighted toward Corporate Goals and Personal Goals shift in favor of Corporate Goals as job levels rise. Likewise, the variable portion of total compensation linked to achievement of these ambitious annual goals rises with each job level, in line with greater responsibility and more significant impact on overall results. At the executive level, QIAGEN believes that pay for performance should primarily focus on long-term value creation for shareholders and other stakeholders. Short-Term Incentives (STIs) are essential to highlight the operational targets that are a precondition to realizing our strategy. These are complemented by Long-Term Incentives (LTIs), which have the benefits of being achieved only if QIAGEN is successful in delivering on ambitious goals and also contributing to long-term retention. In view of these aspects, variable components represent the most significant element of total remuneration for our senior leadership. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 188 Remuneration Report The remuneration principles are simple, transparent and provide internal consistency. It helps the Supervisory Board to maintain equitable internal pay ratios that support efficient talent recruitment and development and succession planning. The principles are ingrained in our culture, and have proven successful in attracting the global talent that QIAGEN needs to successfully develop and implement a sustainable growth strategy. Remuneration Policy principles Simple and transparent Remuneration schemes are clear and practical Compliant Remuneration conforms to high governance standards Aligned Remuneration is true to our mission, vision and strategy, ensures internal pay consistency Competitive Remuneration is competitive and benchmarked to relevant peers Performance-driven Major portion of remuneration value is at risk Long-term focus Share-based incentives focused on sustainable long-term value creation Benchmarking to set competitive remuneration levels The Remuneration Policy and overall remuneration levels offered to members of the Managing Board are benchmarked regularly against a selected group of reference companies to ensure overall competitiveness. The benchmarking group consists of both European and U.S.-based companies. This is due to QIAGEN’s international scope as a Dutch corporation with stock market listings on the New York Stock Exchange and the Frankfurt Stock Exchange, our strong commercial presence in the U.S. with over 45 of total sales in this country and the large share of employees and senior leaders based in the U.S. Additionally, this group also reflects QIAGEN’s significant U.S. shareholder base and the location of key competitors. It is designed to provide a balanced mix of companies, particularly in the life sciences and diagnostics industries. The median remuneration in the benchmarking group serves as a reference level for total remuneration. The following 18 companies comprise the reference group for 2024, which remains unchanged from 2023. They have been selected based on their market capitalization, direct competition for talent, similar complexity, revenue, scope of international activities, presence in similar industries, and data transparency. The benchmarking group includes seven European and 11 U.S. companies, as listed in the table below, to provide the best comparison and reflect our global competitive position. Benchmark companies Europe bioMerieux SA Merck KGaA Carl Zeiss Meditec AG Sartorius AG Diasorin S.p.A. Tecan Group AG Eurofins Scientific SE United States Agilent Technologies, Inc. IDEXX Laboratories, Inc. Avantor, Inc. Hologic, Inc. Bio-Rad Laboratories, Inc. Illumina, Inc. Bruker Corporation Revvity, Inc. Charles River Laboratories International, Inc. Waters Corporation Exact Sciences Corporation Supervisory Board evaluation The Supervisory Board annually reviews the remuneration practices to ensure they remain aligned with QIAGEN’s business demands, stakeholder and shareholder interests, and developments among benchmark companies. On an annual basis, the Supervisory Board sets the performance targets for the Managing Board members, reviews their performance against predetermined targets, and determines the remuneration and benefits in line with contractual terms. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 189 Remuneration Report In making this determination, the Supervisory Board considers the market conditions in which QIAGEN operates, financial performance and strategy implementation. The Supervisory Board ensures that the remuneration of Managing Board members incentivizes the right behaviors desired for the sustainable success of QIAGEN while also providing the members with fair and attractive remuneration. Furthermore, the Supervisory Board performs an analysis of the possible outcomes for the variable components and how they may affect total remuneration. Through its statutory power, the Supervisory Board has the discretionary right to adjust the variable compensation of the Managing Board members if compensation would conflict with principles of reasonableness and fairness in both an upward and downward direction. The Compensation & Human Resources Committee advises the Supervisory Board and prepares resolutions with respect to the review and execution of the Remuneration Policy. In case of policy changes, the Supervisory Board submits the proposals to an AGM for adoption. Support for Remuneration Policy As a global company incorporated in the Netherlands, as well as with stock market listings in the U.S. and Germany, QIAGEN intends to fully comply with relevant legal requirements and governance best practices. We engage on a regular basis with stakeholders, including shareholders, on our policies and regularly seek their feedback. Within QIAGEN, the policies for our employees are transparent and meet broad support from teams around the world. Key attributes include creating a strong "pay-for-performance" culture for all employees while ensuring strong internal consistency. The Compensation & Human Resources Committee monitors the developing views on compensation among shareholders and other stakeholders in Europe, the U.S. and other markets worldwide. The level of support in society for the Remuneration Policy that QIAGEN applies is important for the Supervisory Board, and has been taken into account in formulating the various elements. Managing Board remuneration structure Remuneration for Managing Board members consists of a combination of base salary and STIs in the form of cash compensation based on the achievement of annual performance goals. They also receive performance based LTIs that vest after the three-year performance period. The level of vesting for each LTI grant is based on the achievement of predefined targets. Achievement levels will be disclosed in this Report after the end of each three-year period. In addition, Managing Board members can receive deferred compensation arrangements and other benefits in line with local market practice. The remuneration package for Managing Board members is designed to have the vast majority paid in variable awards as part of the "pay-for-performance" culture and to align their interests with stakeholders to generate long-term value. The amount of these variable awards can differ substantially from year to year and depend on actual performance. Within the variable component, the incentives for short-term operational performance have a lower weight than the long-term incentives, which are again aimed at creating sustainable value for QIAGEN's shareholders and other stakeholders. This is achieved by strongly linking long-term compensation through equity with the outcomes for shareholders in terms of share price appreciation. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 190 Remuneration Report 2024 Managing Board remuneration structure Fixed remuneration Base salary • Below market practice to allow for a higher share of long-term variable share-based compensation Deferred compensation and other benefits • Below market practice Variable remuneration Short-term incentive (STI) - Cash payment provides incentives for strong annual financial and non- financial performance as the basis for long-term strategy and sustainable value creation • Opportunity at 100% target achievement: – CEO: 110% of base salary – CFO: 75% of base salary • Performance goals over one-year measurement period: – 75% Corporate Goals comprised of 50% Financial Goals (capped at 200%) and 25% Team Goals (capped at 120%) – 25% Personal Goals (capped at 100%) – Maximum payout therefore capped at 1.55 times target • Metrics measured over one year against budgeted targets Long-term incentive (LTI) - Performance Stock Units provides incentives for value creation over a multi-year period and the achievement of goals that are aligned with long-term strategy • Opportunity for all Managing Board members – At target to 300% value of fixed remuneration • Performance goals set for a three-year performance period – 50% cumulative net sales – 50% Adjusted average operating income margin (% of sales) – Three-year performance period with cliff vesting • Driven by performance – No PSUs are earned if minimum threshold performance levels are not achieved, while maximum vesting capped at two times total opportunity in the event of significant over performance • Net share settlement QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 191 Remuneration Report 2024: Managing Board remuneration The remuneration of the Managing Board in 2024 was based on the implementation of the Remuneration Policy without any deviations for the Managing Board, as approved by shareholders in 2021. It includes any remuneration granted by any consolidated subsidiary. The remuneration granted for 2024 takes into consideration the overall results, which showed QIAGEN achieved the full-year sales outlook for $1.98 billion CER that was supported by improving growth trends in the second half of 2024 compared to results in the year-ago period. Adjusted diluted EPS were $2.20 CER and exceeded the outlook for at least $2.19 CER. Based on the overall Corporate Financial and Team goals, the total STI achievement level for Company portion of goals was 107% for 2024. The 2024 remuneration of the Managing Board is reflected in the table below. An overview of all share grants outstanding and their status in vesting and release is presented in the tables under the header "Share-based rights." Annual compensation Long-term remuneration Proportion of variable remuneration Managing Board member (1) Fixed salary Variable cash bonus Other(2) Total Benefit plans Performance Stock Units granted Thierry Bernard $978,500 1,127,477 31,890 $2,137,867 $199,700 128,535 87% Roland Sackers $588,370 462,240 44,370 $1,094,980 $117,340 74,439 88% (1) The salary of Mr. Bernard is set in U.S. dollars. The salary of Mr. Sackers is set in euros and subject to fluctuation of exchange rates when reported in U.S. dollars. The exchange rate used for translation was EUR 1– USD 1.082. (2) Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We also occasionally reimburse our Managing Directors' personal expenses related to attending out-of- town meetings but not directly related to their attendance. Amounts do not include the reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed $10,000, or tax amounts paid by the Company to taxing authorities to avoid double-taxation under multi-tax jurisdiction employment agreements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 192 Remuneration Report Fixed remuneration Base salary Consistent with the policies and procedures applied for all internal pay levels, the base salaries of the Managing Board members are set below the median benchmark to allow for a larger proportion of long-term incentives to underscore the performance-driven approach of this Remuneration Policy. Base salary levels are reviewed annually, and any increase is expected to be in line with the general workforce. Deferred compensation For 2024, a total of $0.3 million was incurred by QIAGEN as part of the Managing Board members participating in deferred compensation, defined contribution benefit or similar plans. The contribution for Mr. Bernard is made into deferred compensation and 401(k) plans. Mr. Sackers has a target retirement under the plan at age 65 and is entitled to a one-time pension payment upon retirement. Other benefits Other benefits may be provided to members of the Managing Board in line with market practice. These include customary benefits such as insurance coverage and Company vehicles. Variable remuneration Variable remuneration is contingent upon the performance of the individual Managing Board member and QIAGEN. Ambitious goals are set annually to motivate and drive performance with a focus on achieving both long-term strategic initiatives as well as short-term targets tied to annual operational plans. The Supervisory Board conducts an annual scenario analysis on the possible outcomes of the variable remuneration components and their effect on the remuneration of the Managing Board members. The scenario analysis results have been taken into consideration in making decisions on remuneration for 2024. Short-Term Incentives (STI) STIs consist of an annual variable cash bonus award that is based upon the achievement levels of predetermined annual Corporate Goals - which represent 75% of the Goals for the STIs and are comprised of 50% for Financial Goals and 25% for Team Goals. In line with the compensation policy at QIAGEN, the Remuneration Policy additionally provides for incentives on Individual Goals for Managing Board members, and these represent 25% of the target for STIs. The different Goals each have their own opportunity Financial Goals The weighted performance spread for the Financial Goals is 0% for less than achieving the minimum threshold, 100% at target and up to 200% for significant over performance. Financial Goals are set in accordance with the budget for the year, which is reviewed and approved by the Supervisory Board. Financial Goals (In $ millions at budget rates) Weight Minimum threshold Target Maximum Achieved Award in % of target Net sales 40% 1,825 2,062 2,161 1,995 90% Adjusted operating income 40% 458 586 634 569 96% Adjusted free cash flow 20% 313 400 480 >480 200% Total Financial Goals 100% 114% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 193 Remuneration Report Team goals Team Goals are a set of annual cross-functional targets aimed at achieving QIAGEN’s strategy focused on innovation and sustainable value creation. The metrics for the Team Goals are often based on targets from multi-year plans. The achievement of goals in the category "Accelerate growth" is measured on a grid which is aligned with the Financial Goals grid. For the other categories, in the event of Team Goals with multiple components, the possible outcomes are: no achievement, partial achievement or full achievement. In the event of single goals, they are either fully met or not met. A performance maximum of 120% of the overall target level may be paid out. Team Goals Weight Metric Achieved Award granted Accelerate growth, in particular through focus on Pillars of Growth 30% Deliver growth targets for defined products and geographic markets, including: • Sample technologies portfolio: Achieve $667 million CER sales • QuantiFERON: Achieve $456 million CER sales • QIAstat-Dx: Achieve $104 million CER sales • QIAcuity: Achieve $93 million CER sales • QDI: Achieve $117 million CER sales Partially 27% Increase efficiency and effectiveness through targeted strategic actions 30% • Achieve 3% sales growth for direct business in Service • Sales force efficiency: Achieve >$1.65 million CER of net sales per FTE Partially 27% Deliver compelling new products and services to customers and other stakeholders 20% Achieve R&D milestones for product / solution developments: • QIAcuity-Dx launch date by Q3 2024 • Launch proteomics support for OmicSoft Partially 17% Enhance QIAGEN's standing as a leader in ESG and Employer of Choice 20% • Reduce plastic footprint by over 20 tons • Diversity goal to increase women in leadership compared to 2023 • 100% score on 2024 Human Rights Campaign Corporate Equality Index (CEI) and achieve Top Employer LGBTQ+ Fully 20% Total Team Goals 100% 91% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 194 Remuneration Report Personal Goals Based on the overall performance and strong leadership in 2024, the Compensation & Human Resources Committee awarded both Managing Board members 100% achievement for their Personal Goals. The weighted performance on Financial Goals and Team Goals set out above results in the following total STI payout percentage: STI award Weight Threshold Target Maximum Achieved Financial Goals 50% 20% 100% 200% 114% Team Goals 25% —% 100% 120% 91% Personal Goals Mr. Bernard / Mr. Sackers 25% —% 100% 100% 100% Weighted total 100% 10% 100% 155% 105% Corresponding payout (in $ thousands) Mr. Bernard 108 1,076 1,668 1,127 Mr. Sackers 44 441 684 462 Long-Term Incentives (LTI) Managing Board members are granted LTIs on an annual basis in the form of Performance Stock Units (PSU). These are subject to rigorous and ambitious performance criteria and multi-year vesting periods. As per the updated 2021 Remuneration Policy, the value of the regular annual long-term incentive awards at the grant date (depreciated due to factors such as risk of forfeiture, the Company’s risk of failure to achieve its long-term initiatives, and the length of the vesting terms) is 300% of fixed remuneration. The target levels of the annual PSU grants are directly linked to the achievement of financial milestones as defined in QIAGEN’s multi-year business plan. The performance goals for cumulative net sales target and average adjusted operating income margin (both at budget rates) were equally weighted. Overachievement may result in an increase in the number of PSUs earned, and is capped at 200% of the target grant. Underachievement below a threshold level will result in a loss of the grant. The annual PSU grants are subject to a three-year period, which will be disclosed at the end of the performance period. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 195 Remuneration Report The following is an overview of key LTI financial indicators, weights and performance multiplier for the 2022 LTI grants. Performance measures are set at budget rates: 2022 LTI award Weight Threshold Target Maximum Achieved Awarded Cumulated Net Sales (2022-2024) 50% 5,792 6,543 6,871 6,387 93% Average Operating Income (2022-2024) 50% 26.1% 29.5% 32.0% 28.8% 94% Total 100% Achievement level 94% Based on the results for 2022, the granted number of PSUs was 94% of the target levels. The PSUs awarded for the performance of 2022 to 2024 will vest in 2025. The details of the PSUs granted and vested are presented in the tables for share- based rights below. Refer to Note 24 Related Party Transactions of the Consolidated Financial Statements for the total recognized accounting expense in accordance with IFRS 2 Share-based Payment. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 196 Remuneration Report Share-based rights The following tables sets forth the grant details of the long-term incentives of the Managing Board members as of December 31, 2024. PSUs and RSUs have no exercise or purchase price. Thierry Bernard Performance Stock Units Year of grant Outstanding at December 31, 2023 Granted Performance adjustment Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 128,535 — — 128,535 $42.79 2023 119,695 — — — 119,695 $45.95 — 2022 110,000 — (6,600) — 103,400 $49.69 — 2021 169,387 — — (169,387) — $48.38 $41.09 2020 105,600 — — — 105,600 $35.90 — 2019 32,329 — — (32,329) — $38.43 $43.26 2018 56,400 — — (56,400) — $36.30 $42.99 2018 4,710 — — — 4,710 $33.70 — 2017 3,940 — — — 3,940 $28.46 — 2016 7,650 — — — 7,650 $24.38 — 2016 900 — — — 900 $21.11 — 2015 1,250 — — (400) 850 $25.26 $42.72 611,861 128,535 (6,600) (258,516) 475,280 Thierry Bernard Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2020 12,000 — (12,000) — $35.90 $43.20 12,000 — (12,000) — QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 197 Remuneration Report Roland Sackers Performance Stock Units Year of grant Outstanding at December 31, 2023 Granted Performance adjustment Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 74,439 — — 74,439 $42.79 — 2023 67,723 — — — 67,723 $45.95 — 2022 71,000 — (4,260) — 66,740 $49.69 — 2021 130,109 — — (130,109) — $48.38 $41.09 2020 86,400 — — — 86,400 $35.90 — 2019 76,211 — — (76,211) — $38.43 $43.05 2018 109,416 — — (109,416) — $36.30 $42.99 2018 10,300 — — — 10,300 $33.70 — 2017 8,349 — — — 8,349 $30.38 — 2016 15,349 — — — 15,349 $24.38 — 2016 2,107 — — — 2,107 $27.71 — 2016 4,705 — — — 4,705 $21.11 — 2015 8,980 — — — 8,980 $25.26 — 2013 2,896 — — (2,896) — $23.16 $42.72 593,545 74,439 (4,260) (318,632) 345,092 Roland Sackers Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2014 11,635 — (11,635) — $22.25 $43.20 11,635 — (11,635) — QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 198 Remuneration Report Clawback provisions During 2024, no circumstances were identified by the Supervisory Board that resulted in the application of clawback provisions. The Supervisory Board has the right to recover variable remuneration from Managing Board members based on its statutory powers in case of a payment was made based on incorrect information in respect to target performance, material financial restatement or individual gross misconduct. Any value adjustment or clawback is at the discretion of the Supervisory Board. It will be accounted for in the Remuneration Report submitted to subsequent AGM. Comparative information Information on Change in Remuneration and Company Performance The following table shows the annual change of remuneration based on accounting expense, performance of entity, and average remuneration for other employees over the last five years. Annual change 2020 vs. 2019 2021 vs. 2020 2022 vs. 2021 2023 vs. 2022 2024 vs. 2023 Managing Board remuneration Thierry Bernard (as of June 2021) N/A 3% 55% (14%) 6% Roland Sackers 34% (4%) 17% (15%) (12%) Company performance Net sales (CER) 23% 21% —% (13%) 1% Adj. operating income 49% 20% (13%) (19%) 8% Adj. free cash flow 113% (7%) 30% (43%) 43% Average remuneration (in $ thousands) Average remuneration of employees(1) 97 102 98 100 102 (1) Our employees are based in more than 25 countries so the average remuneration is significantly influenced by currency movements. The average remuneration of employees is obtained by dividing the total personnel costs as stated in Note 23 - Employee Benefits and Personnel Costs (after subtracting the Managing Board remuneration) by the reported average number of full-time employees (minus two). Please refer to the additional discussion under remuneration of employees later in this report. Pay ratio Under the Dutch Corporate Governance Code, QIAGEN is required to report the ratio between the remuneration of the Managing Board members and a representative reference group within the Company and its affiliated enterprise. QIAGEN’s internal pay ratio is determined as the ratio between the average pay of the Managing Board as disclosed in the Corporate Governance Report in our 2022 Annual Report and the average pay of QIAGEN employees on a global level. The pay ratio in 2024 for the CEO was 90:1. The average remuneration for all employees was calculated using the average number of payroll employees. This ratio is prepared in accordance with the Dutch Corporate Governance Code and has not been prepared to comply with the Pay Ratio Disclosure requirements under U.S. Securities and Exchange Commission regulations. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 199 Remuneration Report Management contracts The contracts for Managing Board members are determined by the Supervisory Board and are built to comply with the framework of the 2021 Remuneration Policy, which was approved by Shareholders and is in accordance with Dutch law. An outline of these contracts is submitted to the AGM upon nomination for appointment. Due to the holding company nature of the legal entity QIAGEN N.V., Managing Board members may have additional contracts with other QIAGEN subsidiaries. Any compensation for these roles is consolidated in the remuneration reported above. The contract for Mr. Bernard with QIAGEN N.V. has a term for one year, which is aligned with the annual appointment as a Managing Board member by the AGM. If Mr. Bernard is reappointed, this contract is automatically extended for the statutory reappointment of one year. The contract for Mr. Sackers with QIAGEN N.V., which was entered into in 2004, has an indefinite term, but includes provisions for notice periods (six months from QIAGEN and three months from Mr. Sackers) for termination, among other topics. His appointment as a Managing Board member under this contract with QIAGEN N.V. is based on a one-year term and subject to annual appointment by the AGM. Change of Control In the event of the sale or the transfer of all or substantially all of the Company’s assets or business to an acquirer in one transaction or a series of transactions, including through a merger, consolidation or a transfer of shares to a third party (a “Transaction”), the Managing Board members are entitled under legacy contracts to a Change of Control payment commensurate to a multiple of two times their annual cash compensation (fixed payment plus annual bonus, includes salaries and bonuses set forth in employment agreements with other QIAGEN affiliates). Furthermore, unvested share-based compensation granted to the Managing Board members will be subject to an accelerated vesting in case of a Transaction. Loans Members of the Managing Board and Supervisory Board are not eligible for any loans. Outlook: Managing Board remuneration in 2025 For both the CEO and CFO, the base salary will increase by 3.1%, in line with the budget for QIAGEN employees in their respective countries. No change has been made to the target bonus level as a percentage of base salary, nor to the PSU target grant level. For 2025, Managing Board members were granted PSUs subject to rigorous performance criteria over a three-year performance period. The final level of earned PSUs will be determined upon completion of the three-year period from 2025-2027, and subject to the achievement of challenging performance goals: 50% for 2025-2027 cumulative net sales (at budget rates) and 50% for 2025-2027 average adjusted operating income margin (at budget rates). The results of these confidential targets will be published in the Remuneration Report after the performance period ends in 2027. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 200 Remuneration Report Supervisory Board Remuneration At the Annual General Meeting (AGM) in June 2021, QIAGEN shareholders approved the Supervisory Board's Remuneration Policy, standardizing compensation for Chairs and Members of the Compensation & Human Resources, Science & Technology, and Nomination & Governance Committees. The policy took effect immediately and has governed Supervisory Board remuneration through the first half of 2024. At the June 2024 AGM, shareholders approved an updated Remuneration Policy. While fixed annual fees for board membership have remained unchanged since 2015, the policy simplified and significantly reduces fixed remuneration in Restricted Share Units (RSUs) to align with market best practices. Additionally, it introduced a minimum shareholding guideline for Supervisory Board members. Share grants were issued in February 2024 under the 2021 policy, prior to the submission of the 2024 policy for shareholder approval. Remuneration Policy summary The Remuneration Policy of the Supervisory Board is aimed to attract and retain highly qualified members. Remuneration is aligned to the applicable market standards, considering peer companies of similar size and complexity in similar industries. These companies represent the biotechnology, life sciences and diagnostics industries, and also reflect our nexus to the European Markets as a Dutch company, as well as our U.S. focus as a NYSE-listed company subject to U.S. regulations. The Remuneration Policy for the Supervisory Board also reflects the fact that many Supervisory Board members are residents of the U.S., a market that also represented more than 45% of QIAGEN’s total sales in 2024. The level of remuneration rewards an intense involvement with QIAGEN, and the high level of responsibility and time spent that goes with it. Fixed remuneration in cash The Remuneration Policy for the Supervisory Board provides for fixed annual retainers for the Chair and other members, and additional fees for Committee Chairs and members as follows: Fee payable to the Chair of the Supervisory Board $150,000 Fee payable to each member of the Supervisory Board $57,500 Additional compensation payable to members holding the following positions: Chair of the Audit Committee $25,000 Member of the Audit Committee $15,000 Chair of the (i) Compensation & Human Resources Committee, (ii) the Nomination & Governance Committee, or (iii) the Science & Technology Committee $18,000 Member of the (i) Compensation & Human Resources Committee, (ii) the Nomination & Governance Committee, or (iii) the Science & Technology Committee $11,000 Chair of other Committees $12,000 Member of other Committees $6,000 Further, Supervisory Board members are reimbursed for tax consulting costs incurred in connection with the preparation of their tax returns up to an amount of €5,000 per person per year. Fixed remuneration in shares The Supervisory Board members receive grants of Restricted Stock Units (RSUs) pursuant to the terms of the QIAGEN N.V. Stock Plan. These awards have no performance condition and are in line with the principle of the Dutch Corporate QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 201 Remuneration Report Governance Code that remuneration of Supervisory Board members should not be dependent on a company’s results. This compensation component has been a long and tested practice at QIAGEN since the Initial Public Offering (IPO) in 1996, and in line with the practices of many other companies. It has proven effective in attracting and retaining talented Supervisory Board members, as well as creating a strong commitment and creating alignment with our stakeholders, who have given this approach their broad support. The RSUs represent rights to receive common shares at future dates if the individual continues to provide service to the Company. A total of 40% of each award vests three years after the grant date, and the remaining 60% vests after five years from the grant date. The number of RSUs subject to each annual grant shall be reduced by 0.25% per each 1% increase in the Company’s share price, and increased by 0.25% per each 1% decrease in the Company’s share price, whereby the share price shall be determined as the average trading price of the Company’s common shares from July 1 through December 31 of each year preceding the grant. Equity holding guideline Based on the Remuneration Policy approved by shareholders in 2024, Supervisory Board members are now required to hold QIAGEN shares with a value of at least 200% of their gross annual RSU award. The minimum shareholding may be built up over a multi-year period based on the after-tax value of shares after vesting, and does not require any personal share purchases. All vested shares are locked up until this requirement is fulfilled. 2024: Supervisory Board remuneration For the year ended December 31, 2024, members of the Supervisory Board received the following compensation: Supervisory Board member Fixed remuneration Committee chair Committee membership Total(1) Restricted Stock Units Lawrence A. Rosen (Chair) $150,000 4,500 23,250 $177,750 7,056 Dr. Metin Colpan $57,500 18,000 11,000 $86,500 7,056 Dr. Toralf Haag $57,500 25,000 — $82,500 7,056 Dr. Ross L. Levine $57,500 — 11,000 $68,500 7,056 Dr. Elaine Mardis $57,500 — 22,000 $79,500 7,056 Bert van Meurs(2) $43,130 — 8,250 $51,380 — Eva van Pelt(2) $47,920 — 12,500 $60,420 — Dr. Eva Pisa $57,500 13,500 2,750 $73,750 7,056 Stephen H. Rusckowski $57,500 13,500 11,000 $82,000 7,056 Elizabeth E. Tallett $57,500 4,500 34,250 $96,250 7,056 (1) Supervisory Board members are reimbursed for travel costs and for any value added tax to be paid on their remuneration. These reimbursements are excluded from the amounts presented herein. (2) Bert van Meurs and Eva van Pelt joined the Supervisory Board in 2024 and were not eligible for the equity grant for 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 202 Remuneration Report Supervisory Board members received a grant of RSUs pursuant to the terms of the 2014 Stock Plan. Under the terms of the grants, 40% of each award vests three years after the grant date and the remaining 60% vests five years after the grant date. Any granted awards will fully vest in case of a change of control of QIAGEN. Refer to Note 24 Related Party Transactions of the Consolidated Financial Statements for the total recognized accounting expense in accordance with IFRS 2 Share-based Payment. The following tables set forth the RSUs of the Supervisory Board: Lawrence A. Rosen Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 2022 6,980 — — 6,980 $49.69 — 2021 7,482 — (2,992) 4,490 $50.00 $43.56 2020 5,656 — — 5,656 $35.90 — 2019 5,599 — (5,599) — $38.43 $43.20 33,634 7,056 (8,591) 32,099 Dr. Metin Colpan Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 2022 6,980 — — 6,980 $49.69 — 2021 7,482 — (2,992) 4,490 $50.00 $43.56 2020 5,656 — — 5,656 $35.90 — 2019 5,599 — (5,599) — $38.43 $43.20 33,634 7,056 (8,591) 32,099 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 203 Remuneration Report Dr. Toralf Haag Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 2022 6,980 — — 6,980 $49.69 — 2021 7,482 — (2,992) 4,490 $50.00 $43.56 22,379 7,056 (2,992) 26,443 Prof. Dr. Ross L. Levine Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 2022 6,980 — — 6,980 $49.69 — 2021 7,482 — (2,992) 4,490 $50.00 $43.56 2020 5,656 — — 5,656 $35.90 — 2019 5,599 — (5,599) — $38.43 $43.20 33,634 7,056 (8,591) 32,099 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 204 Remuneration Report Prof. Dr. Elaine Mardis Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 2022 6,980 — — 6,980 $49.69 — 2021 7,482 — (2,992) 4,490 $50.00 $43.56 2020 5,656 — — 5,656 $35.90 — 2019 5,599 — (5,599) — $38.43 $43.20 33,634 7,056 (8,591) 32,099 Dr. Eva Pisa Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 7,917 7,056 — 14,973 Stephen Rusckowski Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — — 7,056 — 7,056 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 205 Remuneration Report Elizabeth E. Tallett Restricted Stock Units Year of grant Outstanding at December 31, 2023 Granted Vested Outstanding at December 31, 2024 Share price on grant date Share price on release date 2024 — 7,056 — 7,056 $42.79 — 2023 7,917 — — 7,917 $45.95 — 2022 6,980 — — 6,980 $49.69 — 2021 7,482 — (2,992) 4,490 $50.00 $43.56 2020 5,656 — — 5,656 $35.90 — 2019 5,599 — (5,599) — $38.43 $43.20 33,634 7,056 (8,591) 32,099 Outlook: Supervisory Board remuneration in 2025 In 2025, the Supervisory Board members received a grant of RSUs pursuant to the new Remuneration Policy. The award is valued at $230,000 on the grant date and will vest one year from the grant date. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 206 Remuneration Report Share Ownership QIAGEN requires the Managing Board members and other senior executives to build up a significant share ownership to underscore their alignment to the interests of the Company and its shareholders. Under the Remuneration Policy, Managing Board members must build up a shareholding equal in value to five times their net base salary (after taxes) within four years of their first appointment. At the end of 2024, Mr. Bernard and Mr. Sackers both complied with the requirement. The following table sets forth certain information as of January 31, 2025, concerning the ownership of Common Shares by our Managing Board and Supervisory Board members. In preparing the following table, we have relied on information furnished by such persons. Shares beneficially owned (1) Stock awards that could become releasable on or prior to April 1, 2025 Thierry Bernard 312,125 209,850 Roland Sackers 383,089 162,120 Dr. Metin Colpan(2) 171,792 8,448 Dr. Toralf Haag 2,551 2,792 Dr. Ross L. Levine 16,273 8,448 Dr. Elaine Mardis 3,973 8,448 Bert van Meurs — — Eva van Pelt — — Dr. Eva Pisa — — Lawrence A. Rosen 14,495 8,448 Stephen H. Rusckowski 24 — Elizabeth Tallett 47,224 8,448 (1) The number of Common Shares outstanding as of January 31, 2025, was 216,116,102. The persons named in the table have sole voting and investment power with respect to all shares shown as beneficially owned by them and have the same voting rights as shareholders with respect to Common Shares. (2) Shares beneficially owned include 105,637 shares held by CC Verwaltungs GmbH, an entity which is controlled by Dr. Colpan. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 207 Remuneration Report Remuneration to employees QIAGEN has more than 5,700 employees in over 25 countries, and the remuneration principles discussed above are taken into consideration in developing the compensation policies for all of our employees. Competitive remuneration is key to attracting top talent throughout all levels of the organization and our "pay for performance" culture applies at every level. We strive to achieve fair pay with cash compensation commensurate with the market range and in accordance with an employee's role, qualifications, experience and performance. All employees have a combination of base salary and STIs. They also share the same system of Corporate (comprised of Financial and Team Goals) and Personal Goals, with the weighting shifting in favor of the Corporate Goals with each job level. Likewise, the variable portion of pay linked to achievement of ambitious annual Corporate Goals rises as a share of total direct remuneration increases with each job level, in line with greater responsibility and more impact on our performance. In 2024, total employee salaries increased by an average of approximately 4%. QIAGEN also has frameworks in place for share-based compensation, as well as incentive programs for new ideas and innovation. All members of QIAGEN management participate in our stock plan and are eligible to receive LTIs subject to performance and / or service requirements. These performance targets are the same as those applied to Managing Board members. Employee share-based remuneration Pursuant to the 2023 Stock Plan (the 2023 Plan), stock rights – which include options to purchase our Common Shares, stock grants and stock-based awards – may be granted to employees of QIAGEN and its subsidiaries. Generally, the stock-based awards have terms of up to three years, subject to earlier termination in the event of death, disability or other termination of employment. Some grants were made previously under the 2014 Stock Plan that also included a 5-year vesting tranche. The vesting and exercisability of certain stock rights would be accelerated in the event of a change of control, as defined in the agreements under the 2023 Plan. Treasury Shares are issued to satisfy option exercises and award releases. The Plan is administered by the Compensation & Human Resources Committee of the Supervisory Board, which selects participants from among eligible employees, and determines the number of shares to be received subject to the stock-based award, the length of time the award will remain outstanding, the manner and time of the award’s vesting, the price per share subject to the award, and other terms and conditions of the award consistent with the Plan. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 208 Remuneration Report Details with respect to PSUs outstanding are set out below: Performance Stock Units Shares Weighted average purchase price Weighted average remaining contractual term (in years) Weighted average grant date (Fair value) Outstanding December 31, 2023 2,046,141 $0.00 $42.22 Awarded 899,897 $0.00 $42.79 Released (964,056) $0.00 $41.32 Forfeited (186,532) $0.00 $41.33 Outstanding December 31, 2024 1,795,450 $0.00 1.34 $43.08 Vested and expected to vest 1,662,203 $0.00 1.28 $43.06 Details with respect to RSUs outstanding are set out below: Restricted Stock Units Shares Weighted average purchase price Weighted average remaining contractual term (in years) Weighted average grant date (Fair value) Outstanding December 31, 2023 712,862 $0.00 $44.93 Awarded 286,665 $0.00 $43.13 Released (122,807) $0.00 $43.36 Forfeited (72,536) $0.00 $45.35 Outstanding December 31, 2024 804,184 $0.00 1.45 $44.46 Vested and expected to vest 725,003 $0.00 1.41 $44.54 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 209 Responsibility Statement of the Managing Board Management’s statement pursuant to section 5:25c paragraph 2 sub s of the Dutch Financial Supervision Act (Wet op het financieel toezicht) In accordance with provision 1.4.3 of the Code and Article 5:25c of the Financial Supervision Act, the Managing Board declares that, to the best of its knowledge: 1. the report of the Management Board as included in this annual report provides sufficient insights into any deficiencies in the effectiveness of QIAGEN's internal risk management and control systems with regard to the risks associated with the strategy and activities of QIAGEN and its affiliated enterprise, including the strategic, operational, compliance and reporting risks; 2. the aforementioned systems provide reasonable assurance that QIAGEN's financial reporting does not contain any material errors; 3. based on QIAGEN's current status of affairs, it is justified that the financial reporting is prepared on a going concern basis; 4. the report of the Management Board lists those material risks associated with the strategy and activities of QIAGEN and its affiliated enterprise, including the strategic, operational, compliance and reporting risks, or uncertainties that are relevant to the expectation regarding QIAGEN's continuity for the period of twelve months after the issuance of the report; 5. the financial statements as included in this annual report provide a true and fair view of the assets, liabilities, financial position, and profit for the financial year of QIAGEN and the group companies included in the consolidation; and 6. the report of the Management Board as included in this annual report provides a true and fair view of the situation on the balance sheet date, the business development during the year of QIAGEN, and of its affiliated group companies included in the financial statements. The report of the Management Board describes the material risks to which QIAGEN is exposed. Thierry Bernard Roland Sackers Chief Executive Officer Chief Financial Officer QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 210 QIAGEN N.V. Consolidated Financial Statements 211 Consolidated Balance Sheets 270 16. Financial Debts 213 Consolidated Statements of Income 279 17. Income Tax 214 Consolidated Statements of Comprehensive Income 284 18. Equity 218 Consolidated Statements of Changes in Equity 286 19. Earnings per Common Share 215 Consolidated Statements of Cash Flows 287 20. Commitments and Contingencies 290 21. Reportable Segment 219 Notes to the Consolidated Financial Statements 291 22. Share-Based Payments 219 1. Corporate Information and Basis of Presentation 293 23. Employee Benefits and Personnel Costs 220 2. Effects of New Accounting Pronouncements 295 24. Related Party Transactions 220 3. Summary of Significant Accounting Policies 300 25. Fair Value Measurements 243 4. Revenue 304 26. Financial Risk Factors and Use of Derivative Financial Instruments 247 5. Acquisitions 316 27. Capital Management 248 6. Exit Costs and Impairments 319 28. Subsidiaries 252 7. Financial Assets 321 29. Fees Paid to External Auditors 254 8. Trade Accounts Receivable 322 30. Subsequent Events 256 9. Other Current and Non-current Assets 257 10. Property, Plant and Equipment 259 11. Equity Accounted Investments 261 12. Goodwill and Other Intangible Assets 265 13. Leases 267 14. Provisions 269 15. Other Current and Non-current Liabilities QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 211 QIAGEN N.V. Consolidated Balance Sheets (in thousands) As of December 31, Notes 2024 2023 Assets Current assets: Cash and cash equivalents (3.17) $663,025 $667,320 Current financial assets (7) 489,437 389,698 Trade accounts receivable (8) 349,278 381,877 Inventories (3.18) 279,082 397,912 Derivative financial instruments (25, 26) 23,604 43,230 Other current assets (9) 135,062 240,253 Total current assets 1,939,488 2,120,290 Non-current assets: Property, plant and equipment (10) 474,517 520,684 Goodwill (12) 2,453,849 2,503,038 Other intangible assets (12) 621,252 806,626 Right-of-use assets (13) 113,416 102,919 Equity accounted investments (11) 18,241 16,195 Non-current financial assets (7) 4,283 4,435 Deferred tax assets (17) 92,565 63,574 Derivative financial instruments (25, 26) 3,174 3,083 Other non-current assets (9) 35,422 33,309 Total non-current assets 3,816,719 4,053,863 Total assets $5,756,207 $6,174,153 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 212 QIAGEN N.V. Consolidated Balance Sheets (in thousands, except par value) As of December 31, Notes 2024 2023 Liabilities and equity Current liabilities: Current financial debts (16) $53,481 $587,970 Trade and other accounts payable 83,272 84,155 Provisions (14) 3,702 5,246 Derivative financial instruments (25, 26) 13,752 73,461 Other current liabilities (15) 376,591 351,295 Total current liabilities 530,798 1,102,127 Non-current liabilities: Non-current financial debts (16) 1,284,016 867,773 Deferred tax liabilities (17) 33,379 22,126 Derivative financial instruments (25, 26) 89,609 120,378 Other non-current liabilities (15) 217,853 194,598 Total non-current liabilities 1,624,857 1,204,875 Equity: Common Shares, 0.01 EUR par value, authorized— 410,000 shares, issued— 223,904 shares in 2024 and 230,829 in 2023 (18) 2,601 2,702 Share premium 1,715,510 1,965,581 Retained earnings (18) 2,389,172 2,421,630 Reserves (431,816) (389,739) Less treasury shares at cost—1,614 and 2,627 shares, respectively (18) (74,915) (133,023) Total equity 3,600,552 3,867,151 Total liabilities and equity $5,756,207 $6,174,153 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 213 QIAGEN N.V. Consolidated Income Statements (in thousands, except per share data) Years ended December 31, Notes 2024 2023 Net sales (4, 21) $1,978,214 $1,965,311 Cost of sales: Cost of sales (6) (957,893) (672,835) Acquisition-related intangible amortization (12) (58,541) (64,198) Total cost of sales (1,016,434) (737,033) Gross profit 961,780 1,228,278 Other operating income 444 639 Research and development expense (183,306) (192,161) Sales and marketing expense (459,973) (470,464) General and administrative expense (110,824) (117,399) Restructuring, acquisition, integration and other, net (6) (90,210) (34,456) Other operating expense (570) (1,366) Total operating expenses, net (10, 12, 23) (844,439) (815,207) Income from operations 117,341 413,071 Financial income 68,016 78,992 Financial expense (16) (47,283) (55,912) Gain from equity accounted investments (11) 5,720 4,163 Non-monetary loss, net (3) 206 — Other financial results (5, 7, 26) (49,922) 134,138 Total financial income, net (23,263) 161,381 Income before income tax expense 94,078 574,452 Income tax expense (17) (34,267) (89,644) Net income $59,811 $484,808 Basic earnings per common share (19) $0.27 $2.12 Diluted earnings per common share (19) $0.27 $2.10 Weighted average shares outstanding Basic (19) 222,619 228,146 Diluted (19) 224,717 230,619 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 214 QIAGEN N.V. Consolidated Statements of Comprehensive Income (in thousands) Years ended December 31, Notes 2024 2023 Net income $59,811 $484,808 Other comprehensive income not reclassified to profit or loss in subsequent periods: (Loss) gain in pensions (net of $227 tax benefit and $72 tax expense in 2024 and 2023 , respectively) (530) 167 Other comprehensive (loss) income to be reclassified to profit or loss in subsequent periods: Foreign currency translation adjustments (net of $0 tax in 2024 and 2023 ) (69,631) (11,481) (Gains) losses on cash flow hedges (net of $28,422 tax expense and $18,344 tax benefit in 2024 and 2023 , respectively) (26) 81,743 (52,755) Reclassification adjustments on cash flow hedges (net of $27,195 tax benefit and $17,183 tax expense in 2024 and 2023 , respectively) (26) (78,211) 49,417 Net investment hedge (26) 24,552 (18,396) Other comprehensive loss, after tax (42,077) (33,048) Comprehensive income $17,734 $451,760 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 215 QIAGEN N.V. Consolidated Statements of Cash Flows (in thousands) Years ended December 31, Notes 2024 2023 Cash flows from operating activities: Net income $59,811 $484,808 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization (10, 12) 209,726 211,336 Non-cash impairments (6, 7) 203,408 4,158 Amortization of debt discount and issuance costs (27) 18,428 30,162 Deferred income taxes (17) (19,974) 15,811 Share based compensation expense (22) 43,627 47,100 Loss on financial assets (7) 426 — Other items, including fair value changes in derivatives (11, 16, 26) 57,001 (133,141) Net changes in operating assets and liabilities: Trade accounts receivable (8) 12,218 (55,119) Inventories (3) 85,526 (44,746) Other current assets (9) 14,235 4,390 Other non-current assets (9) (1,194) 691 Accounts payable 1,446 (22,417) Accrued and other current liabilities (15) (53,731) (78,919) Other non-current liabilities (15) 4,108 (6,675) Income taxes (17) 34,856 71,009 Interest paid (27,642) (22,869) Interest received 81,230 69,610 Income taxes paid, net of refunds (15,684) (82,409) Net cash provided by operating activities 707,821 492,780 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 216 QIAGEN N.V. Consolidated Statements of Cash Flows (in thousands) Years ended December 31, Notes 2024 2023 Cash flows from investing activities: Purchases of property, plant and equipment (10) (68,038) (41,398) Purchases of intangible assets (12) (103,204) (121,404) Development expenses (12) (10,181) (6,350) Purchases of unquoted debt securities (7) (685,915) (839,399) Proceeds from redemption of unquoted debt securities (7) 584,979 1,054,946 Purchases of quoted debt securities (7) — (137,049) Proceeds from redemption of quoted debt securities (7) — 215,605 Purchases of unquoted equity securities (7) (3,157) (3,020) Proceeds from unquoted equity securities (7) 692 150 Cash paid for acquisitions, net of cash acquired (5) — (149,532) Cash paid for collateral asset 25,414 (66,583) Other investing activities — (499) Net cash used in investing activities (259,410) (94,533) Cash flows from financing activities: Capital repayment (18) (292,099) — Proceeds from non-current debt, net of issuance costs (16, 17) 494,211 — Repayment of non-current debt (16, 17) (601,536) (400,000) Proceeds from exercise of call option related to cash convertible notes (16) — 36,762 Payment of intrinsic value of cash convertible notes (16) — (36,762) Principal payments on leases (13) (23,892) (26,779) Proceeds from issuance of common shares — 163 Tax withholding related to vesting of stock awards (22) (34,161) (17,675) Cash received for collateral liability 11,350 (16,315) Other financing activities (661) — Net cash used in financing activities (446,788) (460,606) Effect of exchange rate changes on cash and cash equivalents (5,918) (592) Net decrease in cash and cash equivalents (4,295) (62,951) Cash and cash equivalents, beginning of period 667,320 730,271 Cash and cash equivalents, end of period $663,025 $667,320 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 217 QIAGEN N.V. Consolidated Statements of Cash Flows (in thousands) Years ended December 31, Notes 2024 2023 Supplemental disclosure of non-cash investing activities: Equity securities acquired in non-monetary exchange (7) $— $2,604 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 218 QIAGEN N.V. Consolidated Statements of Changes in Equity (in thousands) Common Shares Share premium Retained earnings Derivative hedge reserve Pension reserve Foreign currency translation Treasury Shares Total equity Notes Shares Amount Shares Amount Balance at December 31, 2022 230,829 $2,702 $1,921,972 $1,981,498 ($15,637) $645 ($341,699) (3,113) ($160,188) $3,389,293 Net income — — — 484,808 — — — — — 484,808 Other comprehensive income (loss) — — — — (21,734) 167 (11,481) — — (33,048) Comprehensive income — — — 484,808 (21,734) 167 (11,481) — — 451,760 Tax benefit of employee stock plans (22) — — (3,491) — — — — — — (3,491) Share-based payments (22) — — 47,100 — — — — — — 47,100 Employee stock plans (22) — — — (44,676) — — — 873 44,840 164 Tax withholding related to vesting of stock awards (22) — — — — — — — (387) (17,675) (17,675) Balance at December 31, 2023 230,829 $2,702 $1,965,581 $2,421,630 ($37,371) $812 ($353,180) (2,627) ($133,023) $3,867,151 Balance at December 31, 2023 230,829 2,702 1,965,581 2,421,630 (37,371) 812 (353,180) (2,627) (133,023) 3,867,151 Capital repayment (18) (6,925) (101) (292,672) — — — — 79 — (292,773) Net income — — — 59,811 — — — — — 59,811 Other comprehensive income (loss) — — — — 28,084 (530) (69,631) — — (42,077) Comprehensive income — — — 59,811 28,084 (530) (69,631) — — 17,734 Tax benefit of employee stock plans (22) — — (1,026) — — — — — — (1,026) Share-based payments (22) — — 43,627 — — — — — — 43,627 Employee stock plans (22) — — — (92,269) — — — 1,734 92,269 — Tax withholding related to vesting of stock awards (22) — — — — — — — (800) (34,161) (34,161) Balance at December 31, 2024 223,904 $2,601 $1,715,510 $2,389,172 ($9,287) $282 ($422,811) (1,614) ($74,915) $3,600,552 The accompanying notes are an integral part of these consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 219 Notes to the Consolidated Financial Statements December 31, 2024 k 1. Corporate Information, Basis of Presentation and Statement of Compliance Corporate Information QIAGEN N.V. is a public limited liability company ('naamloze vennootschap') under Dutch law with a registered office at Hulsterweg 82, 5912 PL Venlo, The Netherlands. The Company is registered under its commercial and legal name QIAGEN N.V. with the trade register ('kamer van koophandel') of the Dutch region Limburg Noord under file number 12036979. QIAGEN N.V., a Netherlands holding company, and subsidiaries (we, our or the Company) is a leading global provider of Sample to Insight solutions, enabling customers to extract and gain valuable molecular insights from samples containing the building blocks of life. Our Sample technologies isolate and process DNA, RNA and proteins from blood, tissue and other materials. Assay technologies prepare these biomolecules for analysis while bioinformatics software and knowledge bases can be used to interpret data to find actionable insights. Automation solutions bring these processes together into seamless and cost-effective workflows. We serve over 500,000 customers globally in Life Sciences (academia, pharma R&D and industrial applications, primarily forensics) and Molecular Diagnostics for clinical healthcare. As of December 31, 2024, we employed more than 5,700 people in over 35 locations worldwide. Our Common Shares are listed for trading on the Frankfurt Stock Exchange, Prime Standard Segment, under the symbol QIA and on the New York Stock Exchange (NYSE) under the symbol QGEN. Basis of Presentation and Statement of Compliance The accompanying consolidated financial statements were prepared in accordance with International Financial Reporting Standards as endorsed by the European Union (EU-IFRS) and all amounts are presented in U.S. dollars rounded to the nearest thousand, unless otherwise indicated. The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, contingent consideration and financial assets that have been measured at fair value. The financial statements of the Company have been prepared on the basis of the going concern assumption. The consolidated financial statements also comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code, as far as applicable. We undertake acquisitions to complement our own internal product development activities. In January 2023, we acquired Verogen, Inc., a leader in the use of next-generation sequencing (NGS) technologies to drive the future of human identification (HID) and forensic investigation located in San Diego, California. The cash consideration, net of cash acquired was $149.5 million. At the acquisition date, all the assets acquired and liabilities assumed were recorded at their respective fair values and our consolidated results of operations include the operating results from the acquired company from the acquisition date. The acquisition was not significant to the overall consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 220 Notes to the Consolidated Financial Statements The consolidated financial statements of QIAGEN for the year ended December 31, 2024 were authorized for issue in accordance with a resolution of the Supervis ory Board on April 28, 2025. 2. Effects of New Accounting Policies and Disclosures New Accounting Standards and Interpretations Adopted For 2024, there were no new standards or interpretations that were adopted which have a material impact to the consolidated financial statements. New Accounting Standards and Interpretations Issued but Not Yet Adopted For 2024, there are no new standards or interpretations issued which have not been adopted that are expected to have a material impact to the consolidated financial statements. 3. Summary of Significant Accounting Policies, Estimates and Judgments Significant Accounting Policies 3.1 Consolidation Principles The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at December 31, 2024 and for the year then ended. Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date that such control ceases. An entity is controlled when the Company has power over the entity, exposure or rights to variable returns from its involvement with the entity, and the ability to affect those returns through its power over the entity. In determining whether control exists, potential voting rights must be taken into account if those rights are substantive, in other words they can be exercised on a timely basis when decisions about the relevant activities of the entity are to be taken. Entities consolidated by the Company are referred to as "subsidiaries." The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. All intra-Company balances, income and expenses, unrealized gains and losses and dividends resulting from intra-Company transactions are eliminated in full. Profit or loss and each component of other comprehensive income are attributed to the owners of the parent and to the noncontrolling interest. Total comprehensive income is attributed to the owners of the parent and to the noncontrolling interest even if this results in a deficit balance. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 221 Notes to the Consolidated Financial Statements A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the assets (including goodwill) and liabilities of the subsidiary, the carrying amount of any noncontrolling interest, the cumulative translation differences, recorded in equity, recognizes the fair value of the consideration received, recognizes the fair value of any investment retained, any surplus or deficit in profit or loss and reclassifies the parent's share of components previously recognized in other comprehensive income to profit or loss. 3.2 Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any noncontrolling interest in the acquiree. The Company measures the noncontrolling interest in the acquiree at fair value. Acquisition related costs incurred are expensed. When the Company acquires a business, it assesses the financial assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized either in profit or loss or as a change to other comprehensive income. If the contingent consideration is classified as equity, it shall not be remeasured until it is finally settled within equity. Goodwill is initially measured at cost being the excess of the consideration transferred and the amount recognized for noncontrolling interest over the Company's net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized as profit. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company's cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 222 Notes to the Consolidated Financial Statements Management monitors and makes decisions regarding the Company's operations on a functional specific and global level. Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its subsidiaries together compose a single cash-generating unit. 3.3 Equity Accounted Investments Investments in entities in which the Company has significant influence, generally participation of 20% or more of the voting power, but over which it does not exercise management control are accounted for using the equity method. The Company's interests in equity accounted investees comprise interests in associates and joint ventures. Associates are those entities in which the company has significant influence but no control or joint control. A joint venture is an arrangement in which the company has joint control, whereby the company has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. Under the equity method, the investment is carried in the balance sheet at cost plus post acquisition changes in the Company's share of net assets of the associate. After application of the equity method, the Company determines whether it is necessary to recognize an additional impairment loss on the Company's investment. The Company determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case the Company calculates the amount of impairment as the difference between the recoverable amount of the investment and its carrying value and recognizes the amount in the income statement. Upon loss of significant influence over the associate, the Company measures and recognizes any retaining investment at its fair value. 3.4 Foreign Currency Translation The Company's presentation currency is the U.S. dollar (US$) which is also the parent company's functional currency. The majority of our subsidiaries' functional currencies are the local currency of the respective country. Balance sheets prepared in the functional currencies are translated to the presentation currency at exchange rates in effect at the end of the accounting period except for shareholders' equity accounts, which are translated at rates in effect when these balances were originally recorded. Revenue and expense accounts are translated at a weighted average of exchange rates during the period. The cumulative effect of translation is included in shareholders' equity. On disposal of a subsidiary, such translation differences are recognized in the income statement as part of the gain or loss on sale. Foreign currency transactions involving monetary assets and liabilities denominated in a currency other than the functional currency of the entity are translated using the exchange rate prevailing at the dates of the transactions and are subsequently valued at the closing rates at each period end. The foreign currency gains or losses on hedging instruments QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 223 Notes to the Consolidated Financial Statements used to offset currency risk associated with the translation of the foreign operations are deferred in other comprehensive income, to the extent that the hedge is effective. Foreign currency transaction gains and losses realized until settlement are included in the income statement, except for those related to intercompany transactions of a long-term investment nature which represent in substance part of the reporting entity's net investment in a foreign entity; such gains and losses are included in the cumulative foreign currency translation adjustments component of shareholders' equity. Included in other financial results in the accompanying consolidated income statements is a net loss on foreign currency transactions of $2.7 million and a net loss on foreign currency transaction of $4.1 million for the years ended December 31, 2024 and 2023, respectively. The exchange rates of key currencies affecting the Company were as follows: (USD equivalent for one) Closing rate as at December 31, Annual average rate 2024 2023 2024 2023 Euro (EUR) 1.0389 1.1050 1.0821 1.0814 Pound Sterling (GBP) 1.2529 1.2715 1.2782 1.2435 Swiss Franc (CHF) 1.1038 1.1933 1.1362 1.1133 Japanese Yen (JPY) 0.0064 0.0071 0.0066 0.0071 Chinese Yuan (CNY) 0.1370 0.1408 0.1390 0.1413 Beginning January 1, 2022, the results of our subsidiary in Türkiye are reported under hyperinflationary accounting in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (IAS 29). Under IAS 29, to reflect changes in purchasing power using a general price index, the carrying amounts of non-monetary assets and liabilities, shareholders’ equity, and comprehensive income of our subsidiary in Türkiye were restated in terms of a measuring unit current at the balance sheet date. No restatement is required for monetary assets and liabilities because they represent money held, to be received, or to be paid. At initial application, we recognized a net monetary loss of $5.4 million to adjust transactions recorded during the period into a measuring unit current as of December 31, 2022. As of December 31, 2024, a monetary loss of $0.2 million was recorded from the application of IAS 29. No monetary gain or loss was recorded for the year ended December 31, 2023 as there were no material effects from the application of IAS 29. 3.5 Revenue Recognition We recognize revenue when control of promised goods or services transfers to our customers in an amount that reflects the consideration that is expected to be received in exchange for those goods or services. We enter into contracts that can QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 224 Notes to the Consolidated Financial Statements include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to performance obligations based on their relative stand-alone selling prices. The majority of our sales revenue is recognized when products are shipped to the customers at which point control transfers. Refer to Note 4 "Revenue" for additional details. Shipping and handling costs charged to customers are recorded as revenue in the period that the related product sale revenue is recorded. Associated costs of shipping and handling are included in sales and marketing expenses. For the years ended December 31, 2024 and 2023, shipping and handling costs totaled $33.4 million and $32.4 million, respectively. 3.6 Operating Expenses Advertising Costs The costs of advertising are expensed as incurred when the services are performed and are included as a component of sales and marketing expense. Advertising costs for the years ended December 31, 2024 and 2023 were $9.6 million and $11.5 million, respectively. General and Administrative General and administrative expenses primarily represent personnel costs and expenses associated with administrative infrastructure, including continued investments across the organization in information technology improvements and cyber security. Restructuring, Acquisition, Integration and Other We incur indirect acquisition and business integration costs in connection with business combinations. These costs represent incremental costs that we believe would not have been incurred absent the business combinations. Major components of these costs include consulting and related fees incurred to integrate or restructure the acquired operations, payroll and related costs for employees remaining with the Company on a transitional basis and public relations, advertising and media costs for re-branding of the combined organization. Restructuring costs include personnel costs (principally termination benefits), facility closure and contract termination costs. Termination benefits are recorded when it is probable that employees will be entitled to benefits and the amounts can be reasonably estimated. Estimates of termination benefits are based on the frequency of past termination benefits, the similarity of benefits under the current plan and prior plans, and the existence of statutory required minimum benefits. Facility closure and other costs are recorded when the liability is incurred. The specific restructuring measures and associated estimated costs are based on management's best business judgment under the existing circumstances at the time QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 225 Notes to the Consolidated Financial Statements the estimates are made. If future events require changes to these estimates, such adjustments will be reflected in the period of the revised estimate. See Note 6 "Exit Costs and Impairments" for the details. Research and Development Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Company can demonstrate: • The technical feasibility of completing the intangible asset so that it will be available for use or sale. • Its intention to complete and its ability to use or sell the asset. • How the asset will generate probable future economic benefits. • The availability of resources to complete the asset and to use or sell the intangible asset. • The ability to measure reliably the expenditure during development. Following initial recognition of the development expenditure as an asset, the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Amortization of the asset begins when development is complete and the asset is available for use. It is amortized on a straight-line basis over the period of expected future benefit (between three and five years). Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. 3.7 Government Grants We recognize government grants when there is reasonable assurance that all conditions will be complied with and the grant will be received. Our government grants generally represent subsidies for specified activities and are therefore recognized when earned as a reduction of the expenses recorded for the activity that the grants are intended to compensate. Thus, when the grant relates to research and development expense, the grant is recognized over the same period that the related costs are incurred. Otherwise, amounts received under government grants are recorded as liabilities in the balance sheet. When the grant relates to an asset, the value of the grant is deducted from the carrying amount of the asset and recognized over the same period that the related asset is depreciated or amortized. In 2024 , we received government grants in the amount of $0.4 million (2023: $4.4 million), of which $0.4 million of income was included to offset research and development expense in the accompanying consolidated income statement. We do not carry any liabilities related to government grants. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 226 Notes to the Consolidated Financial Statements 3.8 Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective assets (qualifying asset) when such borrowing costs are significant and are recognized using the effective interest rate method. All other borrowing costs are expensed in the period they occur. 3.9 Post-Employment Benefits The Company operates a number of defined benefit and defined contribution plans. For defined benefit plans, the Company provides for benefits payable to their employees on retirement by charging current service costs to income. The defined benefit liability comprises the present value of the defined benefit obligation less past service cost and actuarial gains and losses not yet recognized and less the fair value of plan assets out of which the obligations are to be settled directly. The Company's contributions to the defined contribution pension plans are charged to the income statement in the year to which they relate. Refer to Note 23 "Employee Benefits and Personnel Costs" for more details. 3.10 Share-Based Payments The Company has a stock option plan, which is described in detail under Note 22 "Share-Based Payments." A compensation charge is calculated at the date the options are granted. This charge is recognized over the stock option's vesting period. When the option is exercised, the proceeds received net of any transaction costs are credited to share capital and share premium. 3.11 Taxation Taxes reported in the consolidated income statements include current and deferred income taxes. Current income tax Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities and are presented net within tax jurisdictions where permitted. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, by the reporting date, in the countries where the Company operates and generates taxable income. Current income tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 227 Notes to the Consolidated Financial Statements Deferred tax Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. A deferred tax asset is recognized for deductible temporary differences and unused tax losses (tax credits) carried forward, to the extent that it is probable that future taxable profits will be available. Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. Income tax exposure Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of international business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the respective counties in which it operates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of Interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective Company's domicile. 3.12 Financial Instruments - Recognition and Initial Measurement The Company's financial assets include cash and short-term deposits, trade accounts receivable, loan and other receivables, quoted and unquoted financial instruments, and derivative financial instruments. The Company's financial liabilities include trade and other payables, loans and borrowings, and derivative financial instruments. Trade receivables and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 228 Notes to the Consolidated Financial Statements A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price. 3.13 Financial Instruments - Classification and Subsequent Measurement Financial assets On initial recognition, a financial asset is classified as measured at: amortized costs; fair value through other comprehensive income (FVOCI) - debt investment; FVOCI - equity investment; or fair value through profit or loss (FVTPL). Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as an FVTPL: • it is held within a business model whose objective is to hold assets to collect contractual cash flows; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A debt investment is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: • it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets (see Note 26). On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as measured at FVTPL QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 229 Notes to the Consolidated Financial Statements if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise (IFRS 9, para 4.1.5). As of December 31, 2024, we have not made this election. Financial assets - Business model assessment The Company makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management’s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realizing cash flows through the sale of the assets; • how the performance of the portfolio is evaluated and reported to the Company’s management; • the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • how managers of the business are compensated - e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and • the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Company’s continuing recognition of the assets. Financial assets that are held for trading or are managed and whose performance is evaluated on a fair value basis are measured at FVTPL. Financial assets - Assessment whether contractual cash flows are solely payments of principal and interest For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 230 Notes to the Consolidated Financial Statements change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the Company considers: • contingent events that would change the amount or timing of cash flows; • terms that may adjust the contractual coupon rate, including variable-rate features; • prepayment and extension features; and • terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse features). A prepayment feature is consistent with the solely payments of principal and interest criterion if the prepayment amount substantially represents unpaid amounts of principal and interest on the principal amount outstanding, which may include reasonable additional compensation for early termination of the contract. Additionally, for a financial asset acquired at a discount or premium to its contractual par amount, a feature that permits or requires prepayment at an amount that substantially represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also include reasonable additional compensation for early termination) is treated as consistent with this criterion if the fair value of the prepayment feature is insignificant at initial recognition. Financial assets - Classification, subsequent measurement and gains and losses Financial assets at FVTPL These assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. However, see Note 26 for derivatives designated as hedging instruments. Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Debt investments at FVOCI These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments at FVOCI These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. At December 31, 2024, all unquoted equity securities held as non-current financial assets and current and non-current derivative financial instruments are measured at FVTPL. All other financial assets are measured at amortized cost. The Company does not hold any debt or equity investments at FVOCI as of December 31, 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 231 Notes to the Consolidated Financial Statements Financial liabilities - Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. At December 31, 2024, current and non-current derivative financial instruments are measured at FVTPL, with additional disclosures in Note 25 "Fair Value Measurements." All other financial liabilities are measured at amortized cost. See Note 26 for financial liabilities designated as hedging instruments. 3.14 Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Company enters into transactions whereby it transfers assets recognized in its balance sheet, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or canceled, or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non‑cash assets transferred or liabilities assumed) is recognized in profit or loss. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 232 Notes to the Consolidated Financial Statements 3.15 Offsetting Financial assets and financial liabilities are offset and the net amount presented in the balance sheet when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. 3.16 Derivative Financial Instruments and Hedge Accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognized in profit or loss. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. Cash flow hedges When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognized in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. The Company designates only the change in fair value of the spot element of forward exchange contracts as the hedging instrument in cash flow hedging relationships. The change in fair value of the forward element of forward exchange contracts (‘forward points’) is separately accounted for as a cost of hedging and recognized in a costs of hedging reserve within equity. When the hedged forecast transaction subsequently results in the recognition of a non-financial item such as inventory, the amount accumulated in the hedging reserve and the cost of hedging reserve is included directly in the initial cost of the non-financial item when it is recognized. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 233 Notes to the Consolidated Financial Statements For all other hedged forecast transactions, the amount accumulated in the hedging reserve and the cost of hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss. If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a transaction resulting in the recognition of a non-financial item, it is included in the non-financial item’s cost on its initial recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified to profit or loss. Net investment hedges When a derivative instrument or a non-derivative financial liability is designated as the hedging instrument in a hedge of a net investment in a foreign operation, the effective portion of, for a derivative, changes in the fair value of the hedging instrument or, for a non-derivative, foreign exchange gains and losses is recognized in OCI and presented in the translation reserve within equity. Any ineffective portion of the changes in the fair value of the derivative or foreign exchange gains and losses on the non-derivative is recognized immediately in profit or loss. The amount recognized in OCI is reclassified to profit or loss as a reclassification adjustment on disposal of the foreign operation. 3.17 Cash and Cash Equivalents Cash and cash equivalents consist of cash on deposit in banks and other cash invested temporarily in various instruments that are short-term and highly liquid with an original maturity of less than three months at the date of purchase. (in thousands) 2024 2023 Cash at bank and on hand $92,175 $86,616 Money market funds 399,917 481,360 Commercial paper — 9,982 Short-term bank deposits 170,933 89,362 Cash and cash equivalents $663,025 $667,320 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 234 Notes to the Consolidated Financial Statements 3.18 Inventories Inventories are stated at the lower of cost and net realizable value. The moving average method of valuation is used. The cost of work in process and finished goods includes raw materials, direct labor and production overhead expenditure based upon normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business less the cost of completion and distribution expenses. At December 31, 2024 and 2023, no inventory was recorded at net realizable value. Provisions are established for slow-moving and obsolete inventory. No inventory is pledged as collateral as of December 31, 2024. (in thousands) 2024 2023 Raw materials $52,770 $91,204 Work in process 72,675 94,736 Finished goods 153,637 211,972 Total inventories, net $279,082 $397,912 Included in inventories as of December 31, 2024, are $65.5 million (2023: $38.2 million) of inventory provisions. The movement in inventory provisions was recorded under cost of sales. For the years ended December 31, 2024 and 2023, cost of sales included cost of inventory sold of $299.6 million and $292.5 million, respectively. 3.19 Property, Plant and Equipment Property, plant and equipment are stated at cost of acquisition or construction cost less accumulated depreciation and accumulated impairment in value. Depreciation is computed using the straight-line and declining balance methods over the following estimated useful lives of the assets: Buildings and leasehold improvements up to 60 years Machinery and equipment 3-15 years Furniture and office equipment 3-10 years The residual values, useful lives and methods of depreciation are reviewed annually and adjusted if appropriate. Land is not depreciated. Construction costs include borrowing costs and operating expenses that are directly attributable to items of property, plant and equipment capitalized during construction. Subsequent expenditure on an item of property, plant and equipment is capitalized at cost only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Repair and maintenance costs are expensed as incurred. Gains and losses on disposal or retirement of items of property, plant and equipment are determined by comparing the proceeds received with the carrying amounts and are included in the consolidated income statements. The QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 235 Notes to the Consolidated Financial Statements asset's residual values, useful lives and methods of depreciation are reviewed, and adjusted if appropriate, at each financial year end. 3.20 Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Company as a lessee Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the company. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: • fixed payments, including in-substance fixed payments, less any lease incentives received; • variable lease payments that are based on an index or a rate; • amounts expected to be payable to the lessee under residual value guarantees; • the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and • payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate at the lease commencement date is used, which is based on an assessment of interest rates the company would have to pay to borrow funds, including the consideration of factors such as the nature of the asset and location, collateral, market terms and conditions, as applicable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. Each lease payment is allocated between the liability and finance charges. The interest element of the finance cost is recognized in the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 236 Notes to the Consolidated Financial Statements Right-of-use assets are measured at cost comprising the following: • the amount of the initial measurement of the lease liability; • any lease payments made at or before the commencement date less any lease incentives received; • any initial direct costs; and • restoration costs. The company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. The company leases various items of real estate, vehicles and other equipment. Rental contracts are typically made for fixed periods but may have extension or termination options. Company as a lessor When the company acts as a lessor, it determines at lease inception whether a lease is a finance lease or an operating lease. Leases in which the company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. The company recognizes lease payments received under operating leases as income on a straight-line basis over the lease terms in the Income Statement. 3.21 Intangible Assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is its fair value as at the date of acquisition. Expenditure on acquired technology rights, patents, trademarks and licenses are capitalized as intangible assets when it is probable that future economic benefits will flow to the Company and the cost can be measured reliably. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Through business combinations, the Company may acquire a variety of intangible assets which either will be or are amortized based on the nature and use of the assets. Amortization expense related to developed technology and patent and license rights acquired in a business combination is included in cost of sales. Amortization of trademarks and customer base acquired in a business combination is recorded in sales and marketing expense. For intangible assets not acquired in QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 237 Notes to the Consolidated Financial Statements business combinations, amortization expense is recorded within cost of sales, research and development, or sales and marketing line items based on the nature and use of the asset. The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category consistent with the function of the intangible asset. Developed technology, patents and license rights, computer software, development costs and other intellectual properties are amortized on a straight-line basis over their estimated useful lives as follows: Developed technology, patents and license rights 5-15 years Computer software 3-20 years Development costs 3-5 years Other intellectual properties 5-15 years 3.22 Impairment Impairment of financial assets The Company recognizes an allowance for expected credit losses (ECLs) for trade receivables, contract assets, and debt investments carried at amortized cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the company expects to receive, discounted at an approximation of the original effective interest rate. ECLs are recognized in two stages. For credit risk exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (12-month ECLs). The company considers a financial asset to be in default when the counterparty is unlikely to pay its credit obligations to the company in full or when the financial asset is past due. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (lifetime ECLs). When determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 238 Notes to the Consolidated Financial Statements both quantitative and qualitative information and analysis, based on the company's historical experience and informed credit assessment and including forward-looking information, such as forecast economic conditions. The Company assesses the allowance for doubtful accounts by applying the IFRS 9 simplified approach to measuring expected credit losses (ECLs), which uses the lifetime ECL allowance. To measure the ECLs on trade receivables, the Company considers any credit-risk concentration, collective debt risk based on historical losses, specific circumstances considering the market information on a country specific basis, and other forward looking information. Trade receivables are written off when there is no reasonable expectation of recovery of the asset (for example, because of bankruptcy). Impairment of non-financial assets The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit's (CGU) fair value less costs to sell and its value in use and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or the Company's assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. Impairment losses are recognized in the income statement in those expense categories consistent with the function of the impaired asset, except for property previously revalued where the revaluation was taken to other comprehensive income. In this case, the impairment is also recognized in other comprehensive income up to the amount of any previous revaluation. For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the asset's or cash-generating unit's recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the income statement unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 239 Notes to the Consolidated Financial Statements Goodwill Goodwill is subject to impairment tests annually, as of October 1, or earlier if indicators of potential impairment exist. We assess goodwill for impairment at least annually in the absence of an indicator of possible impairment and immediately upon an indicator of possible impairment. Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash- generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their carrying amount an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods. Intangible assets Intangible assets with indefinite useful lives are tested for impairment annually as of October 1 either individually or at the cash-generating unit level, as appropriate and when circumstances indicate that the carrying value may be impaired. 3.23 Provisions Provisions are recognized by the Company when a present legal or constructive obligation exists as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the effect of the time value of money is material, the amount of a provision is the present value of the expenditures expected to be required to settle the obligation. Where discounting is used, the increase in the provision due to the passage of time is recognized as a financing cost. The Company provides warranties on products against defects in materials and workmanship for a period of one year. A provision for estimated future warranty costs is recorded in cost of sales at the time product revenue is recognized. Product warranty obligations are included in other current liabilities in the balance sheet. Additionally, we typically provide limited warranties with respect to our services. Refer to Note 14 "Provisions" for changes in the carrying amount of the warranty provision for 2024. Acquisition related provisions are costs recognized separately from the purchase price of a business combination. These costs primarily relate to personnel and consulting costs to effect the business combination and subsequent integration. Refer to Note 14 "Provisions" for changes in the carrying amount of the acquisition related provision for 2024. 3.24 Reportable Segment We determined that we operate as one reportable segment. Our chief operating decision maker (CODM) makes decisions based on the Company as a whole. In addition, we have a common basis of organization and types of products and QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 240 Notes to the Consolidated Financial Statements services which derive revenues and consistent product margins. Accordingly, we operate and make decisions as one cash- generating unit. 3.25 Statement of Cash Flows The statement of cash flows provides an explanation of the changes in cash and cash equivalents. It is prepared on the basis of a comparison of the balance sheet as of January 1 and December 31 using the indirect method. Investing and financing transactions that do not require the use of cash or cash equivalents have been excluded from the cash flow statement. Significant Accounting Estimates and Judgments The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next year are described below. Purchase Price Allocation The purchase price allocation for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase price to the identifiable tangible and intangible assets acquired, including in-process research and development, and liabilities assumed based on their respective fair values. An acquisition may include contingent consideration as part of the purchase price. Contingent consideration is accounted for at fair value at the acquisition date with subsequent changes to the fair value being recognized in earnings. Additionally, we must determine whether an acquired entity is considered to be a business or a set of net assets, because a portion of the purchase price can only be allocated to goodwill in a business combination. We have made several acquisitions in recent years. The purchase prices for the acquisitions were allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition dates. We engaged an independent third-party valuation firm to assist us in determining the estimated fair values of in-process research and development and identifiable intangible assets. Such a valuation requires significant estimates and assumptions, including but not limited to determining the timing and estimated costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows, and developing appropriate discount rates. We believe the estimated fair values of contingent consideration and assets acquired and liabilities assumed are based on reasonable assumptions. However, the fair value estimates for the purchase price allocations may change during the allowable allocation period, which is up to one year from the acquisition dates, if additional information becomes available. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 241 Notes to the Consolidated Financial Statements Fair Value Measurements We have categorized our assets and liabilities that are measured at fair value, based on the priority of the inputs to the valuation techniques, in a three-level fair value hierarchy: Level 1 - using quoted prices in active markets for identical assets or liabilities; Level 2 - using observable inputs other than quoted prices; and Level 3 – using unobservable inputs. We primarily apply the market approach for recurring fair value measurements, maximize our use of observable inputs and minimize our use of unobservable inputs. We utilize the mid-point price between bid and ask prices for valuing the majority of our assets and liabilities measured and reported at fair value. In addition to using market data, we make assumptions in valuing assets and liabilities, including assumptions about risk and the risks inherent in the inputs to the valuation technique. Certain of our derivative instruments, which are classified in Level 2 of the fair value hierarchy, are valued using industry- standard models that consider various inputs, including time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these inputs are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable prices at which transactions are executed in the marketplace. Certain of our acquisitions involve contingent consideration, the payment of which is contingent on the occurrence of future events. Contingent consideration is classified in Level 3 of the fair value hierarchy and is initially recognized at fair value as a cost of the acquisition. After the acquisition, the contingent consideration liability is remeasured each reporting period. The fair value of contingent consideration is measured predominantly on unobservable inputs such as assumptions about the likelihood of achieving specified milestone criteria, projections of future financial performance, assumed discount rates and assumed weightings applied to potential scenarios in deriving a probability weighted fair value. Significant judgment is used in developing these estimates and assumptions both at the acquisition date and in subsequent periods. If actual events differ from management's estimates, or to the extent these estimates are adjusted in the future, our financial condition or results of operations could be affected in the period of any change. For other fair value measurements, we generally use an income approach to measure fair value when there is not a market observable price for an identical or similar asset or liability. This approach utilizes management’s best assumptions regarding expectations of projected cash flows, and discounts the expected cash flows using a commensurate risk-adjusted discount rate. Impairment of Goodwill and Intangible Assets Assets are tested or reviewed for impairment in accordance with the accounting policy stated under Note 3.22 "Impairment." QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 242 Notes to the Consolidated Financial Statements In the fourth quarter of 2024, we performed our annual impairment assessment of goodwill (using data as of October 1, 2024). We performed our goodwill impairment testing on a single cash-generating unit basis which is consistent with our reporting structure. In testing for potential impairment, we measured the estimated fair value of the cash-generating unit based upon discounted future operating cash flows using a discount rate reflecting our estimated average cost of funds. Differences in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact on the determination of impairment amounts. In estimating future cash flows, we used our internal five-year projections. Our projections were based on recent sales data for existing products, planned timing of new product launches, and customer commitments related to new and existing products. We performed a series of sensitivity analyses on our calculation by varying key inputs individually including a decrease in projected future cash flows and growth rates and an increase in the weighted average cost of capital to a +/-10% threshold and found no material impact on the value of goodwill. We concluded that no impairment existed at October 1, 2024 or through December 31, 2024. Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash- generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of the resulting estimates are subject to uncertainty, and as additional information becomes known, we may change our estimates. Development Costs Development costs are capitalized in accordance with the accounting policy stated under research and development in Note 3.6 "Operating Expenses" above. Assessing whether the development costs qualify for capitalization requires management to make assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits. Periodically, and at least annually, management assesses whether there are indications that projects may be impaired and if impairment indicators exist, management reviews the carrying amount of the projects and performs a test for impairment. Income Taxes The Company is subject to income taxes in numerous jurisdictions that require estimates to be made based on interpretations of laws or regulations. Various internal and external factors, such as changes in tax laws, regulations and rates, changing interpretations of existing tax laws or regulations, future level of research and development spending and changes in overall levels of pre-tax income may have favorable or unfavorable effects on the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax assets are recognized in accordance with the accounting policy stated in Note 3.11 "Taxation." Deferred tax assets are recognized for net operating loss carry-forwards to the extent that it is probable that taxable profit will be QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 243 Notes to the Consolidated Financial Statements available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized based upon the likely timing and level of future taxable profits. Share-Based Payments - Stock Options The Company utilizes the Black-Scholes-Merton valuation model for estimating the fair value of its stock options as stated under Note 22 "Share-Based Payments." Option valuation models, including Black-Scholes-Merton, require the input of highly subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. Share-Based Payments - Restricted Stock Units and Performance Stock Units Restricted stock units and performance stock units represent rights to receive Common Shares at a future date. The fair market value is determined based on the number of stock units granted and the fair market value of our shares on the grant date. The fair market value at the time of the grant, less an estimate for pre-vesting forfeitures, is recognized in expense over the vesting period. We grant performance-based stock units subject to performance periods of one-year up to three years. Thus the estimates of performance achieved during the performance period may be subject to significant changes from period to period as the performance is completed. 4. Revenue Nature of Goods and Services Our revenues are reported net of sales and value added taxes, estimated rebates and returns and mainly come from consumable and instrumentation product sales, with a smaller portion from services, intellectual property, and technology sales. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. From time to time, we enter into contracts that can include various combinations of products and services, which are generally distinct and accounted for as separate performance obligations. The transaction price is allocated to performance obligations based on their relative stand-alone selling prices. We offer warranties on our products. Certain of our warranties are assurance-type in nature and do not cover anything beyond ensuring that the product is functioning as intended. Based on the guidance in IFRS 15, assurance-type warranties do not represent separate performance obligations. The Company also sells separately-priced service contracts which qualify as service-type warranties and represent separate performance obligations. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 244 Notes to the Consolidated Financial Statements We sell our products and services both directly to customers and through distributors generally under agreements with payment terms typically less than 90 days and, in most cases, not exceeding one year and therefore, contracts do not contain a significant financing component. Consumable and Related Revenues Consumable Products: In the last three years, revenue from consumable product sales has accounted for between 78-80% of our net sales and revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of our contracts have either a single performance obligation to transfer a single consumable product or multiple performance obligations to transfer multiple products concurrently. Accordingly, we recognize revenue when control of the products has transferred to the customer, which is generally at the time of shipment of products as this is when title and risk of loss have been transferred. In addition, invoicing typically occurs at this time so this is when we have a present right to payment. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products and is generally based upon a negotiated formula, list or fixed price. Related Revenues: Revenues from related products include software-as-a-service (SaaS), licenses, intellectual property and patent sales, royalties and milestone payments and, over the last three years, has accounted for between 8-10% of our net sales. SaaS arrangements: Revenue from SaaS arrangements, which allow customers to use hosted software over the contract period without taking possession of the software, is recognized over the duration of the agreement unless the terms of the agreement indicate that revenue should be recognized in a different pattern, for example, based on usage. Licenses: Licenses for on-site software, which allow customers to use the software as it exists when made available, are sold as perpetual licenses or term licenses. Revenue from on-site licenses is recognized at the later of when the software is made available to the customer or the beginning of the license term. When a portion of the transaction price is allocated to a performance obligation to provide support and/or updates, revenue is recognized as the updates/support are provided, generally over the life of the license. Revenues from research collaborations include payments for technology transfer and access rights. Royalties from licensees of intellectual property are based on sales of licensed products and revenues are recognized at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Milestone Payments: At the inception of each companion diagnostic co-development arrangement that includes development milestone payments, which represent variable consideration, we evaluate whether the milestones are probable of being reached and estimate the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 245 Notes to the Consolidated Financial Statements the transaction price. Milestone payments that are not within our control, such as milestones which are achieved through regulatory approvals, are considered to be constrained and excluded from the transaction price until the required approvals are received. Revenue is recognized following the input method as this is considered to best depict the timing of the transfer of control. This involves measuring actual hours incurred to date as a proportion of the total budgeted hours of the project. At the end of each subsequent reporting period, the proportion of completion is trued-up. We also re-evaluate the probability of achievement of development milestones and any related constraint on a periodic basis and, if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. Instruments Revenue from instrumentation includes the instrumentation equipment, installation, training and other instrumentation services, such as extended warranty services or product maintenance contracts and, over the last three years, has accounted for between 11-12% of net sales. Revenue from instrumentation equipment is recognized when the customer obtains control of the instrument, which is predominantly at the time of delivery or upon customer acceptance, where applicable. Service revenue is recognized over the term of the service period as the customers benefit from the service throughout the service period. Revenue related to services performed on a time-and-materials basis is recognized when performed. Contract Estimates The majority of our revenue is derived from (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount in which we have the right to invoice as product is delivered. We have elected, as a practical expedient, not to disclose the value of remaining performance obligations associated with these types of contracts. However, we have certain companion diagnostic co-development contracts to provide research and development activities in which our performance obligations extend over multiple years. As of December 31, 2024, we have $72.0 million of remaining performance obligations for which the transaction price is not constrained related to these contracts which we expect to recognize over the next 12 to 18 months. Excluding revenue pertaining to contracts that have an original expected duration of one year or less, contracts where revenue is recognized as invoiced and contracts with variable consideration related to undelivered performance obligations, revenue expected to be recognized in any future year related to remaining performance obligations is not material. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 246 Notes to the Consolidated Financial Statements Contract Balances The timing of revenue recognition, billings and cash collections can result in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) in the consolidated balance sheet. Contract assets as of December 31, 2024 and 2023 totaled $14.5 million and $15.0 million, respectively, and are included in other current assets in the accompanying consolidated balance sheets and relate to the companion diagnostic co-development contracts discussed above. Contract liabilities primarily relate to non-cancellable advances or deposits received from customers before revenue is recognized and are primarily related to instrument service and software-as-a-service (SaaS) arrangements. As of December 31, 2024 and 2023, contract liabilities totaled $88.8 million and $82.1 million, respectively, of which $70.8 million and $66.4 million, respectively, is included in other current liabilities and $18.0 million and $15.7 million, respectively, is included in other non-current liabilities. During the years ended December 31, 2024 and 2023, we satisfied the associated performance obligations and recognized revenue of $75.5 million and $66.8 million, respectively, related to advance customer payments previously received. Disaggregation of Revenue We disaggregate our revenue based on product type and customer class as shown below for the years ended December 31, 2024 and 2023: (in thousands) 2024 2023 Consumables and related revenues $1,005,982 $951,366 Instruments 72,583 84,111 Molecular Diagnostics 1,078,565 1,035,477 Consumables and related revenues 754,257 774,847 Instruments 145,392 154,987 Life Sciences 899,649 929,834 Total net sales $1,978,214 $1,965,311 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 247 Notes to the Consolidated Financial Statements Additionally, we disaggregate our revenue based on the product categories as shown below for the years ended December 31, 2024 and 2023: (in thousands) 2024 2023 Sample technologies $642,031 $662,991 Diagnostic solutions 748,888 697,630 PCR / Nucleic acid amplification 300,468 300,204 Genomics / NGS 233,608 238,910 Other 53,219 65,576 Total net sales $1,978,214 $1,965,311 Refer to Note 21 "Reportable Segment" for disclosure of revenue by geographic region. 5. Acquisitions We undertake acquisitions to complement our own internal product development activities. Our acquisitions have historically been made at prices above the fair value of the acquired net assets, resulting in goodwill, due to expectations of synergies of combining the businesses. These synergies include use of our existing infrastructure, such as our sales force, business service centers, distribution channels and customer relations, to expand sales of an acquired business' products; use of the infrastructure of the acquired businesses to cost-effectively expand sales of our products; and elimination of duplicative facilities, functions and staffing. For acquisitions which have been accounted for as business combinations, the acquired companies' results have been included in the accompanying consolidated income statements from their respective dates of acquisition. 2023 Business Combination On January 3, 2023, we acquired 100% of the shares of Verogen, Inc., a leader in the use of next-generation sequencing (NGS) technologies to drive the future of human identification (HID) and forensic investigation. Verogen, a privately held company founded in 2017 and based in San Diego, California, supports the global human identification community with NGS tools and professional services to help resolve criminal and missing-persons cases. The cash consideration, net of cash acquired was $149.5 million. The acquisition is not significant to the overall consolidated financial statements. At the acquisition date, all the assets acquired and liabilities assumed were recorded at their respective fair values and our consolidated results of operations include the operating results from the acquired company from the acquisition date. The QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 248 Notes to the Consolidated Financial Statements acquisition did not have a material impact to net sales, net income or earnings per common share and therefore no pro forma information has been provided herein. 6. Exit Costs and Impairments As part of our restructuring activities, we incur expenses that qualify constructive obligations under IAS 37 arising from a restructuring program including severance and employee costs as well as contract and other costs, primarily contract termination costs, as well as inventory write-offs and other implementation costs primarily related to consulting fees. Personnel related costs primarily relate to cash severance and other termination benefits. We also incur expenses that are an integral component of, and are directly attributable to, our restructuring activities which do not qualify as constructive obligation under IAS 37, which consist of asset-related costs such as intangible asset impairments and other asset related write-offs. Termination benefits are recorded when it is probable that employees will be entitled to benefits and the amounts can be reasonably estimated. Estimates of the termination benefits are based on the frequency of past termination benefits, the similarity of benefits under the current plan and prior plans, and the existence of statutory required minimum benefits. Other benefits which require future service and are associated to non-recurring benefits are recognized ratably over the future service period. Other assets, including inventory, are impaired or written-off if the carrying value exceeds the fair value. All other costs are recognized as incurred. 2024 Efficiency Program In 2024, we commenced initiatives that aim to improve the overall efficiency and profitability of the company. In June 2024, the Supervisory Board approved the program including the decision to discontinue our NeuMoDx clinical PCR system considering the market development following the COVID-19 pandemic and changing customer needs for integrated PCR-based clinical molecular testing systems. Following this decision, we are refocusing resources and efforts on developing and commercializing other innovative solutions within our portfolio. The approved program includes activities to improve global efficiency through targeted measures to reduce hierarchies and drive increased digitalization and automation for improved resource allocation and profitable growth. The costs for the 2024 program largely included non- cash charges for impairment of long-lived assets and, to a lesser extent, cash-settled charges for employee-related costs and facility exit and other costs, including contract termination costs. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 249 Notes to the Consolidated Financial Statements A summary of the liability, which is recorded in other current liabilities in the accompanying consolidated balance sheet, as of December 31, 2024 is as follows: (in thousands) Employee-related costs Exit and other costs Total Costs incurred $17,374 $60,287 $77,661 Cash payments (7,949) (27,838) (35,787) Non-cash settlements — (6,423) (6,423) Foreign currency translation adjustment (421) 454 33 Liability at December 31, 2024 $9,004 $26,480 $35,484 Employee-related costs primarily consist of termination benefits provided to employees who have been involuntarily terminated and retention bonuses incurred during transition periods. Exit and other costs primarily consist of supplier contract termination costs, project consulting fees and other professional service fees to support the program. Non-cash charges Following the decision to discontinue the NeuMoDx system, the intangible assets were reviewed and determined to have no alternative use and were fully impaired. Intangible asset impairments include the impairment computer software and developed technology related to the discontinued NeuMoDx system, the termination of licenses which were used exclusively in connection with this system and in-process research and development acquired from NeuMoDx in 2020. As a result of an impairment test to property, plant and equipment, long-lived assets were fully impaired following the decision to discontinue the NeuMoDx system and close the Ann Arbor, Michigan facility. The impairment test considered the estimated future cash flows of the NeuMoDx asset group, the lack of alternative use for the long-lived assets and no value recoverable in a market disposal. As a result, impairments were recorded for assets under construction and machinery and equipment. We conducted an impairment review of inventory and other assets. Certain NeuMoDx related inventory was written-off following the decision to discontinue, and the inventory charges were recorded in cost of sales. Other asset write-downs included the right-of-use assets related to the facility closure and allowances against accounts receivable to reflect the expected impact of non-payment of the outstanding receivables related to the NeuMoDx business. The following is a summary of all charges related to the 2024 program recorded in the consolidated statement of income for the year ended December 31, 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 250 Notes to the Consolidated Financial Statements Classification and Type of Charge (in thousands) For the year ended December 31, 2024 Cost of sales: Exit costs, including contract termination costs $43,355 Employee-related costs 8,204 Intangible asset impairments 134,567 Inventories 93,473 Property, plant and equipment impairments 15,459 Total costs in cost of sales $295,058 Restructuring, acquisition, integration and other, net: Exit costs $16,932 Employee-related costs 9,170 Property, plant and equipment impairments 30,236 Other asset write-downs 4,569 Intangible asset impairments 17,651 Total costs in restructuring, acquisition, integration and other, net $78,558 Total costs $373,616 We anticipate total program costs of approximately $400.0 million upon the completion of the program in 2025, with $15.0 million to $20.0 million of additional costs to be incurred in 2025 primarily for employee-related and other exit costs. 2022 Restructuring During the fourth quarter of 2022, we initiated a restructuring plan to discontinue our third-party instrument service business and realign certain management positions and personnel in order to improve the overall management structure. The below table shows the pre-tax restructuring charges recorded in 2023 in the accompanying consolidated statement of income. No charges were incurred in 2024 related to this program. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 251 Notes to the Consolidated Financial Statements (in thousands) 2023 Cost of sales $— Restructuring, acquisition, integration and other, net 6,095 Total restructuring charges $6,095 A summary of the restructuring liability, which is recorded in other current liabilities in the accompanying consolidated balance sheets, as of December 31, 2024 and 2023 is as follows: (in thousands) Employee-related costs Exit and other costs Total Liability at December 31, 2022 $4,145 $494 $4,639 Cost incurred in 2023 6,604 160 6,764 Release of accruals (662) (7) (669) Cash payments (3,667) (500) (4,167) Foreign currency translation adjustment 137 — 137 Liability at December 31, 2023 $6,557 $147 $6,704 Cost incurred in 2024 853 — 853 Release of accruals (941) (52) (993) Cash payments (5,898) (94) (5,992) Foreign currency translation adjustment (263) (1) (264) Liability at December 31, 2024 $308 $— $308 No further charges related to this program are expected to be incurred in 2025. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 252 Notes to the Consolidated Financial Statements 7. Financial Assets (in thousands) 2024 2023 Current financial assets: Unquoted debt securities $489,437 $389,698 Total current financial assets 489,437 389,698 Non-current financial assets: Unquoted equity securities 4,283 4,435 Total non-current financial assets 4,283 4,435 Total financial assets $493,720 $394,133 At December 31, 2024 and 2023 , we held unquoted debt securities of $489.4 million and $389.7 million , respectively. Unquoted Debt Securities The unquoted debt securities are highly liquid deposits and fixed-income securities consisting of money market deposits and commercial paper due from financial and nonfinancial institutions. These instruments are classified as current assets in the accompanying balance sheet as they have an original maturity of less than one year. Money market deposits are interest-bearing deposit accounts, valued at amortized cost with interest income accrued as earned. Interest income is determined using the effective interest rate method. Investments in commercial paper, a marketable debt security, are financial assets accounted for at amortized cost. Interest income is calculated and accrued using the effective interest method. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 253 Notes to the Consolidated Financial Statements (in thousands) 2024 2023 Balance at beginning of the year $389,698 $607,997 Unquoted debt securities acquired 685,915 839,399 Unquoted debt securities redeemed (584,979) (1,054,946) Gain on sales of unquoted debt securities 70 — Interest redeemed (3,277) (15,661) Additions from accrued interest 4,085 11,669 Foreign currency translation adjustment (2,075) 1,240 Balance at end of the year $489,437 $389,698 Quoted Debt Securities The quoted debt securities are fixed-income securities consisting of commercial paper due from financial and nonfinancial institutions. Investments in commercial paper, a marketable debt security, are financial assets accounted for at fair value through profit and loss and are carried at fair market value. Interest income is calculated and accrued using the effective interest method. During 2023, our remaining quoted debt securities were redeemed. (in thousands) 2023 Balance at beginning of the year $79,600 Quoted debt securities acquired 137,049 Quoted debt securities redeemed (215,605) Interest redeemed (4,395) Additions from accrued interest 3,351 Balance at end of the year $— Unquoted Equity Securities At December 31, 2024 and 2023, we had investments in non-publicly traded companies that do not have readily determinable fair values with carrying amounts that totaled $4.3 million and $4.4 million, respectively. These investments are required to be accounted for at fair value through profit and loss unless the investment is not held for trading, and the holder elects at initial recognition to account for it at fair value through other comprehensive income. As this election has not been made, these investments are accounted for at fair value through profit and loss in other financial results. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 254 Notes to the Consolidated Financial Statements There was no observable fair value change in these unquoted equity investments during 2024. All other changes in these investments for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Balance at beginning of year $4,435 $5,329 Impairments (250) (4,158) Cash investments in equity securities, net 342 491 Shares received in exchange for services performed — 2,604 Foreign currency translation adjustments (244) 169 Balance at end of year $4,283 $4,435 Impairments during 2024 and 2023 were recorded to other financial results in the accompanying consolidated income statement. In 2024, an investment value declined following an observable change in price of the underlying investment and in 2023, there was an adverse change in an investee's solvency that indicated that the carrying value was no longer recoverable. We made additional investments of $0.3 million and $0.5 million in unquoted equity securities for the years ended December 31, 2024 and 2023, respectively. Additionally, during 2023, we received shares amounting to $2.6 million as payment for services performed. 8. Trade Accounts Receivable We sell our products worldwide through sales subsidiaries and distributors. There is no concentration of credit risk with respect to trade accounts receivable as we have a large number of internationally dispersed customers. Trade accounts receivable are non-interest bearing and mostly have payment terms of 30 to 90 days. Notes receivable are non-interest bearing and mostly have payment terms of up to one year. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 255 Notes to the Consolidated Financial Statements (in thousands) 2024 2023 Trade accounts receivable $364,187 $395,568 Notes receivable 3,317 3,605 Allowance for doubtful accounts (18,226) (17,296) Total trade accounts receivable, net $349,278 $381,877 The changes in the allowance for doubtful accounts are as follows: (in thousands) 2024 2023 Balance at beginning of year $17,296 $22,880 Additions charged to expense 4,204 (2,873) Deductions from allowance (1) (2,148) (2,378) Currency translation adjustments and other (1,126) (333) Balance at end of year $18,226 $17,296 (1) Write-offs for which an allowance was previously provided. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 256 Notes to the Consolidated Financial Statements 9. Other Current and Non-current Assets Other current assets at December 31, 2024 and 2023 consist of the following: (in thousands) Notes 2024 2023 Income taxes receivable (17) $46,563 $60,639 Other receivables 31,316 38,166 Prepaid expenses 22,121 18,832 Value-added tax 17,291 19,911 Contract assets (4) 14,525 15,039 Cash collateral (26) 3,246 $87,666 Total other current assets $135,062 $240,253 Other non-current assets at December 31, 2024 and 2023 consist of the following: (in thousands) 2024 2023 Other non-current assets $27,546 $21,539 Prepaid licenses and royalties 6,421 7,797 Non-current deposits and escrow payments 1,383 3,852 Prepayment of intangibles 72 121 Total other non-current assets $35,422 $33,309 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 257 Notes to the Consolidated Financial Statements 10. Property, Plant and Equipment Cost (in thousands) Land and buildings Machinery and equipment Furniture and office equipment Leasehold improvements Construction in progress Total January 1, 2023 $342,494 $300,793 $91,166 $46,032 $71,276 $851,761 Currency adjustments 7,370 4,486 2,072 981 1,726 16,635 Additions 52 24,710 5,871 2,745 37,757 71,135 Business combinations — 547 — — — 547 Disposals (256) (39,047) (10,603) (926) (1,891) (52,723) Transfers 8,415 24,760 3,552 2,395 (39,122) — December 31, 2023 358,075 316,249 92,058 51,227 69,746 887,355 Currency adjustments (13,211) (21,127) (5,057) (1,612) (3,008) (44,015) Additions 49 21,746 6,210 225 48,286 76,516 Disposals (1,803) (44,964) (19,277) (5,113) (15,584) (86,741) Transfers 9,664 14,019 4,304 8,900 (36,887) — December 31, 2024 $352,774 $285,923 $78,238 $53,627 $62,553 $833,115 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 258 Notes to the Consolidated Financial Statements Accumulated depreciation (in thousands) Land and buildings Machinery and equipment Furniture and office equipment Leasehold improvements Construction in progress Total January 1, 2023 ($105,730) ($181,931) ($56,367) ($15,151) $— ($359,179) Currency adjustments (2,138) (1,942) (1,399) (99) — (5,578) Depreciation (6,562) (26,700) (11,913) (5,088) — (50,263) Disposals 256 36,712 10,457 924 — 48,349 December 31, 2023 (114,174) (173,861) (59,222) (19,414) — (366,671) Currency adjustments 4,156 15,403 3,856 817 7 24,239 Depreciation (6,643) (32,627) (10,465) (5,865) — (55,600) Impairment losses (1,017) (20,753) (6,627) (2,555) (14,742) (45,694) Disposals 1,803 44,286 19,191 5,113 14,735 85,128 December 31, 2024 (115,875) (167,552) (53,267) (21,904) — (358,598) Net book value (in thousands) December 31, 2023 $243,901 $142,388 $32,836 $31,813 $69,746 $520,684 December 31, 2024 $236,899 $118,371 $24,971 $31,723 $62,553 $474,517 The residual values, useful lives and methods of depreciation are reviewed annually and adjusted if appropriate. Impairments of $45.7 million during 2024 we incurred impairments in connection with the program discussed in Note 6 "Exit Costs and Impairments." No property, plant and equipment was pledged as security against non-current financial debts at December 31, 2024 and 2023. Construction in progress primarily includes amounts related to projects to expand production lines and increase the capacity of manufacturing as well as ongoing software development projects. For the years ended December 31, 2024, and 2023, interest capitalized in connection with these projects totaled $2.6 million and $1.2 million, respectively. Additions to purchases property, plant and equipment of $76.5 million includes $47.6 million of cash paid for additions during the year ended December 31, 2024 together with $28.9 million of additions that were accrued as of December 31, 2024. Net cash paid for property, plant and equipment totaled $68.0 million, of which $15.3 million is QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 259 Notes to the Consolidated Financial Statements related current year payments for assets that were accrued as of December 31, 2023 partially offset by $5.1 million on foreign currency translation adjustments. 11. Equity Accounted Investments We have made strategic investments in certain companies that are accounted for using the equity method of accounting. The method of accounting for an investment depends on the level of influence. We hold investments in entities where, though we lack a controlling financial interest, we do have rights to direct the relevant activities including the power to appoint key management personnel, and therefore have concluded that we have significant influence over these investments. We monitor changes in circumstances that may require a reassessment of the level of influence. We periodically review the carrying value of these investments for impairment, considering factors such as the most recent stock transactions and book values from the recent financial statements. Amounts from equity method investments considered in the financial statements are as follows: (in thousands) Equity investments as of December 31, Share of income (loss) for the years ended December 31, Ownership percentage 2024 2023 2024 2023 TVM Life Sciences Ventures III 3.10% $11,807 $7,198 $1,916 $947 PreAnalytiX GmbH 50.00% 3,965 3,422 4,344 4,977 Suzhou Fuda Business Management and Consulting Partnership 33.67% 2,469 2,581 (44) 49 Apis Assay Technologies Ltd 19.90% — 2,408 (433) (1,694) Actome GmbH 12.50% — 586 (163) (216) Hombrechtikon Systems Engineering AG 19.00% (193) (275) 100 100 $18,048 $15,920 $5,720 $4,163 Of the net $18.0 million of amounts from equity method investments, the investment assets of $18.2 million are included in equity accounted investments and the amount of $0.2 million, for the investment where we are committed to fund losses, is included in other non-current liabilities in the accompanying consolidated balance sheet as of December 31, 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 260 Notes to the Consolidated Financial Statements During 2024, impairment charges totaling $2.4 million were recorded in other financial results in the accompanying consolidated income statement. The investments in Apis Assay Technologies Ltd and Actome GmbH were fully impaired due to adverse changes in the investees' solvency indicating that the carrying value was no longer recoverable. Our share of income of $5.7 million in 2024 and $4.2 million in 2023 is included in gain from equity accounted investments in the accompanying consolidated income statements. TVM Life Science Ventures III (TVM) is a limited partnership and we account for our 3.1% investment under the equity method as we have the ability to exercise significant influence over the limited partnership. This investment is valued at net asset value (NAV) reported by the counterparty, adjusted as necessary. During the years ended December 31, 2024 and 2023, we made cash payments to TVM of $2.7 million and $2.4 million, respectively. As of December 31, 2024, our remaining unfunded commitments to TVM was $4.1 million through 2029. We do not have the right to redeem these funds under the normal course of operations of this partnership. During the years ended December 31, 2024 and 2023, we received dividends of $3.6 million and $9.1 million, respectively, from PreAnalytix GmbH. These dividends are return on investments and therefore classified as cash flows from operating activities and included in other items, net including fair value changes in derivatives in the accompanying consolidated statements of cash flows. The below tables shows the changes in our equity method investments for the years ended December 31, 2024 and 2023: (in thousands) 2024 2023 Balance at beginning of year $15,920 $17,906 Purchases of investments 2,693 2,379 Impairment (2,380) — Dividend distribution received (3,628) (9,097) Share of profit 5,720 4,163 Exchange rate differences / other (277) 569 Balance at end of year $18,048 $15,920 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 261 Notes to the Consolidated Financial Statements The table below reflects the financial information (at 100%) of all individually immaterial equity method investments in the aggregate: None of the equity method investments are considered to be individually material to our financial statements. (in millions) Joint Venture Associates 2024 2023 2024 2023 Total assets $32.9 $33.8 $365.8 $263.4 Shareholders' equity $26.3 $24.9 $347.5 $251.1 Net sales $30.6 $30.0 $22.4 $21.9 Net result $11.6 $18.8 ($19.6) ($8.6) 12. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Balance at beginning of year $2,503,038 $2,380,162 Goodwill acquired during the year — 95,136 Purchase adjustments — (4,350) Currency adjustments (49,189) 32,090 Balance at end of year $2,453,849 $2,503,038 During 2024 , the change in goodwill due to foreign currency translation adjustments resulted from changes in the exchange rates of the euro, Swiss franc and Australian dollar. The changes in goodwill during 2023 resulted from the January 2023 acquisition of Verogen, Inc. and foreign currency translation adjustments from rate movements in the euro, Swiss franc and British pound. In the fourth quarter of 2024, we performed our annual impairment assessment of goodwill (using data as of October 1, 2024) in accordance with the provisions of IAS 36. No events or changes in circumstances indicated that the acquired goodwill might be impaired. Management monitors and makes decisions regarding the Company's operations on a functional specific and global level. Goodwill is monitored and assessed for the entire consolidated group as a whole because the Company and its QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 262 Notes to the Consolidated Financial Statements subsidiaries together compose a single cash-generating unit. In testing for potential impairment, we measured the estimated fair value of the cash-generating unit based upon discounted future operating cash flows using a discount rate reflecting our estimated average cost of funds. For impairment testing, the recoverable amount of goodwill allocated to the cash-generating unit (higher of the cash- generating unit's fair value less selling costs and its value in use) is compared to the carrying amount of the net assets employed (including goodwill) of the cash-generating unit. Value in use is normally assumed to be higher than the fair value less selling costs; therefore, fair value less selling costs is only investigated when value in use is lower than the carrying amount of the cash-generating unit. Key assumptions used in the value in use calculations The value in use is calculated based on estimated future cash flow projections expected to result from the use of the cash- generating unit, discounted using an appropriate long-term pre-tax discount rate. The value in use calculations use cash flow projections based on financial budgets and models over the projection period (five years) as available for internal reporting purposes and in accordance with standard valuation practices. The growth rates used are based on industry growth forecasts for the projected period as well as for the subsequent period (long-term growth rate of 3% in 2024 and 2023). The discount rates used are based on the pre-tax weighted average cost of capital (8.1% in 2024 and 8.2% in 2023) and are verified against external analyst reports. Sensitivity to changes in assumptions Changes in assumptions used in projecting future operating cash flows and cost of funds could have a significant impact on the determination of impairment amounts. In estimating future cash flows, we used our internal budgets. Our budgets were based on recent sales data for existing products, planned timing of new product launches and customer commitments related to new and existing products. The calculation of value in use is most sensitive to the discount rates and growth rates used. Discount rates reflect management's estimate of the risks profile for the respective valuation object. The growth rates used are based on industry growth forecasts for the projected period as well as for the subsequent period. We concluded that no impairment existed. We believe that any reasonably possible change in the key assumptions would not have an impact on reported goodwill. Even if our estimates of projected future cash flows in respect of discount and growth rates were too high by 10%, there would be no impact on the reported value of goodwill at December 31, 2024. Due to the numerous variables associated with our judgments and assumptions relating to the valuation of the cash- generating unit and the effects of changes in circumstances affecting these valuations, both the precision and reliability of QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 263 Notes to the Consolidated Financial Statements the resulting estimates are subject to uncertainty and, as additional information becomes known, we may change our estimates. Other Intangible Assets Cost (in thousands) Developed technology, patent and license rights Computer software Development costs Other intellectual properties Total January 1, 2023 $983,782 $321,196 $49,623 $288,705 $1,643,306 Currency adjustments 15,283 9,072 1,667 5,862 31,884 Additions 11,034 108,312 6,605 43 125,994 Business combinations 57,200 — — 800 58,000 Disposals (65,943) (36,722) (255) (21,355) (124,275) December 31, 2023 1,001,356 401,858 57,640 274,055 1,734,909 Currency adjustments (23,714) (19,549) (2,584) (7,837) (53,684) Additions 3,455 99,136 10,181 41 112,813 Disposals (171,472) (43,005) — (24,007) (238,484) Impairment losses (1) — — — (55,000) (55,000) Transfers 6,365 — — (6,365) — December 31, 2024 $815,990 $438,440 $65,237 $180,887 $1,500,554 (1) Impairment of in-process research and development in connection with the discontinuation of NeuMoDx as further discussed in Note 6 "Exit Costs and Impairments." QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 264 Notes to the Consolidated Financial Statements Accumulated amortization (in thousands) Developed technology, patent and license rights Computer software Development costs Other intellectual properties Total January 1, 2023 ($548,033) ($150,467) ($16,500) ($179,658) ($894,658) Currency adjustments (10,223) (4,393) (674) (4,218) (19,508) Amortization (82,839) (35,351) (5,383) (10,916) (134,489) Disposals 65,943 33,074 — 21,355 120,372 December 31, 2023 (575,152) (157,137) (22,557) (173,437) (928,283) Currency adjustments 18,651 8,259 1,159 6,540 34,609 Amortization (74,861) (35,927) (6,008) (10,008) (126,804) Impairment losses (80,274) (16,944) — — (97,218) Disposals 171,472 42,915 — 24,007 238,394 December 31, 2024 ($540,164) ($158,834) ($27,406) ($152,898) ($879,302) Net book value (in thousands) December 31, 2023 $426,204 $244,721 $35,083 $100,618 $806,626 December 31, 2024 $275,826 $279,606 $37,831 $27,989 $621,252 In 2024 and 2023, fully amortized intangible assets with a gross carrying amount of $134.2 million and $113.9 million, respectively, were retired. During 2024, $6.4 million of in-process research and development was completed and transferred to developed technology to be amortized over the estimated useful life of the asset and $55.0 million of in-process research and development was impaired in connection with the discontinuation of NeuMoDx, further discussed in Note 6 "Exit Costs and Impairments." In 2024, $97.2 million of amortized intangible assets were also impaired in connection with the discontinuation of NeuMoDx, further discussed in Note 6 "Exit Costs and Impairments." Amortization expense on intangible assets is included in the line items cost of sales, research and development expense, sales and marketing expense or general and administrative expense in the accompanying consolidated income statements QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 265 Notes to the Consolidated Financial Statements depending on the nature and use of the asset. In 2024, purchased intangibles amortization related to developed technology and patent and license rights acquired in a business combination is included in cost of sales in the amount of $58.5 million (2023: $64.2 million) and purchased intangibles amortization of trademarks and customer base acquired in a business combination is recorded in sales and marketing expense in the amount of $9.6 million (2023: $10.8 million). Amortization of capitalized development costs have been recorded to cost of sales in the amount of $6.0 million in 2024 (2023: $5.4 million). Cash paid for intangible assets excluding development costs during the year ended December 31, 2024 totaled $103.2 million of which $102.6 million is related to current year cash payments for intangible assets, $0.4 million is related to current year payments for assets that were accrued as of December 31, 2023 and $0.2 million is for prepayments recorded in other non-current assets in the accompanying balance sheet. Cash paid for intangible assets excluding development costs during the year ended December 31, 2023 totaled $121.4 million which includes $119.1 million of cash paid for current year additions and $2.3 million of payments for assets that were accrued as of December 31, 2022. 13. Leases Nature of Existing Leases We have leases primarily for real estate. The leases generally have terms which range from one to 20 years, some include options to extend or renew, and some include options to early terminate the leases. As of December 31, 2024 and 2023, options to early terminate have not been recognized as part of the right-of-use assets and lease liabilities. Leases can contain variable lease charges based on index like consumer prices or rates. During the years ended December 31, 2024 and 2023 , amounts recorded as variable lease payments not included in the lease liabilities were not material. When the interest rate implicit in each lease is not readily determinable, we apply our incremental borrowing rate in determining the present value of lease payments. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 266 Notes to the Consolidated Financial Statements Supplemental balance sheet and other information related to leases as of December 31 are as follows: (in thousands, except lease term and discount rate) Location in balance sheet 2024 2023 Right-of-use assets Right-of-use assets $113,416 $102,919 Office and buildings $99,996 $89,122 Cars and all other assets $13,420 $13,797 Current lease liabilities Other current liabilities $24,335 $22,268 Non-current lease liabilities Other non-current liabilities $96,658 $79,063 Weighted average remaining lease term 7.38 years 6.80 years Weighted average discount rate 3.31% 2.85% The components of lease expense for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Amortization of right-of-use assets $27,761 $26,592 Office and buildings 20,831 20,231 Cars and all other assets 6,930 6,361 Interest on lease liabilities ($3,414) ($2,521) Supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from principal portion of lease payments $23,892 $26,779 Operating cash flows from interest portion of lease payments 3,414 2,521 Total cash outflow for leases $27,306 $29,300 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 267 Notes to the Consolidated Financial Statements Maturities of lease liabilities as of December 31 were as follows: Year ending December 31, (in thousands) Lease Liabilities 2025 $27,056 2026 23,052 2027 19,156 2028 14,535 2029 9,216 Thereafter 42,327 Total lease payments 135,342 Less: Imputed interest (14,349) Total $120,993 As of December 31, 2024, we had entered into a lease agreement for a research and development and manufacturing facility that commences in 2025. The lease involves future undiscounted lease payments totaling $31.4 million over 21 years. 14. Provisions As of December 31, 2024 and 2023 , provisions per the accompanying consolidated balance sheets totaled $3.7 million and $5.2 million, respectively, and included amounts related to our warranty and acquisition related provisions. For all provisions, it is expected that the respective amounts will be utilized in the next year. Warranty Provision In the ordinary course of business, we provide a warranty to customers that our products are free of defects and will conform to published specifications. Generally, the applicable product warranty period is one year from the date of delivery of the product to the customer or the date of site acceptance, if required. Additionally, we typically provide limited warranties with respect to our services. We provide for estimated warranty costs at the time of the product sale. At the time product revenue is recognized, a provision for estimated future warranty costs is recorded in cost of sales based on historical experience. We periodically review the provision and adjust, if necessary, based on actual experience and estimated costs to be incurred. We believe our warranty reserves as of December 31, 2024 and 2023 appropriately QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 268 Notes to the Consolidated Financial Statements reflect the estimated cost of such warranty obligations. The changes in the carrying amount of warranty obligations for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Balance at beginning of year $3,944 $4,899 Provision charged to cost of sales 2,675 3,947 Usage (2,643) (3,451) Adjustments to previously provided warranties, net (1,016) (1,501) Currency translation adjustment (150) 50 Balance at end of year $2,810 $3,944 Acquisition Related Provisions The provision for acquisition relates to restructuring programs and similar arrangements for personnel and related expected costs. These provisions generally have a term of one to two years. (in thousands) 2024 2023 Balance at beginning of year $1,302 $1,068 Provision charged to expenses 1,951 3,689 Usage (2,358) (3,455) Currency translation adjustment and other (3) — Balance at end of year $892 $1,302 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 269 Notes to the Consolidated Financial Statements 15. Other Current and Non-current Liabilities Other current liabilities at December 31, 2024 and 2023 consist of the following: (in thousands) Notes 2024 2023 Payroll and related accrued liabilities $85,579 $81,377 Deferred revenue (4) 70,827 66,432 Other liabilities 66,139 56,720 Accrued expenses 51,673 70,007 Income tax payable (17) 24,946 12,475 Current lease liabilities (13) 24,335 22,268 Accrued contingent consideration and milestone payments (25) 20,650 18,359 Cash collateral liability (26) 16,790 5,440 Accrued interest on non-current financial debt (16) 10,554 8,518 Accrued royalties (20) 5,098 9,699 Total other current liabilities $376,591 $351,295 Other non-current liabilities at December 31, 2024 and 2023 consist of the following: (in thousands) Notes 2024 2023 Non-current lease liabilities (13) $96,658 $79,063 Accrued expenses 86,464 85,830 Deferred revenue (4) 17,971 15,676 Non-current employee benefit obligations 16,760 14,029 Other non-current liabilities $217,853 $194,598 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 270 Notes to the Consolidated Financial Statements 16. Financial Debts At December 31, 2024 and 2023 , total non-current financial debts, net of debt issuance costs of $7.9 million and $4.0 million , respectively, consist of the following: (in thousands) 2024 2023 1.000% Senior Unsecured Cash Convertible Notes due 2024 $— $483,019 0.000% Senior Unsecured Convertible Notes due 2027 444,351 443,818 2.500% Senior Unsecured Convertible Notes due 2031 494,421 — German Private Placement (2017 Schuldschein) 15,050 120,956 German Private Placement (2022 Schuldschein) 383,675 407,950 Total financial debts 1,337,497 1,455,743 Less: Current portion of financial debts 53,481 587,970 Total non-current financial debts $1,284,016 $867,773 Total amount secured $— $— Unused lines of credit for short-term financing $429,066 $456,365 The notes are all unsecured obligations that rank pari passu. Interest expense on non-current debt was $42.6 million and $52.4 million for the years ended December 31, 2024 and 2023, respectively. Refer to Note 27 "Capital Management" for a schedule of the changes in total current and non-current financial debts during 2024. Repayments of non-current debts for the years ended December 31, 2024 and 2023 consisted of: (in thousands) 2024 2023 German Private Placement (2017 Schuldschein) $101,536 $— 1.000% Senior Unsecured Cash Convertible Notes due 2024 500,000 — 0.500% Senior Unsecured Cash Convertible Notes due 2023 — 400,000 Total repayment of non-current debt $601,536 $400,000 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 271 Notes to the Consolidated Financial Statements The principal amount, carrying amount and fair values of non-current debt instruments as of December 31, 2024 and 2023 are summarized below. 2024 (in thousands) Principal amount Unamortized debt discount and issuance costs Carrying amount Fair value Amount Leveling Convertible Notes due 2027(1) $445,949 ($1,598) $444,351 $475,835 Level 1 Convertible Notes due 2031 500,000 (5,579) 494,421 511,150 Level 1 German Private Placement (2017 Schuldschein) 15,069 (19) 15,050 14,560 Level 2 German Private Placement (2022 Schuldschein) 384,393 (718) 383,675 380,180 Level 2 $1,345,411 ($7,914) $1,337,497 $1,381,725 2023 (in thousands) Principal amount Unamortized debt discount and issuance costs Carrying amount Fair Value Amount Leveling Cash Convertible Notes due 2024 $500,000 ($16,981) $483,019 $513,500 Level 1 Convertible Notes due 2027(1) 445,949 (2,131) 443,818 453,185 Level 1 German Private Placement (2017 Schuldschein) 121,009 (53) 120,956 118,978 Level 2 German Private Placement (2022 Schuldschein) 408,846 (896) 407,950 401,684 Level 2 $1,475,804 ($20,061) $1,455,743 $1,487,347 (1) The initial fair value liability of the embedded conversion options for the 2027 Notes was $54.1 million which simultaneously reduced the carrying value of the Convertible Notes as discussed further below. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 272 Notes to the Consolidated Financial Statements Future maturities of non-current debt stated at the carrying values as of December 31, 2024 and future interest as of December 31, 2024 are as follows: Future contractual cash obligations Years ending December 31, (in thousands) Carrying value Loans (fixed and floating-rate) Convertible notes (fixed-rate) Total 2025 $53,481 $65,029 $12,361 $77,390 2026 — 10,658 12,361 23,019 2027 554,329 119,218 456,712 575,930 2028 — 7,649 12,361 20,010 2029 145,189 150,586 12,361 162,947 Thereafter 584,498 104,064 515,331 619,395 $1,337,497 $457,204 $1,021,487 $1,478,691 Future maturities of non-current debt stated at the carrying values as of December 31, 2023 and future interest as of December 31, 2023 are as follows: Future contractual cash obligations Years ending December 31, (in thousands) Carrying value Loans (fixed and floating-rate) Convertible notes (fixed-rate) Total 2024 $587,970 $121,912 $487,352 $609,264 2025 56,836 71,511 — 71,511 2026 — 13,336 — 13,336 2027 560,749 128,564 443,818 572,382 2028 — 9,714 — 9,714 Thereafter 250,188 272,454 — 272,454 $1,455,743 $617,491 $931,170 $1,548,661 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 273 Notes to the Consolidated Financial Statements Interest expense for the years ended December 31, 2024 and 2023 related to the 2027 Notes and the Cash Convertible Notes was comprised of the following: (in thousands) 2024 2023 Coupon interest $8,604 $4,169 Amortization of original issuance discount 16,075 27,341 Amortization of debt issuance costs 1,690 2,328 Total interest expense related to the convertible notes $26,369 $33,838 Convertible Notes due 2031 On September 10, 2024, we issued 2.50% convertible notes in an aggregate principal amount of $500.0 million with a maturity date of September 10, 2031 (2031 Notes). The 2031 Notes carry interest of 2.50% per annum payable semi- annually in arrears. The net proceeds of the 2031 Notes totaled $494.2 million, after debt issuance costs of $5.8 million. Debt issuance costs are amortized to interest expense over the term of the 2031 Notes. The effective interest rate of the 2031 Notes is 2.68%. The 2031 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of 3,124.3702 shares per $200,000 principal amount of notes (which represents an initial conversion price of $64.0129 per share or 7.8 million underlying shares). Following the January 2025 synthetic share repurchase discussed in Note 18 "Equity," the adjusted conversion rate became 3,123.9066 shares per $200,000 principal amount of notes, which represents an adjusted conversion price per share of $64.0224. At conversion, we will settle the 2031 Notes by repaying the principal portion in cash and any excess of the conversion value over the principal amount in common shares. The 2031 Notes may be redeemed at the option of each noteholder at their principal amount on September 10, 2029 or in connection with a change of control or delisting event. The 2031 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis, at the prevailing conversion price, in the following circumstances beginning after October 21, 2024 through March 9, 2031: • if the daily volume-weighted average trading price of our common shares for at least 20-consecutive trading days during a period of 30-consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 150% of the applicable conversion price on each such trading day; or QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 274 Notes to the Consolidated Financial Statements • if we undergo certain fundamental changes, including a change of control or delisting event, as defined in the agreement; or • if a parity event or trading price unavailability event, as the case may be, occurs during the period of 10 days, commencing on and including the first business day following the relevant trading price notification date; or • if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other property have a value of more than 25% of the average daily volume-weighted average trading price of our common shares for the prior 20 consecutive trading days; or • in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the period from (and including) the date on which the call notice is published to (and including) the 45th business day prior to the redemption date; or • if we experience certain customary events of default, including defaults under certain other indebtedness, until such event of default has been cured or waived; or • if an acquisition of control occurs, where the conversion date falls in the period from (and including) the date on which the acquisition notice is published to the record date established in connection with the acquisition of control, established to be no less than 40 days and no more than 60 days from acquisition notice; or • if a take-over bid is published, where the conversion date falls in the period from (and including) the date of notice of the take-over bid to the last day of the applicable legal acceptance period. The noteholders may convert their notes at any time, without condition, during the period beginning on March 10, 2031 and ending on the 45th business day prior to September 10, 2031. No contingent conversion conditions were triggered for the 2031 Notes as of December 31, 2024. Convertible Notes due 2027 On December 17, 2020, we issued zero coupon convertible notes in an aggregate principal amount of $500.0 million with a maturity date of December 17, 2027 (2027 Notes). The 2027 Notes carry no coupon interest. The net proceeds of the 2027 Notes totaled $497.6 million, after payment of debt issuance costs of $3.7 million. Because the Convertible Notes contain an embedded conversion option, we have determined that the embedded conversion option is a derivative financial instrument, which is required to be separated from the Convertible Notes and accounted for separately as a derivative liability, with changes in fair value reported in our consolidated income statements until the conversion option transaction settles or expires. The initial fair value liability of the embedded conversion options QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 275 Notes to the Consolidated Financial Statements for the 2027 Notes was $54.1 million which simultaneously reduced the carrying value of the Convertible Notes. For further discussion of the derivative financial instruments relating to the Convertible Notes, refer to Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." The effective interest rate of the 2027 Notes is 1.65%, which is imputed based on the amortization of the fair value of the embedded conversion option over the remaining term of the 2027 Notes. The 2027 Notes are convertible into common shares based on an initial conversion rate, subject to adjustment, of 2,477.65 shares per $200,000 principal amount of notes (which represented an initial conversion price of $80.7218 per share, or 6.2 million underlying shares). The conversion rate was adjusted to 2,475.26 following the January 2024 synthetic share repurchase, and following the January 2025 synthetic share repurchase discussed in Note 18 "Equity," the conversion rate was further adjusted to 2,474.89 shares per $200,000 principal amount of notes, which represents an adjusted conversion price per share of $80.8116. At conversion, we will settle the 2027 Notes by repaying the principal portion in cash and any excess of the conversion value over the principal amount in common shares. The notes may be redeemed at the option of each noteholder at their principal amount on December 17, 2025 or in connection with a change of control or delisting event (as further described in the 2027 Notes). The 2027 Notes are convertible in whole, but not in part, at the option of the noteholders on a net share settlement basis, at the prevailing conversion price in the following circumstances beginning after January 27, 2021 through June 16, 2027: • if the last reported sale price of our common shares for at least 20-consecutive trading days during a period of 30- consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; or • if we undergo certain fundamental changes, including a change of control, as defined in the agreement; or • if a parity event or trading price unavailability event, as the case may be occurs during the period of 10 days, including the first business day following the relevant trading price notification date; or • if we distribute assets or property to all or substantially all of the holders of our common shares and those assets or other property have a value of more than 25% of the average daily volume-weighted average trading price of our common shares for the prior 20 consecutive trading days; or • in case of early redemption in respect of the outstanding notes at our option, where the conversion date falls in the period from (and including) the date on which the call notice is published to (and including) the 45th business day prior to the redemption date; or QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 276 Notes to the Consolidated Financial Statements • if we experience certain customary events of default, including defaults under certain other indebtedness, until such event of default has been cured or waived. The noteholders may convert their notes at any time, without condition, on or after June 17, 2027 until the 45th business day prior to December 17, 2027. No contingent conversion conditions were triggered for the 2027 Notes as of December 31, 2024 or December 31, 2023. Cash Convertible Notes due 2023 and 2024 In November 2024, we repaid at maturity $500.0 million of Cash Convertible Senior Notes (2024 Notes) that had been issued on November 13, 2018 with net proceeds of $468.9 million after payment of the net cost of the Call Spread Overlay and transaction costs. In September 2023, we repaid at maturity $400.0 million of Cash Convertible Senior Notes (2023 Notes) that had been issued on September 13, 2017 with net proceeds of $365.6 million after payment of the net cost of the Call Spread Overlay and transaction costs. Cash Convertible Notes Call Spread Overlay Concurrent with the issuance of the cash convertible notes, we entered into privately negotiated hedge transactions (Call Options) with, and issued warrants to purchase shares of our common stock (Warrants) to, certain financial institutions. We refer to the Call Options and Warrants collectively as the “Call Spread Overlay.” The Call Options were intended to offset any cash payments payable by us in excess of the principal amount due upon any conversion of the cash convertible notes. The Call Options and Warrants are derivative financial instruments and are discussed further in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." Aside from the initial payment of a premium, we will not be required to make any cash payments under the Call Options, and will be entitled to receive an amount of cash, generally equal to the amount by which the market price per share of our common shares exceeds the exercise price of the Call Options during the relevant valuation period. The exercise price under the Call Options is initially equal to the conversion price of the cash convertible notes. In connection with the repayment of the 2023 Notes, we received $36.8 million in cash upon the exercise of Call Options in 2023. In the same transaction, we paid $36.8 million for the intrinsic value of the 2023 Notes' embedded conversion option. The Call Options related to the 2024 Notes expired unexercised in November 2024. The Warrants that were issued with our cash convertible notes, could have a dilutive effect to the extent that the price of our common stock exceeds the applicable strike price of the Warrants. For each Warrant that is exercised, we will deliver QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 277 Notes to the Consolidated Financial Statements to the holder a number of shares of our common stock equal to the amount by which the settlement price exceeds the exercise price, plus cash in lieu of any fractional shares. We will not receive any proceeds if the Warrants are exercised. All Warrants related to the 2024 Notes and 2023 Notes expired unexercised in November 2024 and September 2023, respectively, upon maturity. German Private Placement (2017 Schuldschein) In 2017, we completed a German private placement bond (2017 Schuldschein) which was issued in several tranches totaling $331.1 million due in various periods through 2027. In the first half of 2021, we repaid $41.1 million for two tranches that matured. In October 2022, we repaid $153.0 million for the four tranches that matured. The euro tranches are designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as described in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." Based on the spot rate method, the change in the carrying value of the euro-denominated tranches attributed to the net investment hedge as of December 31, 2024 totaled $1.1 million of unrealized gain and is recorded in equity. We paid $1.2 million in debt issuance costs which are being amortized through interest expense over the lifetime of the notes. A summary of the tranches as of December 31, 2024 is as follows: Carrying value (in thousands) as of December 31, Notional amount Interest rate Maturity 2024 2023 €64.0 million Fixed 1.09% June 2024 $— $70,704 €31.0 million Floating EURIBOR + 0.7% June 2024 — 34,247 €14.5 million Fixed 1.61% June 2027 15,050 16,005 $15,050 $120,956 German Private Placement (2022 Schuldschein) In July and August 2022, we completed another German private placement bond (2022 Schuldschein) which was issued in several tranches totaling €370.0 million due in various periods through 2035. The 2022 Schuldschein consists of euro- denominated tranches which have either a fixed or floating rate. All tranches except for the €70.0 million fixed 3.04% tranche due August 2035 are ESG-linked wherein the interest rate is subject to adjustment of +/- 0.025% if our ESG rating changes. The euro tranches are designated as a foreign currency non-derivative hedging instrument that qualifies as a net investment hedge as described in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." Based on the spot rate method, the change in the carrying value of the euro-denominated tranches attributed to the net investment QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 278 Notes to the Consolidated Financial Statements hedge as of December 31, 2024 totaled $11.8 million of unrealized loss and is recorded in equity. We paid $1.2 million in debt issuance costs which are being amortized through interest expense using the effective interest method over the lifetime of the notes. A summary of the tranches as of December 31, 2024 is as follows: Carrying value (in thousands) as of December 31, Notional amount Interest rate Maturity 2024 2023 €51.5 million Floating 6M EURIBOR + 0.55% July 2025 $53,481 $56,836 €62.0 million Fixed 2.741% July 2027 64,323 68,388 €29.5 million Floating 6M EURIBOR + 0.70% July 2027 30,605 32,539 €37.0 million Fixed 3.044% July 2029 38,371 40,803 €103.0 million Floating 6M EURIBOR + 0.85% July 2029 106,818 113,586 €9.5 million Fixed 3.386% July 2032 9,849 10,475 €7.5 million Floating 6M EURIBOR + 1.0% July 2032 7,776 8,269 €70.0 million Fixed 3.04% August 2035 72,452 77,054 $383,675 $407,950 Revolving Credit Facility Our credit facilities available and undrawn at December 31, 2024 total €413.0 million (approximately $429.1 million). This includes a €400.0 million syndicated ESG-linked revolving credit facility expiring December 2029 and two other lines of credit amounting to €13.0 million with no expiration date. The €400.0 million facility can be utilized in euro and bears interest of 0.550% to 1.500% above EURIBOR, offered with interest periods of one, three or six months. The commitment fee is calculated based on 35% of the applicable margin. Commitment fees of $0.8 million and $0.9 million were paid for years ended December 31, 2024 and 2023, respectively. The revolving facility agreement contains certain non-financial covenants including, but not limited to, restrictions on the encumbrance of assets. We were in compliance with these covenants at December 31, 2024. The credit facilities are for general corporate purposes and no amounts were utilized at December 31, 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 279 Notes to the Consolidated Financial Statements 17. Income Tax Major components of income tax expense, as presented in the income statements for the years ended December 31, 2024 and 2023 , are: (in thousands) 2024 2023 Current income tax charge $52,966 $72,637 Adjustment in respect of current income tax of previous years 1,275 1,196 Current income tax expense 54,241 73,833 Origination and reversal of temporary differences (19,724) 14,915 Changes in tax rates (250) 896 Deferred income tax expense (19,974) 15,811 Total income tax expense $34,267 $89,644 Deferred tax related to items charged or credited directly to equity during 2024 and 2023 shown in the statement of comprehensive income totaled $1.0 million and $1.1 million, respectively. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 280 Notes to the Consolidated Financial Statements The applicable statutory income tax rate in the Netherlands was 25.8% in 2024 and 2023. The principal items comprising the differences between income taxes computed at the Netherlands statutory rate and the effective tax rate for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Amount Percent Amount Percent Income before tax $94,078 — $574,452 — At Dutch statutory income tax rate of 25.8% $24,272 25.8% $148,209 25.8% Taxation of foreign operations, net (1) (27,755) (29.5) (32,700) (5.7) Pillar Two income taxes 11,452 12.2 — — Tax impact from non-deductible (deductible) items (2) 5,178 5.5 (30,795) (5.4) Prior year taxes 1,275 1.4 1,196 0.2 Changes in tax rates impacting deferred taxes (250) (0.3) 896 0.2 Unrecognized tax benefits 19,234 20.4 13,615 2.4 Government incentives (3,355) (3.6) (4,310) (0.8) Share-based compensation 3,443 3.7 (1,283) (0.2) Other 773 0.8 (5,184) (0.9) Total income tax $34,267 36.4% $89,644 15.6% (1) Our effective tax rate reflects our global operations where certain income or loss is taxed at rates higher or lower than the Netherlands’ statutory income tax rate as well as the benefit of some income being partially exempt from income taxes. These foreign tax benefits are due to a combination of favorable tax laws, regulations and exemptions in certain jurisdictions. Partial tax exemptions exist on foreign income primarily derived from operations in Germany. (2) During 2024 and 2023, tax expense of $11.5 million and tax benefits of $36.5 million are related to changes in fair values of warrants and the embedded conversion option related to convertible notes due in 2023, 2024 and 2027 as discussed in Note 16 "Financial Debts" and Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments." We conduct business globally and, as a result, file numerous consolidated and separate income tax returns in the Netherlands, Germany and the U.S. federal jurisdiction, as well as in various other state and foreign jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world. Tax years in the Netherlands are potentially open back to 2012 for income tax examinations by the Netherlands taxing authority. The German group is open to examination for the tax years starting in 2017 and in 2022, the German taxing authority commenced an examination for the 2017 to 2019 tax years. The U.S. consolidated group is subject to federal and most QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 281 Notes to the Consolidated Financial Statements state income tax examinations by taxing authorities beginning with the year ending December 31, 2021 through the current period. In late 2023, the U.S. Internal Revenue Service commenced a U.S. federal income tax examination for the periods 2014 to 2020. The examination was triggered by our 5-year net operating loss carryback under the CARES Act. Our other subsidiaries, with few exceptions, are no longer subject to income tax examinations by taxing authorities for years before 2020. Changes in the amount of unrecognized tax benefits for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Balance at beginning of year $95,558 $79,283 Additions based on tax positions related to the current year 9,447 9,632 Additions for tax positions of prior years 10,402 7,839 Decrease for tax position of prior years (271) (3,832) Decrease related to settlements (439) (119) Decrease due to lapse of statute of limitations — — (Decrease) increase from currency translation (5,770) 2,755 Balance at end of year $108,927 $95,558 As of December 31, 2024 and 2023, our net unrecognized tax benefits totaled approximately $108.9 million and $95.6 million, respectively, which, if recognized, would favorably affect our effective tax rate in any future period. It is reasonably possible that approximately $32.5 million of the unrecognized tax benefits may be released or utilized during the next 12 months due to lapse of statute of limitations or settlements with taxing authorities. However, various events could cause our current expectations to change in the future. The above unrecognized tax benefits, if ever recognized in the financial statements, would be recorded in the income statement as part of income tax expense. Also, we have accrued interest and penalties of $3.9 million and $3.3 million related to these uncertain tax positions at December 31, 2024 and 2023, respectively. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 282 Notes to the Consolidated Financial Statements We have recorded net deferred tax assets of $59.2 million and $41.4 million at December 31, 2024 and 2023, respectively. The components of the net deferred assets and liabilities at December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Change Deferred tax assets: Intangibles $47,409 $30,084 $17,325 Accrued liabilities 27,746 25,375 2,371 Inventory 23,408 28,121 (4,713) Net operating loss and credit carryforward 22,981 29,730 (6,749) Equity awards 20,342 26,766 (6,424) Depreciation and amortization 3,397 2,249 1,148 Convertible debt 1,215 2,173 (958) Disallowed interest carryforwards 683 1,157 (474) Other 8,662 7,133 1,529 Offsetting (63,278) (89,214) 25,936 Total deferred tax assets 92,565 63,574 28,991 Deferred tax liabilities: Depreciation and amortization (49,361) (55,860) 6,499 Intangibles (41,386) (50,723) 9,337 Other (5,910) (4,757) (1,153) Offsetting 63,278 89,214 (25,936) Total deferred tax liabilities (33,379) (22,126) (11,253) Net deferred tax assets $59,186 $41,448 $17,738 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 283 Notes to the Consolidated Financial Statements The movements in deferred income tax assets and liabilities during 2024 and 2023 are as follows: (in thousands) 2024 2023 Change in deferred tax recognized in income $19,973 ($15,811) Change in deferred tax recognized in equity (1) (2,235) (5,396) Change in deferred tax related to business combinations (2) — (669) Change in deferred tax $17,738 ($21,876) (1) The change in deferred tax recognized in equity represents changes in components of other comprehensive income or loss, equity awards and foreign currency translation adjustments. (2) The change in deferred tax related to business combinations represents the deferred tax liability on the fair value of identifiable intangible assets acquired and the deferred tax asset on tax loss carryforwards as discussed in Note 5 "Acquisitions." At December 31, 2024, we had $529.1 million in total net operating loss (NOL) carryforwards which included $316.0 million for Germany, $128.5 million for the U.S., $29.8 million for the U.K., $8.7 million for the Netherlands and $46.1 million for other foreign jurisdictions. We did not recognize tax benefits related to the NOL carryforwards in Germany of $5.1 million and in other foreign jurisdictions of $38.6 million. The NOL carryforwards in Germany, the Netherlands and the U.K. carryforward indefinitely. The entire NOL carryforward in the U.S. is subject to limitations under Section 382 of the U.S. Internal Revenue Code which limits the amount that can be used each year. The NOL carryforwards in the U.S. expire between 2025 and 2035. NOL carryforwards of $18.5 million in other foreign jurisdictions expire between 2025 and 2029 while the remainder can be carried forward indefinitely. At December 31, 2024, tax credits total $6.0 million and expire between 2033 and 2042. At December 31, 2023, we had $486.4 million in total net operating loss (NOL) carryforwards which included $237.3 million for Germany, $144.1 million for the U.S., $30.5 million for the U.K., $15.2 million for the Netherlands and $59.3 million for other foreign jurisdictions. We did not recognize tax benefits related to the NOL carryforwards in Germany of $5.8 million and in other foreign jurisdictions of $47.7 million. A deferred tax asset can only be recognized to the extent it is "more likely than not" that the assets will be realized. Judgments around realizability depend on the availability and weight of both positive and negative evidence. In 2023, we fully recognized $15.2 million of tax benefit NOL carryforward in the Netherlands due to current year taxable income and expected future taxable income. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 284 Notes to the Consolidated Financial Statements Global minimum tax (Pillar Two) In December 2021, the Organization for Economic Co-operation and Development (OECD) Inclusive Framework released model rules focused on "Addressing the Challenges of the Digitalization of the Economy." The breadth of the OECD project extends beyond pure digital businesses and is likely to impact most large multinational businesses by both redefining jurisdictional taxation rights and establishing a 15% global minimum tax (referred to as Pillar Two). The Dutch Government adopted the Minimum Tax Act 2024 in December 2023, and the Pillar Two legislation has been applicable in local law with effect from 2024 in the Netherlands, the EU and multiple other countries around the world. Therefore, Pillar Two applies to QIAGEN from the financial year ending December 31, 2024 and onwards. Under this legislation, QIAGEN is generally requires to pay top-up taxes on profits if the related Pillar Two jurisdictional effective tax rate is less than 15%. The current tax expense related to Pillar Two is $11.5 million, resulting in an increase of ETR by 12.2%. This amount has been accounted for within the income taxes of the reporting period. In the 2024 and 2023 financial statements, we have used the exemption under IAS 12 for recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. 18. Equity Shares The authorized classes of our shares consist of Common Shares (410 million authorized), Preference Shares (450 million authorized) and Financing Preference Shares (40 million authorized). All classes of shares have a par value of €0.01 . No Financing Preference Shares or Preference Shares have been issued. Common Shares are translated to U.S. dollars at the foreign exchange rates in effect when the shares are issued. Treasury Stock The cost of repurchased shares is included in treasury stock and reported as a reduction in total equity when a repurchase occurs. Repurchased shares will be held in treasury in order to satisfy various obligations, which include exchangeable debt instruments, warrants and employee share-based remuneration plans. 2025 Synthetic Share Repurchase In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse stock split. The transaction was announced on January 12, 2025. The synthetic share repurchase was implemented through a series of amendments to our Articles of Association which were approved by our shareholders. The first amendment QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 285 Notes to the Consolidated Financial Statements involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to EUR 1.24 and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in common shares whereby 36 existing common shares with a nominal value of EUR 1.24 each were consolidated into 35 new common shares with a nominal value of EUR 1.28 each. The third amendment was a reduction of the nominal value per common share from EUR 1.28 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic share buyback, $280.1 million was returned to shareholders through the transaction, which reduced the total number of outstanding shares by 6.2 million or 2.8% to 216.1 million as of January 31, 2025. 2024 Synthetic Share Repurchase In January 2024, we completed a capital repayment program through a synthetic share repurchase that combined a direct capital repayment with a reverse stock split. The synthetic share repurchase was implemented through a series of amendments to our Articles of Association which were approved by our shareholders. The first amendment involved an increase in share capital by an increase in the nominal value per common share from EUR 0.01 to EUR 1.18 and a corresponding reduction in additional paid in capital. The second amendment involved a reduction in common shares whereby 25 existing common shares with a nominal value of EUR 1.18 each were consolidated into 24.25 new common shares with a nominal value of EUR 1.22 each. The third amendment was a reduction of the nominal value per common share from EUR 1.22 to EUR 0.01. As a result of these amendments, which in substance constitute a synthetic share buyback, $292.1 million was repaid to our shareholders and the outstanding number of common shares was reduced by 6.8 million, or 3.0%. Total expenses incurred related to the capital repayment and share consolidation amounted to $0.8 million and were charged to equity during 2024. Appropriation of Profit of 2023 The financial statements for the reporting year 2023 have been adopted by the Annual General Meeting on June 21, 2024. The Annual General Meeting has adopted the appropriation of profit after tax as proposed by the Managing Board. Proposal for Profit Appropriation The General Meeting of Shareholders will be asked to approve the following appropriation of the 2024 net income for the period: an amount of $59.8 million to be added to retained earnings. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 286 Notes to the Consolidated Financial Statements 19. Earnings per Common Share We present basic and diluted earnings per common share. Basic earnings per common share is calculated by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per common share reflect the potential dilution of earnings that would occur if all “in the money” securities to issue common shares were exercised. The following schedule summarizes the information used to compute earnings per common share for the years ended December 31, 2024 and 2023: (in thousands, except per share data) 2024 2023 Net income $59,811 $484,808 Weighted average number of common shares used to compute basic earnings per common share 222,619 228,146 Dilutive effect of stock options and restricted stock units 2,098 2,473 Weighted average number of common shares used to compute diluted earnings per common share 224,717 230,619 Outstanding options and awards having no dilutive effect, not included in above calculation 26 1 Outstanding warrants having no dilutive effect, not included in above calculation 9,531 17,562 Basic earnings per common share $0.27 $2.12 Diluted earnings per common share $0.27 $2.10 For purposes of considering the 2027 Notes and the 2031 Notes, as discussed further in Note 16 "Financial Debts," in determining diluted earnings per common share, only an excess of the conversion value over the principal amount would have a dilutive impact using the treasury stock method. Since the 2027 Notes and the 2031 Notes were out of the money and anti-dilutive during the period from January 1, 2023 through December 31, 2024, they were excluded from the diluted earnings per common share calculation in 2023 and 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 287 Notes to the Consolidated Financial Statements 20. Commitments and Contingencies Licensing and Purchase Commitments We have licensing agreements with companies, universities and individuals, some of which require certain up-front payments. Royalty payments are required on net product sales ranging from 0.45 percent to 20 percent of covered products or based on quantities sold. Several of these agreements have minimum royalty requirements. The accompanying consolidated balance sheets include accrued royalties relating to these agreements in the amount of $5.1 million and $9.7 million at December 31, 2024 and 2023 , respectively. Royalty expense relating to these agreements amounted to $13.9 million for each year ended December 31, 2024 and 2023, respectively. Royalty expense is primarily recorded in cost of sales, with a small portion recorded as research and development expense depending on the use of the technology under license. Some of these agreements also have minimum raw material purchase requirements and requirements to perform specific types of research. At December 31, 2024, we had commitments to purchase goods or services and to make future license and royalty payments. They are as follows: Years ending December 31, (in thousands) Purchase commitments License & royalty commitments 2025 $38,232 $1,416 2026 30,701 779 2027 12,607 801 2028 1,035 601 2029 918 506 Thereafter — 1,771 $83,493 $5,874 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 288 Notes to the Consolidated Financial Statements Commitments calculated at December 31, 2023, the prior year, were as follows: Years ending December 31, (in thousands) Purchase commitments License & royalty commitments 2024 $37,396 $1,926 2025 35,992 1,453 2026 13,150 783 2027 11,383 766 2028 903 560 Thereafter — 1,729 $98,824 $7,217 Contingent Consideration Commitments Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash payments for a previous business combination based on the achievement of certain FDA approval milestones. Milestone payments totaling $20.7 million, which represent the maximum potential payment, are included in other current liabilities in the accompanying consolidated balance sheet as of December 31, 2024. Refer to Note 25 "Fair Value Measurements" for changes in the contingent consideration liabilities. Employment Agreements Certain of our employment contracts contain provisions which guarantee payments in the event of a change in control, as defined in the agreements, or if the executive is terminated for reasons other than cause, as defined in the agreements. At December 31, 2024, the commitment under these agreements totaled $9.8 million (2023: $11.5 million). Litigation From time to time, we may be party to legal proceedings incidental to our business. As of December 31, 2024, certain claims, suits or legal proceedings arising out of the normal course of business have been filed or were pending against QIAGEN N.V. or subsidiaries. These matters have arisen in the ordinary course and conduct of business as well as through acquisition. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing litigation contingencies is highly subjective and requires judgments about future events. Although it is not possible to predict the outcome of such litigation, we assess the degree of probability and evaluate the reasonably possible losses that we could incur as a result of these matters. We accrue for any estimated loss when it is probable that a liability has been incurred QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 289 Notes to the Consolidated Financial Statements and the amount of probable loss can be estimated. Litigation accruals recorded in other current liabilities as of December 31, 2024 and 2023 totaled $0.2 million and $4.8 million, respectively. As of December 31, 2024, $4.7 million was accrued in other non-current liabilities in the accompanying consolidated balance sheet. We are not party to any material legal proceeding as of the date of this report except for the matters listed below. Patent Litigation ArcherDX In 2018, ArcherDX (a company which spun out as an independent company in conjunction with QIAGEN's acquisition of Enzymatics in 2015 and was later acquired by Invitae in 2021) and Massachusetts General Hospital (MGH) sued QIAGEN for patent infringement. In August 2021, a federal jury ruled that QIAGEN infringed two patents owned by ArcherDX and awarded damages of $4.7 million which were accrued in 2021 and remain accrued as of December 31, 2024, are included in other non-current liabilities in the accompanying consolidated balance sheet. We filed an appeal in August 2023 after the verdict was entered. Bio-Rad Laboratories, Inc. In April 2022, QIAGEN filed a lawsuit in a U.S. federal court against Bio-Rad Laboratories, Inc. (Bio-Rad) seeking a declaratory judgment of non-infringement of certain Bio-Rad patents related to digital PCR technology. In July 2023, the parties agreed to a settlement that provided for a cross-licensing agreement granting each company mutual rights to their respective digital PCR technologies. Other Litigation Matters For all other matters, a total of $0.2 million is accrued as of December 31, 2024 in other current liabilities. The estimated range of possible losses for these other matters as of December 31, 2024 is between zero and $4.6 million. Based on the facts known to QIAGEN and after consultation with legal counsel, management believes that such litigation will not have a material adverse effect on our financial position or results of operations above the amounts accrued. However, the outcome of these matters is ultimately uncertain. Any settlements or judgments against us in excess of management's expectations could have a material adverse effect on our financial position, results of operations or cash flows. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 290 Notes to the Consolidated Financial Statements 21. Reportable Segment We operate as one reportable segment in accordance with IFRS 8 Operating Segments. As a result of our continued restructuring and streamlining of the growing organization, our chief operating decision maker (CODM) continues to make decisions with regards to business operations and resource allocation based on evaluations of QIAGEN as a whole. Accordingly, we operate as one reportable segment. Summarized geographic information is shown in the tables below. Geographical Information Net sales are attributed to countries based on the location of the customer. Our primary manufacturing facilities are located in Germany, China, and the United States and supply products to customers as well as QIAGEN subsidiaries in other countries. The intercompany portions of such net sales are excluded to derive consolidated net sales. No single customer represents more than ten percent of consolidated net sales. Our country of domicile is the Netherlands, which reported net sales of $20.9 million and $20.3 million for the years ended 2024 and 2023, respectively, and these amounts are included in the line item Europe, Middle East and Africa as shown in the table below. (in thousands) 2024 2023 Americas: United States $942,009 $935,281 Other Americas 89,557 84,774 Total Americas 1,031,566 1,020,055 Europe, Middle East and Africa 648,494 624,573 Asia Pacific, Japan and Rest of World 298,154 320,683 Total net sales $1,978,214 $1,965,311 Long-lived assets include property, plant and equipment, goodwill, other intangible assets, right-of-use assets, equity accounted investments, non-current financial assets and other non-current assets. The Netherlands, which is included in the QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 291 Notes to the Consolidated Financial Statements line item other Europe, Middle East and Africa, reported long-lived assets of $16.2 million and $17.0 million for the years ended 2024 and 2023, respectively. (in thousands) 2024 2023 Americas: United States $2,158,114 $2,341,040 Other Americas 8,579 11,066 Total Americas 2,166,693 2,352,106 Germany 772,551 786,974 Other Europe, Middle East and Africa 573,367 615,399 Asia Pacific, Japan and Rest of World 208,369 232,727 Total long-lived assets $3,720,980 $3,987,206 22. Share-Based Payments We adopted the QIAGEN N.V. Amended and Restated 2005 Stock Plan (the 2005 Plan) in 2005 and the QIAGEN N.V. 2014 Stock Plan (the 2014 Plan) in 2014. The 2005 Plan expired by its terms in April 2015 and no further awards will be granted under the 2005 Plan. The 2014 Plan expires in May 2024. The QIAGEN N.V. 2023 Stock Plan (the 2023 Plan) was approved at the June 2023 Annual General Meeting and at December 31, 2024, we had approximately 12.9 million Common Shares reserved and available for issuance under the 2005, 2014 and 2023 Plans. The plans allow for the granting of stock rights and incentive stock options, as well as non-qualified options, stock grants and stock-based awards, generally with terms of up to 3 years, with previous grants through 2020 having terms of 5 years subject to earlier termination in certain situations. The vesting and exercisability of certain stock rights will be accelerated in the event of a Change of Control, as defined in the plans. We issue Treasury Shares upon the vesting of stock-based awards. Stock Units Stock units represent rights to receive Common Shares at a future date and include restricted stock units which are subject to time-vesting only and performance stock units which include performance conditions in addition to time-vesting. The final number of performance stock units earned is based on the performance achievement which for some grants can reach up to 200% of the granted shares. There is no exercise price and the fair market value at the time of the grant is recognized QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 292 Notes to the Consolidated Financial Statements over the requisite vesting period. The fair market value is determined based on the number of stock units granted and the market value of our shares on the grant date. Pre-vesting forfeitures were estimated to be approximately 6.0% (2023: 6.0%). At December 31, 2024 , there was $58.7 million remaining in unrecognized compensation cost including estimated forfeitures related to these awards, which is expected to be recognized over a weighted average period of 1.34 years (2023: $59.8 million over a weighted average of 1.34 years). The weighted average grant date fair value of stock units granted during the year ended December 31, 2024 was $42.88 (2023 $44.37). The total fair value of stock units that vested during the year ended December 31, 2024 was $74.1 million (2023: $39.4 million). A summary of stock units as of December 31, 2024 and 2023, and changes for the years then ended, is presented below. (in thousands) 2024 2023 Outstanding at January 1 4,015 3,771 Granted 1,556 1,185 Vested (1,734) (864) Forfeited (231) (77) Outstanding at December 31 3,606 4,015 Vested and expected to vest at December 31 3,317 3,744 We net share settle for the tax withholding upon the vesting of awards. Shares are issued on the vesting dates net of the applicable statutory tax withholding to be paid by us on behalf of our employees. As a result, fewer shares are issued than the number of stock units outstanding. We record a liability for the tax withholding to be paid by us as a reduction to treasury shares. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 293 Notes to the Consolidated Financial Statements Compensation Expense Share-based compensation expense before taxes for the years ended December 31, 2024 and 2023 totaled approximately $43.6 million and $47.1 million, respectively, as shown in the table below. (in thousands) 2024 2023 Cost of sales $4,317 $3,296 Research and development 6,691 7,484 Sales and marketing 12,122 14,495 General and administrative 20,497 21,825 Share-based compensation expense 43,627 47,100 Less: Income tax benefit (1) 14,695 9,751 Share-based compensation expense, after tax $28,932 $37,349 (1) Does not include the excess tax benefit realized for the tax deductions of the share-based payment arrangements which totaled $1.3 million for the year ended December 31, 2023. There was no excess tax benefit realized for the year ended December 31, 2024. 23. Employee Benefits and Personnel Costs We maintain various benefit plans, including defined contribution and defined benefit plans. Our U.S. defined contribution plan is qualified under Section 401(k) of the Internal Revenue Code and covers substantially all U.S. employees. Participants may contribute a portion of their compensation not exceeding a limit set annually by the Internal Revenue Service. This plan includes a provision for us to match a portion of employee contributions. Total expense under the 401(k) plans were $4.1 million and $4.5 million for the years ended December 31, 2024 and 2023, respectively. We also have a defined contribution plan which covers certain executives. We make matching contributions up to an established maximum. Matching contributions made to the plan, and expensed, totaled approximately $0.1 million for each of the years ended December 31, 2024 and 2023. We have seven defined benefit, non-contributory retirement or termination plans that cover certain employees in Germany, France, Italy, Japan, Poland, Philippines and the United Arab Emirates. These defined benefit plans provide benefits to covered individuals satisfying certain age and/or service requirements. For certain plans, we calculate the vested benefits to which employees are entitled if they separate immediately. The benefits accrue on a pro-rata basis during the employees’ employment periods based on the individuals’ salaries, adjusted for inflation. All defined benefit plans are unfunded. The liability under the defined benefit plans was $8.4 million and $7.4 million as of December 31, 2024 and QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 294 Notes to the Consolidated Financial Statements 2023, respectively, and is included as a component of other non-current liabilities in the accompanying consolidated balance sheets. Personnel Costs For the years ended December 31, 2024 and 2023, personnel costs amounted to $615.3 million and $617.9 million, respectively. As of December 31, 2024, there were 5,765 employees within the Group (2023: 5,967). (in thousands) 2024 2023 Salaries and wages $354,322 $371,855 Social security and pension 109,064 103,686 Share-based payment expense 43,627 47,100 Termination costs 17,646 5,942 Other 90,640 89,297 Total personnel costs $615,299 $617,880 The personnel costs are allocated to the functional areas in which the respective employees are working or, in the case of the incremental termination benefits which are the result of restructuring activities as discussed in Note 6 "Exit Costs and Impairments," are recorded in restructuring, acquisition, integration and other costs. Personnel costs included in the accompanying consolidated income statements for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Cost of sales $144,098 $142,825 Research and development expense 113,525 113,102 Sales and marketing expense 277,312 282,214 General and administrative expense 80,364 79,739 Total personnel costs $615,299 $617,880 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 295 Notes to the Consolidated Financial Statements The number of employees within the Company at December 31, 2024 and 2023 are as follows: Employees 2024 2023 Headcount at December 31 5,765 5,967 Thereof employed in the Netherlands 55 55 24. Related Party Transactions From time to time, we have transactions with other companies in which we hold an interest, as summarized in the table below. Net sales to related parties for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Net sales $3,073 $9,039 As of December 31, 2024 and 2023 , balances with related parties are as follows: (in thousands) 2024 2023 Trade accounts receivable $1,848 $2,890 Other current assets $52 $78 Trade and other accounts payable $872 $700 Other current liabilities $1,367 $2,893 Other current assets include supplier advances from companies with which we have an investment or partnership interest. Remuneration of Managing Board and Supervisory Board Disclosure of the total board remuneration is based on section 383 book 2 of the Dutch Civil Code. Furthermore, the Chief Executive Officer, Chief Financial Officer and the Supervisory Board meet the definition of key management personnel as defined in IAS 24 ‘Related Parties’. During 2020, our Chief Executive Officer joined our Chief Financial Officer on the Managing Board effective June 30, 2020. The total short-term employee benefits (fixed salary and short-term variable cash QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 296 Notes to the Consolidated Financial Statements bonus), post-employment (defined contribution expenditure), and share-based payment cost (share-based compensation) in accordance with IAS 24 are reported in the tables below for the years ended December 31, 2024 and 2023. Key management personnel compensation and total board remuneration Remuneration of the Managing Board The tables below state the amounts earned on an accrual basis by our key management personnel and Managing Board members in 2024 and 2023. For the year ended December 31, 2024 (in thousands) Thierry Bernard Roland Sackers Fixed Salary $979 $588 Other (1) 32 44 Total fixed income 2024 1,010 633 Short-term variable cash bonus 1,128 462 Total short-term income 2024 2,138 1,095 Defined contribution on benefit plan 200 117 Total compensation (excluding long-term share-based compensation) $2,338 $1,212 (1) Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We also occasionally reimburse our Managing Directors' personal expenses related to attending out-of-town meetings but not directly related to their attendance. Amounts do not include the reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed $10,000, or tax amounts paid by the Company to taxing authorities in order to avoid double-taxation under multi-tax jurisdiction employment agreements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 297 Notes to the Consolidated Financial Statements For the year ended December 31, 2023 (in thousands) Thierry Bernard Roland Sackers Fixed Salary $979 $588 Other (1) 33 40 Total fixed income 2023 1,012 628 Short-term variable cash bonus 780 320 Total short-term income 2023 1,792 948 Defined contribution on benefit plan 200 117 Total compensation (excluding long-term share-based compensation) $1,992 $1,065 (1) Amounts include, among others, car lease and reimbursed personal expenses such as tax consulting. We occasionally reimburse our Managing Directors' personal expenses related to attending out-of-town meetings but not directly related to their attendance. Amounts do not include the reimbursement of certain expenses relating to travel incurred at the request of QIAGEN, other reimbursements or payments that in total did not exceed $10,000 or tax amounts paid by the Company to tax authorities in order to avoid double-taxation under multi-tax jurisdiction employment agreements. The total recognized compensation expense in accordance with IFRS 2 for share-based compensation in the year 2024 (2023) for long-term compensation of stock units amounted to $7.0 million ($6.8 million) for Mr. Bernard and $5.1 million ($6.0 million) for Mr. Sackers. The total compensation including share-based compensation expenses in the year 2024 (2023) was $15.6 million ($15.9 million), and amounts to $9.3 million ($8.8 million) for Mr. Bernard and $6.3 million ($7.1 million) for Mr. Sackers. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 298 Notes to the Consolidated Financial Statements Remuneration of the Supervisory Board The tables below state the amounts earned on an accrual basis by the members of the Supervisory Board in 2020 and 2019 (excluding long-term share-based compensation): For the year ended December 31, 2024 (in thousands, except for number of share grants) Fixed remuneration Committee Chair Committee membership Total (1) Number of restricted stock units granted Lawrence A. Rosen $150.0 4.5 23.3 $177.8 7,056 Dr. Metin Colpan $57.5 18.0 11.0 $86.5 7,056 Dr. Toralf Haag $57.5 25.0 — $82.5 7,056 Dr. Ross L. Levine $57.5 — 11.0 $68.5 7,056 Dr. Elaine Mardis $57.5 — 22.0 $79.5 7,056 Bert van Meurs(2) $43.1 — 8.3 $51.4 — Eva van Pelt(2) $47.9 — 12.5 $60.4 — Dr. Eva Pisa $57.5 13.5 2.8 $73.8 7,056 Stephen H. Rusckowski $57.5 13.5 11.0 $82.0 7,056 Elizabeth E. Tallett $57.5 4.5 34.3 $96.3 7,056 (1) Supervisory Board members are reimbursed for travel costs and for any value-added tax to be paid on their remuneration. These reimbursements are excluded from the amounts presented herein. (2) Bert van Meurs and Eva van Pelt joined the Supervisory Board in 2024 and were not eligible for the equity grant for 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 299 Notes to the Consolidated Financial Statements For the year ended December 31, 2023 (in thousands, except for number of share grants) Fixed remuneration Committee Chair Committee membership Total (1) Number of restricted stock units granted Lawrence A. Rosen $150.0 18.0 20.5 $188.5 7,917 Dr. Metin Colpan $57.5 18.0 11.0 $86.5 7,917 Thomas Ebeling(2) $28.8 — 5.5 $34.3 7,917 Dr. Toralf Haag $57.5 25.0 — $82.5 7,917 Dr. Ross L. Levine $57.5 — 11.0 $68.5 7,917 Dr. Elaine Mardis $57.5 — 22.0 $79.5 7,917 Dr. Eva Pisa $57.5 — 11.0 $68.5 7,917 Stephen H. Rusckowski(3) $40.6 — 5.5 $46.1 — Elizabeth E. Tallett $57.5 18.0 26.0 $101.5 7,917 (1) Supervisory Board members are reimbursed for travel costs and for any value-added tax to be paid on their remuneration. These reimbursements are excluded from the amounts presented herein. (2) Thomas Ebeling did not stand for re-appointment at AGM in June 2023. (3) Stephen H. Rusckowski joined the Supervisory Board in April 2023, and was not eligible for the equity grant for 2023. The total recognized share-based compensation expense in accordance with IFRS 2 in 2024 (2023) amounted to $1.5 million ($2.8 million) and includes $109.5 thousand ($708.2 thousand) for Mr. Rosen, $109.5 thousand ($364.3 thousand) for Mr. Colpan, $287.8 thousand ($253.2 thousand) for Dr. Haag, $346.3 thousand ($356.9 thousand) for Mr. Levine, $346.3 thousand ($356.9 thousand) for Ms. Mardis, $138.2 thousand ($63.8 thousand) for Dr. Pisa, $109.5 thousand ($364.3 thousand) for Ms. Tallett and $53.0 thousand for Mr. Rusckowski who joined the Supervisory Board in April 2023. In 2023, Mr. Ebeling term as a member of the Supervisory Board ended and $293.5 thousand share-based compensation expense was recognized. The total recognized compensation expense, including share-based compensation, for members of the Supervisory Board in 2024 (2023) totaled $2.4 million ($3.5 million) and includes amounts of $287.3 thousand ($896.7 thousand) for Mr. Rosen, $196.0 thousand ($450.8 thousand) for Mr. Colpan, $370.3 thousand ($335.7 thousand) for Dr. Haag, $414.8 thousand ($425.4 thousand) for Mr Levine, $425.8 thousand ($436.4 thousand) for Ms. Mardis, $212.0 thousand ($132.3 thousand) for Dr. Pisa, $135.0 thousand ($46.1 thousand) for Mr. Rusckowski, $205.8 thousand ($465.8 thousand) for Ms. Tallett, $51.4 thousand for Mr.van Meurs and $60.4 thousand for QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 300 Notes to the Consolidated Financial Statements Ms. van Pelt who joined the Supervisory Board in 2024. In 2023, $327.8 thousand total compensation expense was recognized for Mr. Ebeling. 25. Fair Value Measurements Assets and liabilities are measured at fair value according to a three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: • Level 1.Observable inputs, such as quoted prices in active markets; • Level 2. Inputs, other than the quoted price in active markets, that are observable either directly or indirectly; and • Level 3.Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 301 Notes to the Consolidated Financial Statements The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy as of December 31, 2024. It does not include fair value information for financial assets and financial liabilities carried at amortized cost. Carrying amount Fair value (in thousands) FV hedging instrument Amortized cost Fair value through profit or loss Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $— $323,108 $339,917 $663,025 $339,917 $— $— $339,917 Trade accounts receivable — 349,278 — 349,278 — — — — Financial assets, current — 489,437 — 489,437 — — — — Financial assets, non-current — — 4,283 4,283 — — 4,283 4,283 Equity options — — — — — — — — Foreign exchange forwards and options — — 5,761 5,761 — 5,761 — 5,761 Interest rate contracts - cash flow hedge 14,340 — 6,677 21,017 — 21,017 — 21,017 Total financial assets $14,340 $1,161,823 $356,638 $1,532,801 $339,917 $26,778 $4,283 $370,978 Liabilities: Lease liabilities(1) $— ($120,993) $— ($120,993) $— $— $— $— Trade accounts payable — (83,272) — (83,272) — — — — Foreign exchange forwards and options — — (13,752) (13,752) — (13,752) — (13,752) Interest rate contracts - cash flow hedge — — — — — — — — Equity options — — — — — — — — Warrants and embedded conversion option — — (89,609) (89,609) — (89,609) — (89,609) Contingent consideration — — (20,650) (20,650) — — (20,650) (20,650) Total financial liabilities $— ($204,265) ($124,011) ($328,276) $— ($103,361) ($20,650) ($124,011) (1) Separate disclosure of fair value of lease liabilities is not required. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 302 Notes to the Consolidated Financial Statements The following table presents the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy as of December 31, 2023. It does not include fair value information for financial assets and financial liabilities carried at amortized cost. Carrying amount Fair value (in thousands) FV hedging instrument Amortized cost Fair value through profit or loss Total Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $— $667,320 $— $667,320 $— $— $— $— Trade accounts receivable — 381,877 — 381,877 — — — — Financial assets, current — 308,675 81,023 389,698 — 81,023 — 81,023 Financial assets, non-current — — 4,435 4,435 — — 4,435 4,435 Equity options — — 39,759 39,759 — 39,759 — 39,759 Foreign exchange forwards and options — — 3,471 3,471 — 3,471 — 3,471 Interest rate contracts - cash flow hedge 3,083 — — 3,083 — 3,083 — 3,083 Total financial assets $3,083 $1,357,872 $128,688 $1,489,643 $— $127,336 $4,435 $131,771 Liabilities: Lease liabilities(1) $— ($101,331) $— ($101,331) $— $— $— $— Trade accounts payable — (84,155) — (84,155) — — — — Foreign exchange forwards and options — — (9,944) (9,944) — (9,944) — (9,944) Interest rate contracts (98,908) — — (98,908) — (98,908) — (98,908) Equity options — — (39,830) (39,830) — (39,830) — (39,830) Warrants and embedded conversion option — — (45,157) (45,157) — (45,157) — (45,157) Contingent consideration — — (18,359) (18,359) — — (18,359) (18,359) Total financial liabilities ($98,908) ($185,486) ($113,290) ($397,684) $— ($193,839) ($18,359) ($212,198) (1) Separate disclosure of fair value of lease liabilities is not required. Our assets and liabilities measured at fair value on a recurring basis consist of quoted equity securities held as cash equivalents which are classified as Level 1 of the fair value hierarchy; unquoted debt securities, discussed in Note 7 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 303 Notes to the Consolidated Financial Statements "Financial Assets," which are classified in Level 2 of the fair value hierarchy; derivative contracts used to hedge currency and interest rate risk and derivative financial instruments entered into in connection with the cash convertible notes discussed in Note 16 "Financial Debts," which are classified in Level 2 of the fair value hierarchy; contingent consideration accruals which are classified in Level 3 of the fair value hierarchy; and unquoted equity securities remeasured during the years ended December 31, 2024 and 2023 classified within Level 3 in the fair value hierarchy. There were no transfers between levels for the year ended December 31, 2024. In determining fair value for Level 2 instruments, we apply a market approach, using quoted active market prices relevant to the particular instrument under valuation, giving consideration to the credit risk of both the respective counterparty to the contract and the Company. To determine our credit risk, we estimated our credit rating by benchmarking the price of outstanding debt to publicly-available comparable data from rated companies. Using the estimated rating, our credit risk was quantified by reference to publicly-traded debt with a corresponding rating. The Level 2 derivative financial instruments include the Call Options asset, the Warrants liability and the embedded conversion option liability. See Note 16 "Financial Debts" and Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments" for further information. The derivatives are not actively traded and are valued based on an option pricing model that uses observable market data for inputs. Significant market data inputs used to determine fair values included our common stock price, the risk-free interest rate, and the implied volatility of our common stock. The Call Options asset and the embedded cash conversion option liability were designed with the intent that changes in their fair values would substantially offset, with limited net impact to our earnings. Therefore, the sensitivity of changes in the unobservable inputs to the option pricing model for such instruments is substantially mitigated. Our Level 3 instruments include unquoted equity security investments. Under the measurement alternative, the carrying value is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Adjustments are determined primarily based on a market approach as of the transaction date. Refer to Note 7 "Financial Assets" for the change in unquoted equity securities with Level 3 inputs during the years ended December 31, 2024 and 2023. Our Level 3 instruments also include contingent consideration liabilities. We value contingent consideration liabilities using unobservable inputs, applying the income approach, such as the discounted cash flow technique, or the probability- weighted scenario method. Contingent consideration arrangements obligate us to pay the sellers of an acquired entity if specified future events occur or conditions are met such as the achievement of technological or revenue milestones. We use various key assumptions, such as the probability of achievement of the milestones (0% to 100%) and the discount rate (between 6.5% and 6.6%), to represent the non-performing risk factors and time value when applying the income QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 304 Notes to the Consolidated Financial Statements approach. We regularly review the fair value of the contingent consideration, and reflect any change in the accrual in the consolidated income statements in the line items commensurate with the underlying nature of milestone arrangements. In connection with a previous business combination, we have contingent consideration liabilities with Level 3 inputs. The following table summarizes the activity for the years ended December 31, 2024 and 2023: (in thousands) 2024 2023 Balance at beginning of year ($18,359) ($18,088) Changes in fair value (2,291) (271) Balance at end of year ($20,650) ($18,359) As of December 31, 2024 and 2023, $20.7 million and $18.4 million , respectively, was accrued for contingent consideration and is included other non-current liabilities in the accompanying balance sheet. The estimated fair value of non-current financial debts as disclosed in Note 16 "Financial Debts" was based on current interest rates for similar types of borrowings. The estimated fair values may not represent actual values of the financial instruments that could be realized as of the balance sheet date or that will be realized in the future. The fair values of the financial instruments are presented in Note 16 "Financial Debts" and were determined as follows: Convertible Notes: Fair value is based on an estimation using available over-the-counter market information on the Convertible Notes due in 2027 and 2031. German Private Placement: Fair value is based on an estimation using changes in the euro swap rates. There were no adjustments in the years ended December 31, 2024 and 2023 for nonfinancial assets or liabilities required to be measured at fair value on a nonrecurring basis. 26. Financial Risk Factors and Use of Derivative Financial Instruments 26.1.Financial Risks Our risk management approach embodies the key elements of a sound risk management system including (1) active Supervisory Board and senior management involvement; (2) adequate policies and procedures; (3) adequate risk management, monitoring and information systems; and (4) comprehensive internal controls. Refer to the detail discussion under the header Risk Management within the Management Report included in this annual report. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 305 Notes to the Consolidated Financial Statements Market risk Our market risk relates primarily to interest rate exposures on cash, short-term investments and borrowings, and foreign currency exposures. Financial risk is centrally managed and is regulated by internal guidelines which require a continuous internal risk analysis. The overall objective of our risk management is to reduce the potential negative earnings effects from changes in interest and foreign exchange rates. Exposures are managed through operational methods and financial instruments relating to interest rate and foreign exchange risks. In the ordinary course of business, we use derivative instruments, including swaps, forwards and/or options, to manage potential losses from foreign currency exposures and interest rates. The principal objective of such derivative instruments is to minimize the risks and/or costs associated with global financial and operating activities. We do not utilize derivative or other financial instruments for trading or other speculative purposes. All derivatives are recognized as either assets or liabilities in the balance sheet and are measured at fair value with any change in fair value recognized in earnings in the period of change, unless the derivative qualifies as an effective hedge that offsets certain exposures. In determining fair value, we consider both the counterparty credit risk and our own creditworthiness, to the extent that the derivatives are not covered by collateral agreements with respective counterparties. Foreign currency exchange rates As a global enterprise, we are subject to risks associated with fluctuations in foreign currencies with regard to our ordinary operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions as well as future cash flows resulting from anticipated transactions including intra-group transactions. We manage our balance sheet exposure on a group-wide basis primarily using foreign exchange forward contracts, options and cross- currency swaps. Foreign currency transactions for the year ended December 31, 2024 resulted in a net loss of $2.7 million and a net loss of $4.1 million for the year ended December 31, 2023. These amounts are included in other financial results in the accompanying consolidated income statements. A significant portion of our revenues and expenses are earned and incurred in currencies other than the U.S. dollar. The euro is the most significant such currency, with others including the British pound, Chinese renminbi, Japanese yen, and Swiss franc. Fluctuations in the value of the currencies in which we conduct our business relative to the U.S. dollar have caused and will continue to cause U.S. dollar translations of such currencies to vary from one period to another. Due to the number of currencies involved, the constantly changing currency exposures, and the potential substantial volatility of currency exchange rates, we cannot predict the effect of exchange rate fluctuations upon future operating results. In general terms, depreciation of the U.S. dollar against our other foreign currencies will increase reported net sales. However, this effect is, at least partially, offset by the fact that we also incur substantial expenses in foreign currencies. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 306 Notes to the Consolidated Financial Statements We have significant production and manufacturing facilities located in Germany and intercompany sales of inventory also expose us to foreign currency exchange rate risk. Intercompany sales of inventory are generally denominated in the local currency of the subsidiary purchasing the inventory in order to centralize foreign currency risk with the manufacturing subsidiary. We use an in-house bank approach to net and settle intercompany payables and receivables as well as intercompany foreign exchange swaps and forward contracts in order to centralize the foreign exchange rate risk to the extent possible. We have entered in the past and may enter in the future into foreign exchange derivatives including forwards, swaps and options to manage the remaining foreign exchange exposure. For the presentation of market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical changes of relevant risk variables on profit or loss and shareholders' equity. Currency risks as defined by IFRS 7 arise on account of financial instruments being denominated in a currency that is not the functional currency and being of a monetary nature; differences resulting from the translation of financial statements into the Company's presentation currency are not taken into consideration. Relevant risk variables are generally all non-functional currencies in which QIAGEN has financial instruments. QIAGEN is exposed to currency risks from financial derivatives. If each of the respective currency pairs for which the Company has financial derivatives in place, which do not qualify for hedge accounting in accordance with IFRS 9, varied from the rates used for the preparation of the consolidated financial statements, this would have had an effect on the net income of the Company. Any effect would have been almost fully off-set by corresponding valuation adjustments in the positions, which economically had been hedged by these financial derivatives. Accordingly, the net effect of such variance in currency rates would not have been material. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 307 Notes to the Consolidated Financial Statements If, at December 31, 2024, the U.S. dollar had gained or lost 10% against all identified major currencies, the estimated effect on the fair value of the financial derivatives would have been as follows: As of December 31, 2024 As of December 31, 2023 (in thousands) 10% higher 10% lower 10% higher 10% lower Currency Euro (EUR) $13,871 ($13,871) ($12,182) $12,213 Australian Dollar (AUD) 1,038 (1,038) 913 (913) Swedish Krona (SEK) (91) 111 275 (336) Japanese Yen (JPY) (169) 206 (115) 96 Canadian Dollar (CAD) 284 (347) 341 (416) Singapore Dollar (SGD) (799) 977 (618) 755 Swiss Franc (CHF) 5,971 (7,320) 2,959 2,876 Pound Sterling (GBP) 533 (533) (1,503) 1,502 South Korean Won (KRW) 210 (257) 169 (205) Chinese Yuan (CNY) (5,095) 6,237 (2,652) 7,573 Norwegian Krone (NOK) 191 (234) 129 (158) Polish Zloty (PLN) (706) 863 69 (85) Thai Baht (THB) 1,505 (1,839) 1,923 (1,754) Indian Rupee (INR) 26 (31) 74 (95) Danish Krone (DKK) 304 (372) 337 (392) Total $17,073 ($17,448) ($9,881) $20,661 Interest rates The Company is exposed to interest rate risk by floating rate financial debt and floating rate financial assets. This exposure is managed by varying the proportion of fixed and floating rate debt, while all non-derivative financial assets pay interest on floating rates. Net financial income earned on the Company's net financial assets is generally affected by changes in the level of interest rates, principally the euro and the U.S. dollar interest rate. At December 31, 2024, we had $663.0 million in cash and cash equivalents (2023: $667.3 million). Interest income earned on our cash investments is affected by changes in the relative levels of market interest rates. We only invest in high- QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 308 Notes to the Consolidated Financial Statements grade investment instruments. A hypothetical adverse 10% movement in market interest rates would have impacted our financial statements by approximately $5.3 million. Borrowings against lines of credit are at variable interest rates. We had no amounts outstanding against our lines of credit at December 31, 2024 and 2023. A hypothetical adverse 10% movement in market interest rates would not have materially impacted our financial statements. At December 31, 2024, we had $1.3 billion in current and non-current financial debt (2023 : $1.5 billion), of which of which $198.7 million is floating interest rate debt (2023: $245.5 million ). A hypothetical adverse 10% movement in market interest rates would not have materially impacted our financial statements. Liquidity risk To date, we have funded our business primarily through internally generated funds, debt and the private and public sales of equity. Our primary use of cash has been to support continuing operations and our investing activities including capital expenditure requirements and acquisitions. As of December 31, 2024 and 2023, we had cash and cash equivalents of $663.0 million and $667.3 million, respectively. We also had current financial assets of $489.4 million and $389.7 million, respectively. Cash and cash equivalents are primarily held in euros and U.S. dollars, other than those cash balances maintained in the local currency of subsidiaries to meet local working capital needs. As of December 31, 2024 and 2023, we had working capital of $1.4 billion and $1.0 billion, respectively. We have a €400.0 million syndicated revolving credit facility expiring with a contractual life until December 2029 of which no amounts were utilized at December 31, 2024. We have additional credit lines totaling €13.0 million with no expiration date, none of which were utilized as of December 31, 2024. We also have repayment obligations of $1.3 billion of financial debt (2023: $1.5 billion ), of which $0.1 billion is current as of December 31, 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 309 Notes to the Consolidated Financial Statements As of December 31, 2024, our future contractual cash obligations are as follows: Contractual Obligations (in thousands) Payments Due by Period Total 2025 2026 2027 2028 2029 Thereafter Financial debt (1) $1,478,691 $77,390 $23,019 $575,930 $20,010 $162,947 $619,395 Purchase obligations 83,493 38,232 30,701 12,607 1,035 918 — Lease obligations 135,342 27,056 23,052 19,156 14,535 9,216 42,327 License and royalty payments 5,874 1,416 779 801 601 506 1,771 Total contractual cash obligations $1,703,400 $144,094 $77,551 $608,494 $36,181 $173,587 $663,493 (1) Amounts include required principal, stated at current carrying values, and interest payments. Pursuant to the purchase agreements for certain acquisitions we could be required to make additional contingent cash payments for a previous business combination based on the achievement of certain FDA approval milestones. Milestone payments totaling $20.7 million, which represent the maximum potential payment, are included in other current liabilities in the accompanying consolidated balance sheet as of December 31, 2024. Refer to Note 25 "Fair Value Measurements" for changes in the contingent consideration liabilities. We believe that funds from operations, existing cash and cash equivalents, together with the proceeds from our public and private sales of equity, and availability of financing facilities, will be sufficient to fund our planned operations and expansion during the coming year. However, any global economic downturn may have a greater impact on our business than currently expected, and we may experience a decrease in the sales of our products, which could impact our ability to generate cash. If our future cash flows from operations and other capital resources are not adequate to fund our liquidity needs, we may be required to obtain additional debt or equity financing or to reduce or delay our capital expenditures, acquisitions or research and development projects. If we could not obtain financing on a timely basis or at satisfactory terms, or implement timely reductions in our expenditures, our business could be adversely affected. Credit risk Financial instruments that potentially subject us to concentrations of credit risk are cash and cash equivalents, financial assets, and accounts receivable. We attempt to minimize the risks related to cash and cash equivalents and financial assets by dealing with highly rated financial institutions, and investing in a broad and diverse range of financial instruments. We have established guidelines related to credit quality and maturities of investments intended to maintain safety and liquidity. Concentration of credit risk with respect to accounts receivable is limited due to a large and diverse customer QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 310 Notes to the Consolidated Financial Statements base, which is dispersed over different geographic areas. Allowances are maintained for potential credit losses and such losses have historically been within expected ranges. There were no significant concentrations of credit risk during the reporting period. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the balance sheet. Credit risk is managed on a Company basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analyzing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Further discussion of the allowance for doubtful accounts can be found in Note 8 "Trade Accounts Receivable." Counterparty risk The financial instruments used in managing our foreign currency, equity and interest rate exposures have an element of risk in that the counterparties may be unable to meet the terms of the agreements. To the extent that derivatives are not subject to mutual collateralization agreements, we attempt to minimize this risk by limiting the counterparties to a diverse group of highly rated international financial institutions. The carrying values of our financial instruments incorporate the non- performance risk by using market pricing for credit risk. However, we have no reason to believe that any counterparties will default on their obligations and therefore do not expect to record any losses as a result of counterparty default. In order to minimize our exposure with any single counterparty, we have entered into all derivative agreements, with the exception of the Call Spread Overlay which expired in 2024, under master agreement which allow us to manage the exposure with the respective counterparty on a net basis. Most of these master agreements, include bilateral collateral agreements. Fair values The fair values of financial assets and financial liabilities are determined in accordance with the accounting policies stated under Note 3.12 "Financial Instruments – Recognition and Initial Measurement" and Note 3.13 "Financial Instruments – Classification and Subsequent Measurement." Equity prices The Warrants issued as part of the Call Spread Overlay related to the 2023 Notes and 2024 Notes, and the embedded conversion options on 2027 Notes and 2031 Notes, discussed in Note 16 "Financial Debts" and Note 26.2 "Use of Derivative Financial Instruments" expose us to income statement volatility due to changes in our own equity price. All Warrants related to the 2023 Notes and the 2024 Notes expired unexercised. Changes in the embedded conversion option are recognized in other financial results. Assuming a hypothetical 10% increase or decrease in equity prices at December 31, 2024, the estimated effect would have been approximately $26.7 million loss or $23.1 million gain, respectively (2023: $13.8 million loss or $5.0 million gain). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 311 Notes to the Consolidated Financial Statements Commodities We have exposure to price risk related to anticipated purchases of certain commodities used as raw materials in our business. A change in commodity prices may alter the gross margin, but due to the limited exposure to any single raw material, a price change is unlikely to have a material unforeseen impact on earnings. 26.2Use of Derivative Financial Instruments Derivatives and Hedging Objective and Strategy In the ordinary course of business, we use derivative instruments, including swaps, forwards and/or options, to manage potential losses from foreign currency exposures and interest bearing assets or liabilities. The principal objective of such derivative instruments is to minimize the risks and/or costs associated with our global financial and operating activities. We do not utilize derivative or other financial instruments for trading or other speculative purposes. We recognize all derivatives as either assets or liabilities on the balance sheet on a gross basis, measure those instruments at fair value and recognize the change in fair value in earnings in the period of change, unless the derivative qualifies as an effective hedge that offsets certain exposures. We have agreed with almost all of our counterparties with whom we had entered into cross- currency swaps, interest rate swaps or foreign exchange contracts, to enter into bilateral collateralization contracts under which we will receive or provide cash collateral, as the case may be, for the net position with each of these counterparties. As of December 31, 2024, cash collateral positions consisted of $16.8 million recorded in other current liabilities and $3.2 million recorded in other current assets. As of December 31, 2023, we had cash collateral positions consisting of $5.4 million recorded in other current liabilities and $87.7 million recorded in other current assets in the accompanying consolidated balance sheet. Non-Derivative Hedging Instrument Net Investment Hedge We are party to a foreign currency non-derivative hedging instrument that is designated and qualifies as net investment hedge. The objective of the hedge is to protect part of the net investment in foreign operations against adverse changes in the exchange rate between the euro and the functional currency of the U.S. dollar. The non-derivative hedging instrument is the German private corporate bond (2017 Schuldschein) which was issued in 2017 in the total amount of $331.1 million as described in Note 16 "Financial Debts." Of the $331.1 million, which is held in both U.S. dollars and euros, €109.5 million was designated as the hedging instrument as of December 31, 2023 against a portion of our euro net investments in our foreign operations. As further described in Note 16, two tranches of the 2017 Schuldschein matured and were paid QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 312 Notes to the Consolidated Financial Statements in June 2024. As a result, as of December 31, 2024, €14.5 million remained designated as a hedging instrument. In July 2022, we issued an additional €370.0 million German private corporate bond (2022 Schuldschein) as described in Note 16, and it is designated in its entirety as the hedging instrument against a portion of our euro net investments in our foreign operations. The relative changes in both the hedged item and hedging instrument are calculated by applying the change in spot rate between two assessment dates against the respective notional amount. The effective portion of the hedge is recorded in the cumulative translation adjustment account within other accumulated comprehensive loss. Based on the spot rate method, the unrealized loss recorded in equity as of December 31, 2024 and 2023 is $10.7 million and $35.2 million, respectively. Since we are using the debt as the hedging instrument, which is also remeasured based on the spot rate method, there is no hedge ineffectiveness related to the net investment hedge as of December 31, 2024 and 2023. Derivatives Designated as Hedging Instruments Cash Flow Hedges As of December 31, 2024 and 2023, we held derivative instruments that are designated and qualify as cash flow hedges, where the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. To date, we have not recorded any hedge ineffectiveness related to any cash flow hedges in earnings. Based on their valuation as of December 31, 2024, we expect approximately $0.3 million of derivative gains included in accumulated other comprehensive loss will be reclassified into income during the next 12 months. The cash flows derived from derivatives are classified in the consolidated statements of cash flows in the same category as the hedged item. We use interest rate derivative contracts to align our portfolio of interest bearing assets and liabilities with our risk management objectives. Since 2015, we have been a party to five cross currency interest rate swaps through 2025 for a total notional amount of €180.0 million which qualify for hedge accounting as cash flow hedges. In September 2022, we entered into five new cross currency interest rate swaps through 2025 for a total notional amount of CHF 542.0 million which qualify for hedge accounting as cashflow hedges. In November 2024, we settled these cross-currency interest rate swaps and as a result, reclassified $5.4 million of derivative losses included in accumulated other comprehensive loss to income in other financial results in the accompanying consolidated income statement. We determined that no ineffectiveness exists related to these swaps. As of December 31, 2024 and 2023, interest receivables of $1.7 million and $8.4 million, respectively are recorded in other current assets in the accompanying consolidated balance sheets. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 313 Notes to the Consolidated Financial Statements Fair Value Hedges Until October 2022, we held derivative instruments that qualified for hedge accounting as fair value hedges. For derivative instruments that are designated and qualify as a fair value hedge, the effective portion of the gain or loss on the derivative is reflected in earnings. This effect on earnings is offset by the change in the fair value of the hedged item attributable to the risk being hedged that is also recorded in earnings. The cash flows derived from derivatives are classified in the consolidated statement of cash flows in the same category as the consolidated balance sheet account of the underlying item. We held interest rate swaps which effectively fixed the fair value of a portion of our fixed rate private placement debt and qualified for hedge accounting as fair value hedges. These interest rate swap derivative instruments expired along with the repayment of the private placement debt in October 2022, as described in Note 16 "Financial Debts." There has been no ineffectiveness related to the interest rate swaps. Derivatives Not Designated as Hedging Instruments Call Options and Warrants Prior to 2024, we entered into Call Options which, along with the sale of the Warrants, represent the Call Spread Overlay entered into in connection with the Cash Convertible Notes. In these transactions, the Call Options are intended to address the equity price risk inherent in the cash conversion feature of each instrument by offsetting cash payments in excess of the principal amount due upon any conversion of the Cash Convertible Notes. Accordingly, the derivative is presented as either current or non-current based upon the classification of the related debt. Aside from the initial payment of premiums for the Call Options, we will not be required to make any cash payments under the Call Options. We will, however, be entitled to receive under the terms of the Call Options, an amount of cash generally equal to the amount by which the market price per share of our common stock exceeds the exercise price of the Call Options during the relevant valuation period. The exercise price under the Call Options is equal to the conversion price of the Cash Convertible Notes. The Call Options and Warrants, for which our common stock is the underlying security, are derivative assets and liabilities, respectively, that require mark-to-market accounting treatment. The derivatives are measured and reported at fair value on a recurring basis, within Level 2 of the fair value hierarchy. The change in fair value of these instruments is recognized immediately in our consolidated income statements in other financial results . The Warrants are more fully described in Note 16 "Financial Debts." QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 314 Notes to the Consolidated Financial Statements Cash Convertible Notes Embedded Cash Conversion Option The embedded cash conversion option within the Cash Convertible Notes discussed in Note 16 "Financial Debts" is required to be separated from the Cash Convertible Notes and accounted for separately as a derivative liability, with changes in fair value reported in our consolidated income statements in other financial results until the cash conversion option settles or expires. The embedded cash conversion option is measured and reported at fair value on a recurring basis, within Level 2 of the fair value hierarchy. Because the terms of the Cash Convertible Notes' embedded cash conversion option are substantially similar to those of the Call Options, discussed above, we expect the effect on earnings from these two derivative instruments to mostly offset each other. In November 2024, the Cash Convertible Notes due 2024 were repaid at maturity, and the related Call Options expired unexercised as described in Note 16, resulting in a $1.4 million gain recognized in other financial results in the accompanying consolidated income statement. In September 2023, the 2023 Notes and the related Call Options have been settled as described in Note 16 and we recognized $0.9 million as gain in other financial results in the accompanying consolidated income statement. Foreign Currency Derivatives As a globally active enterprise, we are subject to risks associated with fluctuations in foreign currencies in our ordinary operations. This includes foreign currency-denominated receivables, payables, debt, and other balance sheet positions including intercompany items. We manage balance sheet exposure on a group-wide basis using foreign exchange forward contracts, foreign exchange options and cross-currency swaps. We are party to various foreign exchange forward, option and swap arrangements which had an aggregate notional value of $645.7 million at December 31, 2024, which expire at various dates through July 2025. At December 31, 2023, these arrangements had an aggregate notional value of $590.9 million, which expired at various dates through September 2024. The transactions have been entered into to offset the effects from short-term balance sheet exposure to foreign currency exchange risk. Changes in the fair value of these arrangements have been recognized in other financial results in the accompanying consolidated income statement. Interest Rate Derivatives In November 2024, we entered into eight new cross-currency interest rate swaps with various maturities through 2026 for a total notional amount of CHF 280.0 million that are not designated as hedges. Changes in the fair value of these arrangements have been recognized in other financial results in the accompanying consolidated income statement. As of December 31, 2024, interest receivables of $1.4 million are recorded in other current assets in the accompanying consolidated balance sheets. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 315 Notes to the Consolidated Financial Statements Fair Values of Derivative Instruments The following table summarizes the fair value amounts of derivative instruments reported in the consolidated balance sheets as of December 31, 2024 and 2023: 2024 2023 (in thousands) Current Asset Non-current Asset Current Asset Non-current Asset Assets: Derivative instruments designated as hedges Interest rate contracts - cash flow hedge (1) $14,340 $— $— $3,083 Total derivative instruments designated as hedges 14,340 — — 3,083 Undesignated derivative instruments Equity options — — 39,759 — Foreign exchange forwards and options 5,761 — 3,471 — Interest rate contracts - cash flow hedge (1) 3,503 3,174 — — Total undesignated derivative instruments 9,264 3,174 43,230 — Total derivative assets $23,604 $3,174 $43,230 $3,083 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 316 Notes to the Consolidated Financial Statements (in thousands) 2024 2023 Current Liability Non-current Liability Current Liability Non-current Liability Liabilities: Derivative instruments designated as hedges Interest rate contracts - cash flow hedge (1) $— $— $— ($98,908) Total derivative instruments designated as hedges — — — (98,908) Undesignated derivative instruments Cash convertible notes embedded conversion option — — (39,830) — Warrants and embedded conversion option — (89,609) (23,687) (21,470) Foreign exchange forwards and options (13,752) — (9,944) — Total undesignated derivative instruments (13,752) (89,609) (73,461) (21,470) Total derivative liabilities ($13,752) ($89,609) ($73,461) ($120,378) (1) The fair value amounts for the interest rate contracts do not include accrued interest. 27. Capital Management The primary objectives of the Group's capital management are to safeguard the Group's ability to continue as a going concern and to ensure financial flexibility to execute the Group's strategic growth targets. We regularly review our capital structure to ensure a low cost of capital to enhance shareholder value. The Group's overall strategy remains unchanged from 2023 and we are not subject to any externally imposed capital requirements. All common shares issued are fully paid. In September 2024, we issued $500.0 million aggregate principal amount of 2.5% coupon Convertible Notes due 2031 (2031 Notes). The 2031 Notes will mature on September 10, 2031 unless converted in accordance with their terms prior to such date as described more fully in Note 16 "Financial Debts." In November 2024 we repaid $500.0 million of 2024 Notes at maturity. In September 2023, we repaid $400.0 million of 2023 Notes at maturity. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 317 Notes to the Consolidated Financial Statements In July and August 2022, we completed a German private placement bond (2022 Schuldschein), which was issued in various tranches totaling €370.0 million ($371.5 million) that have maturities through 2035 as described more fully in Note 16. The interest rate is linked to our ESG performance. As of December 31, 2024, a total of $383.7 million is outstanding. In 2017, we completed a German private placement (2017 Schuldschein) consisting of various tranches denominated in U.S. dollars or euros at either floating or fixed rates, and due at various dates through June 2027. As of December 31, 2024, a total of $15.1 million is outstanding. In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse stock split. The transaction was announced on January 12, 2025, and involved an approach used by various large, multinational Dutch companies to provide returns to all shareholders in a faster and more efficient manner than traditional open-market repurchases. $280.1 million was returned to shareholders through the transaction, which reduced the total number of issued Common Shares by approximately 2.8% to 217.7 million (of which 1.6 million are held in Treasury Shares) as of January 31, 2025. In January 2024, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse stock split. The transaction was announced on January 7, 2024, and involved an approach used by various large, multinational Dutch companies to provide returns to all shareholders in a faster and more efficient manner than traditional open-market repurchases. $292.1 million was returned to shareholders through the transaction, which reduced the total number of issued Common Shares by approximately 3% to 223.9 million (of which 2.5 million are held in Treasury Shares) as of January 31, 2024. An important indicator of capital management efforts is the ratio of shareholders' equity compared to total assets as shown on the consolidated balance sheet: (in thousands, except of ratio) 2024 2023 Shareholders' equity attributable to equity holders of the parent $3,600,552 $3,867,151 Total assets $5,756,207 $6,174,153 Shareholders' equity ratio in % 63% 63% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 318 Notes to the Consolidated Financial Statements Reconciliation of Liabilities Arising from Financing Activities Total financial debt consists of cash convertible notes and private placements as discussed in Note 16. The changes in financial debts reconciled to the cash flows arising from financing activities as follows: (in thousands) At December 31, 2023 Cash flows Amortization of debt discount and issuance costs(1) Foreign currency and other (2) At December 31, 2024 Cash convertible notes $483,019 ($500,000) $16,981 $— $— Convertible notes 443,818 494,211 784 (41) 938,772 German Private Placement (Schuldschein) 528,906 (101,536) 203 (28,848) 398,725 Total non-current debt 1,455,743 (107,325) 17,968 (28,889) 1,337,497 Lease liability 101,331 (27,306) — 46,968 120,993 Total liabilities from financing activities $1,557,074 ($134,631) $17,968 $18,079 $1,458,490 (1) Total amortization of debt discount and issuance costs for the year ended December 31, 2024 totaled $18.4 million, which included $0.5 million costs related to the €400.0 million syndicated multi- currency revolving credit facility. No amounts were utilized at December 31, 2024. (2) For the year ended December 31, 2024, the Convertible notes are net of debt issuance costs. Also during 2024, the German Private Placement experienced unrealized foreign currency gain totaling $24.6 million. (in thousands) At December 31, 2022 Cash flows Amortization of debt discount and issuance costs(1) Foreign currency and other (2) At December 31, 2023 Cash convertible notes $853,883 ($400,000) $29,136 $— $483,019 Convertible notes 443,285 — 533 — 443,818 German Private Placement (Schuldschein) 510,231 — 279 18,396 528,906 Total non-current debt 1,807,399 (400,000) 29,948 18,396 1,455,743 Lease liability 93,626 (26,779) — 34,484 101,331 Total liabilities from financing activities $1,901,025 ($426,779) $29,948 $52,880 $1,557,074 (1) Total amortization of debt discount and issuance costs for the year ended December 31, 2023 totaled $30.2 million, which included $0.2 million costs related to the €400.0 million syndicated multi- currency revolving credit facility. No amounts were utilized at December 31, 2023. (2) For the year ended December 31, 2023, the Convertible notes are net of debt issuance costs. Also during 2023, the German Private Placement experienced unrealized foreign currency losses totaling $18.4 million. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 319 Notes to the Consolidated Financial Statements 28. Subsidiaries The following is a list of the Company's subsidiaries as of December 31, 2024 , other than certain subsidiaries that did not in the aggregate constitute a significant subsidiary. Company Name Jurisdiction of Incorporation Ownership Voting Rights Amnisure International LLC U.S. 100% 100% DIALUNOX GmbH i.L.(1) Germany 100% 100% Life Biotech Partners B.V. Netherlands 100% 100% NeuMoDx Molecular, Inc. U.S. 100% 100% QIAGEN Aarhus A/S Denmark 100% 100% QIAGEN AB Sweden 100% 100% QIAGEN AG Switzerland 100% 100% QIAGEN Australia Holding Pty. Ltd. Australia 100% 100% QIAGEN Benelux B.V.(2) Netherlands 100% 100% QIAGEN Beverly LLC U.S. 100% 100% QIAGEN Biotecnologia Brasil Ltda. Brazil 100% 100% QIAGEN Business Management MEA Ltd. UAE 100% 100% QIAGEN China (Shanghai) Co., Ltd. China 100% 100% QIAGEN Deutschland Holding GmbH Germany 100% 100% QIAGEN Distribution B.V.(2) Netherlands 100% 100% QIAGEN France S.A.S. France 100% 100% QIAGEN Gaithersburg LLC U.S. 100% 100% QIAGEN Gdańsk Sp. z.o.o. Poland 100% 100% QIAGEN GmbH(1) Germany 100% 100% QIAGEN Hamburg GmbH(1) Germany 100% 100% QIAGEN Healthcare Biotechnologies Limited(3) U.K. 100% 100% QIAGEN Healthcare Biotechnologies Systems GmbH Germany 100% 100% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 320 Notes to the Consolidated Financial Statements Company Name Jurisdiction of Incorporation Ownership Voting Rights QIAGEN Healthcare Biotechnologies Systems Limited(3) U.K. 100% 100% QIAGEN Hong Kong Pte. Ltd. China 100% 100% QIAGEN Inc. Canada 100% 100% QIAGEN India Pvt. Ltd. India 100% 100% QIAGEN K.K. Japan 100% 100% QIAGEN Korea Ltd. Korea (South) 100% 100% QIAGEN LLC U.S. 100% 100% QIAGEN Ltd. U.K. 100% 100% QIAGEN Luxembourg S.à r.l. Luxembourg 100% 100% QIAGEN Manchester Ltd. U.K. 100% 100% QIAGEN Manila Inc. Philippines 100% 100% QIAGEN North American Holdings, Inc. U.S. 100% 100% QIAGEN POLAND INVEST Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych Poland 100% 100% QIAGEN Pty. Ltd. Australia 100% 100% QIAGEN Redwood City, Inc. U.S. 100% 100% QIAGEN S.r.l. Italy 100% 100% QIAGEN Sciences, LLC U.S. 100% 100% QIAGEN Singapore Pte. Ltd. Singapore 100% 100% QIAGEN Taiwan Co. Ltd. Taiwan 100% 100% QIAGEN Wroclaw Sp.z.o.o. Poland 100% 100% STAT-Dx Life S.L. Spain 100% 100% Verogen, Inc. U.S. 100% 100% (1) QIAGEN GmbH (registered under HRB 45822 Trade Register Duesseldorf, Germany), DIALUNOX GmbH (registered under HRB 590384 Trade Register Freiburg im Breisgau, Germany) and QIAGEN Hamburg GmbH (registered under HRB 71271 Trade Register Duesseldorf, Germany) are exempt from the audit of individual accounts requirements under Section 264 (3) of the German Commercial Code. (2) QIAGEN Benelux B.V. (registered under #12053316 in the Netherlands Chamber of Commerce) and QIAGEN Distribution B.V. (registered under #64026795 in the Netherlands Chamber of Commerce) are exempt from the audit of individual accounts requirements under Section 403 of the Dutch Civil Code. (3) QIAGEN Healthcare Biotechnologies Limited (registration #11561466) and QIAGEN Healthcare Biotechnologies Systems Limited (registration #11562019) are exempt from the audit of individual accounts requirements under Section 479A of the 2006 U.K. Companies Act. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 321 Notes to the Consolidated Financial Statements 29. Fees Paid to External Auditors At our 2024 Annual General Meeting of Shareholders on June 21, 2024, our shareholders appointed KPMG Accountants N.V. to serve as our external auditor for our statutory consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted by the EU for the year ended December 31, 2024. Set forth below are the total fees billed (or expected to be billed), on a consolidated basis, by the independent auditor or their affiliates for providing audit and other professional services in each of the last two years. (in thousands) 2024 2023 Audit fees $2,942 $2,923 Consolidated financial statements 2,414 2,379 Statutory financial statements 528 544 - thereof KPMG Accountants N.V. 352 334 Audit-related fees 541 20 - thereof KPMG Accountants N.V. 433 — Tax fees 81 173 All other fees — — Total fees paid to external auditors $3,564 $3,116 Audit fees consist of fees and expenses billed for the annual audit and quarterly review of QIAGEN's consolidated financial statements. They also include fees billed for other audit services, which are those services that only the statutory auditor can provide. Audit-related fees consist of fees and expenses billed for assurance and related services that are related to the performance of the audit or review of QIAGEN’s financial statements and include consultations concerning financial accounting and reporting standards, review of the opening balance sheets of newly acquired companies and in 2024, for providing assurance on the sustainability reporting. Tax fees include fees and expenses billed for tax compliance services, including assistance on the preparation of tax returns and claims for refunds and tax consultations, such as assistance and representation in connection with tax audits and appeals. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 322 Notes to the Consolidated Financial Statements All other fees include various fees and expenses billed for services, such as transaction due diligence, as approved by the Audit Committee. 30. Subsequent Events Events that occurred after the balance sheet date that provide no information on the actual situation at the balance sheet date are not recognized in the financial statements. When those events are relevant for the economic decisions of users of the financial statements, the nature and the estimated financial effects of those events are disclosed in the financial statements. In January 2025, we completed a synthetic share repurchase that combined a direct capital repayment with a reverse stock split as discussed in Note 18 "Equity." QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 323 Company Financial Statements QIAGEN N.V. Company Financial Statements 324 Balance Sheets 326 Income Statements 327 Statements of Changes in Equity 329 Notes to the Company Financial Statements 329 1. Accounting Policies 330 2. Intangible Fixed Assets 331 3. Tangible Fixed Assets 332 4. Financial Fixed Assets 334 5. Trade and Other Receivables 336 6. Common Shares 337 7. Equity 338 8. Financial Debts and Payables to Group Companies 339 9. Financial Instruments 340 10. Income Tax 341 11. Subsidiaries 343 12. Employee Information 343 13. Related Party Transactions 343 14. Auditor Fees 344 15. Subsequent Events 399 Signatures QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 324 Company Financial Statements QIAGEN N.V. Company Balance Sheets (Before appropriation of net income) (in thousands) As of December 31, Notes 2024 2023 Assets Fixed assets: Intangible fixed assets: Goodwill (2) $227,245 $240,510 Tangible fixed assets: Property, plant and equipment (3) 451 537 Right-of-use assets (3) 364 623 Financial fixed assets: Non-current financial assets (4) 406 656 Financial fixed assets (4) 4,900,670 5,317,420 Derivative financial instruments (9) 3,174 3,083 Deferred tax assets 3,000 5,230 Other financial fixed assets (4) 2,934 4,713 Total fixed assets 5,138,244 5,572,772 Current assets: Trade and other receivables: Receivables from group companies (5) 1,239,009 1,225,817 Prepaid and other current assets (5) 15,199 110,970 Securities: Current financial assets (4) 489,437 389,698 Derivative financial instruments (9) 23,604 43,230 Cash and cash equivalents: Cash and cash equivalents 575,528 587,287 Total current assets 2,342,777 2,357,002 Total assets $7,481,021 $7,929,774 The accompanying notes are an integral part of these company financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 325 Company Financial Statements QIAGEN N.V. Company Balance Sheets (Before appropriation of net income) (in thousands) As of December 31, Notes 2024 2023 Liabilities and equity Shareholders' equity: Common shares (6) $2,423 $2,496 Share premium (7) 1,715,510 1,965,581 Legal reserves (7) (381,240) (347,069) Other reserves (7) 282 812 Treasury shares (74,915) (133,023) Retained earnings 2,278,681 1,893,546 Net income for the period 59,811 484,808 Total shareholders' equity 3,600,552 3,867,151 Non-current liabilities: Non-current financial debts (8) 1,284,016 867,773 Deferred tax liabilities — 191 Derivative financial instruments (9) 89,609 120,378 Other non-current liabilities 49 361 Total non-current liabilities 1,373,674 988,703 Current liabilities: Current portion of non-current financial debts (8) 53,481 587,970 Accounts payable trade 673 752 Payables to group companies 2,384,349 2,374,690 Derivative financial instruments (9) 13,753 73,461 Accrued liabilities 54,539 37,047 Total current liabilities 2,506,795 3,073,920 Total liabilities and shareholders' equity $7,481,021 $7,929,774 The accompanying notes are an integral part of these company financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 326 Company Financial Statements QIAGEN N.V. Company Income Statements (in thousands) Years ended December 31, Notes 2024 2023 Other income $— $— Operating expenses: Sales and marketing expense (596) (637) General and administrative expense (20,524) (9,804) Restructuring, acquisition, integration and other, net (6,371) (2,916) Other operating expense (250) (153) Total operating expenses, net (27,741) (13,510) Loss from operations (27,741) (13,510) Financial income (4) 113,384 160,550 Financial expense (8) (82,493) (108,853) Other financial results (9) (48,950) 145,597 Total finance (expense) income, net (18,059) 197,294 (Loss) income before income taxes (10) (45,800) 183,784 Income tax expenses (2,796) (1,581) (Loss) income after income tax (48,596) 182,203 Share in results from participating interests, after tax (4) 108,407 302,605 Net income for the period $59,811 $484,808 The accompanying notes are an integral part of these company financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 327 Company Financial Statements QIAGEN N.V. Company Statements of Changes in Equity (in thousands) Common shares Share premium Retained earnings Net Result Legal reserves Other reserves Treasury shares Total shareholders' equity Notes Shares Amount Shares Amount Balance at January 1, 2023 230,829 2,433 1,921,972 1,363,591 575,661 (314,821) 645 (3,113) (160,188) 3,389,293 Appropriation of prior year net income — — — 575,661 (575,661) — — — — — Net income for period — — — — 484,808 — — — — 484,808 Effect from capitalized development costs (7) — — — (967) — 967 — — — — Effect from foreign currency translation (7) — 63 — (63) — (11,481) — — — (11,481) Effect from derivative hedges (7) — — — — — (21,734) — — — (21,734) Effect from pension reserve (7) — — — — — — 167 — — 167 Tax benefit of employee stock plans — — (3,491) — — — — — — (3,491) Stock awards and options — — 47,100 (44,676) — — — 873 44,840 47,264 Tax withholding related to vesting of stock awards — — — — — — — (387) (17,675) (17,675) Balance at December 31, 2023 230,829 $2,496 $1,965,581 $1,893,546 $484,808 ($347,069) $812 (2,627) ($133,023) $3,867,151 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 328 Company Financial Statements Common shares Share premium Retained earnings Net Result Legal reserves Other reserves Treasury shares Total shareholders' equity Notes Shares Amount Shares Amount Balance at January 1, 2024 230,829 $2,496 $1,965,581 $1,893,546 $484,808 ($347,069) $812 (2,627) ($133,023) $3,867,151 Capital repayment (6,925) (101) (292,672) — — — — 79 — (292,773) Appropriation of prior year net income — — — 484,808 (484,808) — — — — — Net income for period — — — — 59,811 — — — — 59,811 Effect from share in results in equity method investees (7) — — — (3,203) — 3,203 — — — — Effect from capitalized development costs (7) — — — (4,173) — 4,173 — — — — Effect from foreign currency translation (7) — 28 — (28) — (69,631) — — — (69,631) Effect from derivative hedges (7) — — — — — 28,084 — — — 28,084 Effect from pension reserve (7) — — — — — — (530) — — (530) Tax benefit of employee stock plans — — (1,026) — — — — — — (1,026) Stock awards and options — — 43,627 (92,269) — — — 1,734 92,269 43,627 Tax withholding related to vesting of stock awards — — — — — — — (800) (34,161) (34,161) Balance at December 31, 2024 223,904 $2,423 $1,715,510 $2,278,681 $59,811 ($381,240) $282 (1,614) ($74,915) $3,600,552 The accompanying notes are an integral part of these company financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 329 Notes to the Company Financial Statements December 31, 2024 1. Accounting Policies These company financial statements have been prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code. For setting the principles for the recognition and measurement of assets and liabilities and determination of results for its separate financial statements, the Company makes use of the option provided in section 2:362(8) of the Dutch Civil Code. This means that the principles for the recognition and measurement of assets and liabilities and determination of the result (hereinafter referred to as principles for recognition and measurement) of the separate financial statements of the Company are the same as those applied for the consolidated EU-IFRS financial statements. These principles also include the classification and presentation of financial instruments, being financial assets, loans and receivables, cash and financial liabilities and commitments. In case no other principles are mentioned, refer to the accounting principles as described in the consolidated financial statements. For an appropriate interpretation of these statutory financial statements, the company financial statements should be read in conjunction with the consolidated financial statements. Information on the use of financial instruments and on related risks for the group is provided in the notes to the consolidated financial statements of the group. All amounts are presented in U.S. dollars rounded to the nearest thousand, unless otherwise indicated. Participating interests in group companies Group companies are all entities in which the Company has directly or indirectly control. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the group company and has the ability to affect those returns through its power over the group company. Group companies are recognized from the date on which control is obtained by the Company and derecognized from the date that control by the Company over the group company ceases. Participating interests in group companies are accounted for in the company financial statements according to the net equity value, with separate presentation of the goodwill component under intangible fixed assets, with the principles for the recognition and measurement of assets and liabilities and determination of results as set out in the notes to the consolidated financial statements. Participating interests with a negative net asset value are valued at nil. This measurement also covers any receivables provided to the participating interests that are, in substance, an extension of the net investment. In particular, this relates to loans for which settlement is neither planned nor likely to occur in the foreseeable future. A share in the profits of the participating interest in subsequent years will only be recognized if and to the extent that the cumulative unrecognized share of loss has been absorbed. If the Company fully or partially guarantees the debts of the relevant participating interest, or if has the constructive obligation to enable the participating interest to pay its debts (for its share therein), then a QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 330 Notes to the Company Financial Statements provision is recognized accordingly to the amount of the estimated payments by the Company on behalf of the participating interest. Share of result of participating interests The share in the result of participating interests consists of the share of the Company in the result of these participating interests. Results on transactions involving the transfer of assets and liabilities between the Company and its participating interests and mutually between participating interests themselves, are eliminated to the extent that they can be considered as not realized. 2. Intangible Fixed Assets Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Balance at the beginning of year $240,510 $229,407 Currency adjustments (13,265) 11,103 Balance at end of year $227,245 $240,510 In 2024 and 2023 , the changes in goodwill resulted from foreign currency translation. All goodwill is monitored and tested in the consolidated Group as disclosed in Note 12 "Goodwill and Intangible Assets" of the consolidated financial statements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 331 Notes to the Company Financial Statements 3. Tangible Fixed Assets Property, Plant and Equipment The changes in property, plant and equipment for the years ended December 31, 2024 and 2023 are as follows: (in thousands) 2024 2023 Balance at the beginning of year $537 $624 Additions 3 3 Depreciation (89) (90) Balance at end of year $451 $537 During 2024 and 2023, $0.5 million and $0.1 million of fully depreciated tangible fixed assets were retired, respectively. The historic cost as of December 31, 2024 and 2023 for property, plant and equipment was $1.3 million and $1.8 million, respectively. As of December 31, 2024 and 2023, accumulated amortization was $0.8 million and $1.3 million, respectively. Right-of-use Assets Right of use assets consist primarily of office and buildings, subject to lease arrangements. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 332 Notes to the Company Financial Statements 4. Financial Fixed Assets Financial Assets At December 31, 2024 and 2023 , the Company holds investments as summarized in the following table: (in thousands) 2024 2023 Unquoted equity securities $406 $656 Unquoted debt securities 489,437 389,698 Financial assets $489,843 $390,354 thereof current financial assets $489,437 $389,698 thereof non-current financial assets $406 $656 Information on the accounting for these financial assets is provided in Note 7 "Financial Assets" to the Consolidated Financial Statements of the Group. Financial Fixed Assets Financial fixed assets include our investments in subsidiaries, loans to our subsidiaries and investments in other interests where we have a significant influence. The financial fixed assets are presented in the balance sheet based on either their net asset value in accordance with the aforementioned accounting principles of the Consolidated Financial Statements, or at amortized cost. There are no indications the fair value of the financial assets are lower than the values as presented in the balance sheet as of December 31, 2024. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 333 Notes to the Company Financial Statements (in thousands) Total Participating interests in group companies Loans receivable Other participating interests January 1, 2023 $5,129,791 $3,160,164 $1,961,653 $7,974 Capital payments / additions 213,227 191,298 19,550 2,379 Sales / repayments (190,848) (4,052) (186,796) — Dividends received (175,923) (175,923) — — Results from participating interests, after tax 302,605 303,352 — (747) Net actuarial gains 167 167 — — Translation adjustments 70,535 (8,399) 78,934 — Other (32,134) (32,134) — — December 31, 2023 $5,317,420 $3,434,473 $1,873,341 $9,606 (in thousands) Total Participating interests in group companies Loans receivable Other participating interests January 1, 2024 $5,317,420 $3,434,473 $1,873,341 $9,606 Capital payments / additions 1,500,562 1,339,310 158,559 2,693 Sales / repayments (21,183) (12,689) (8,494) — Reclassified to current receivable (1) (769,223) — (769,223) — Contributed to subsidiary (750,000) — (750,000) — Impairment (1,975) — — (1,975) Dividends received (355,620) (355,620) — — Results from participating interests, after tax 108,407 106,924 — 1,483 Net actuarial loss (530) (530) — — Translation adjustments (164,203) (68,743) (95,460) — Other 37,015 37,843 (828) — December 31, 2024 $4,900,670 $4,480,968 $407,895 $11,807 (1) Reclassified to current receivable and subsequently repaid during the year. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 334 Notes to the Company Financial Statements Loans receivable are related to loans with subsidiaries and comprise loans denominated in euro, Swiss franc, British pound, and U.S. dollar with maturities between May 2025 and December 2029, repayable at maturity or at any time prior to maturity. Interest on loans receivable is calculated based upon agreed contractual interest rates, with intercompany loans priced at arm’s length, taking into account factors like the credit quality of the counterparty, tax implications, swap rates, country risks and currency risks. Refer to Note 11 "Subsidiaries" for a list of our main subsidiaries. Other Financial Fixed Assets Other financial fixed assets primarily consist of prepayments and as of December 31, 2024 and 2023 totaled $2.9 million and $4.7 million, respectively. 5. Trade and Other Receivables The receivables are carried at amortized cost, which is a reasonable approximation of fair value given the short maturities of the positions. All receivables have a maturity shorter than one year. Receivables from Group Companies The receivables from group companies includes intercompany accounts receivables, receivables from the group related to amounts due under stock plan reimbursement agreements and intercompany short-term loans receivable. At the consolidated Group, cash and liquidity needs are managed through in-house banking agreements, including observing and managing intercompany receivables and intercompany payables across the various group companies. In this process, intercompany balances can earn interest income or incur interest expense depending on the position, with interest charged at arms-length interest rates. QIAGEN N.V. recorded a net settlement of $7.9 million and $7.2 million of financial income from these transactions for the years ended December 31, 2024 and 2023, respectively. (in thousands) 2024 2023 Intercompany accounts receivable $816,890 $1,119,897 Intercompany receivables related to stock plan reimbursement agreements $80,585 $105,920 Intercompany short-term loans receivable 341,534 — Receivables from Group Companies $1,239,009 $1,225,817 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 335 Notes to the Company Financial Statements Prepaid and Other Current Assets Prepaid expenses and other current assets are summarized as follows as of December 31, 2024 and 2023: (in thousands) 2024 2023 Cash collateral $3,246 $87,666 Other receivables 10,564 17,090 Income taxes receivable — 4,392 Prepaid expenses 1,201 1,670 Value-added tax 188 152 Other current assets $15,199 $110,970 The cash collateral asset represent amounts we may receive under bilateral collateralization contracts that we have agreed with almost all of our counterparties with whom we had entered into cross-currency swaps, interest rate swaps or foreign exchange contracts. Under these contracts, we will receive or provide cash collateral, as the case may be, for the net position with each of these counterparties. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 336 Notes to the Company Financial Statements 6. Common Shares The authorized classes of our shares consist of Common Shares, Preference Shares and Financing Preference Shares. No Financing Preference Shares or Preference Shares have been issued. The Company had the following authorized shares issued and outstanding as of December 31, 2024 and 2023: Authorized (in thousands) 2024 2023 Common shares 410,000 410,000 Preference shares 450,000 450,000 Financing preference shares 40,000 40,000 At December 31st 900,000 900,000 Issued and outstanding (in thousands) 2024 2023 Common shares issued 223,904 230,829 Treasury shares (1,614) (2,627) Outstanding at December 31st 222,290 228,202 Par value in EUR per share 2024 2023 Common shares 0.01 0.01 Preference shares 0.01 0.01 Financing preference shares 0.01 0.01 Par value (in thousands) 2024 2023 Common shares issued at December 31st in EUR 2,239 2,308 Common shares issued at December 31st in USD 2,423 2,496 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 337 Notes to the Company Financial Statements 7. Equity Share Premium The share premium concerns the income from the issuing of shares in so far as this exceeds the nominal value of the shares (above par income). Of share premium, no legal restrictions apply to the distribution thereof and therefore can be considered freely distributable. Legal Reserves Legal reserves as of December 31, 2024 and 2023 were $(381.2) million and $(347.1) million, respectively, and include the following amounts: (in thousands) 2024 2023 Cumulative foreign currency translation adjustment ($422,811) ($353,180) Capitalized development costs related to subsidiaries 47,655 43,482 Share in results from equity accounted investees 3,203 — Cash flow hedge reserve (9,287) (37,371) Legal reserves ($381,240) ($347,069) The legal reserves set up in connection with the capitalized development costs related to subsidiaries as described in Note 12 "Goodwill and Intangible Assets" to the Consolidated Financial Statements of the Group. As a result of the capitalization and subsequent amortization of these capitalized development costs, the net impact on the legal reserves was $4.2 million and $1.0 million for the years ended December 31, 2024 and 2023, respectively. In 2024. we set up $3.2 million of legal reserve for our share in results from equity accounted investees. Other Reserves Other reserves as of December 31, 2024 and 2023 include the amounts as follows: (in thousands) 2024 2023 Pension reserve, net of tax $282 $812 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 338 Notes to the Company Financial Statements 8. Financial Debts and Payables to Group Companies Financial Debts Information on the current and non-current portions of our financial debts are provided under Note 16 "Financial Debts" to the Consolidated Financial Statements of the Group. Certain of our debt agreements contain financial and non-financial covenants, including but not limited to, restrictions on the encumbrance of assets, restrictions on priority indebtedness and maintenance of certain financial ratios. We were in compliance with these covenants at December 31, 2024. Of the total $1.3 billion financial debts as of December 31, 2024 , $53.5 million is included in current liabilities and $1.3 billion is included in non-current liabilities in the accompanying balance sheet of QIAGEN N.V. During the years ended December 31, 2024 and 2023, financial expense of $82.5 million and $108.9 million, respectively, is included in the accompanying income statement of QIAGEN N.V. and is primarily associated with these financial debts. Payables to Group Companies The payables to group companies include intercompany accounts payable and intercompany short-term loans payable. The payables are carried at amortized cost, which is a reasonable approximation of fair value given the short maturities of the positions. At the consolidated Group, cash and liquidity needs are managed through in-house banking agreements, including observing and managing intercompany receivables and intercompany payables across the various group companies. In this process, intercompany balances can earn interest income or incur interest expense depending on the position, with interest charged at arms-length interest rates. QIAGEN N.V. recorded a net settlement of $36.3 million and $53.3 million of financial expense from these transactions for the years ended December 31, 2024 and 2023, respectively. (in thousands) 2024 2023 Intercompany accounts payable $2,335,577 $2,327,679 Intercompany short-term loans payable 48,772 47,011 Payables to Group Companies $2,384,349 $2,374,690 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 339 Notes to the Company Financial Statements 9. Financial Instruments Information on the use of financial instruments and on related risks is provided in Note 26 "Financial Risk Factors and Use of Derivative Financial Instruments" to the Consolidated Financial Statements of the Group and includes information about the Group's exposure to these risks, the Group's objectives, policies and processes for measuring and managing risk, and the Group's management of capital. These risks, objectives, policies and processes for measuring and managing risk, and the management of capital apply also to the separate financial statements of QIAGEN N.V. In the ordinary course of business, we use derivative instruments to manage potential losses from foreign currency exposures and interest bearing assets or liabilities as further described in Note 26 to the Consolidated Financial Statements of the Group. For the years ended December 31, 2024 and 2023, gains and losses on these derivatives instruments are included in Other financial results in the accompanying income statements of QIAGEN N.V. Guarantees It is our general group policy to ensure that our subsidiaries have access to sufficient financial and other resources to conduct their respective business. It is our intention to provide necessary support to ensure that subsidiaries continue as a going concern and from time to time, the Company has issued letters of comfort to third parties in connection with transactions entered into by our subsidiaries. The Company has issued €8.2 million (approximately $8.5 million) of letters of credit guaranteeing various beneficiaries to cover for nonpayment on behalf of QIAGEN N.V. as well as its designated subsidiaries in the event of a default. QIAGEN N.V. has issued financial support letters and declarations of joint and several liability in accordance with article 403 Part 9 of Book 2 of The Dutch Civil Code with respect to the following Dutch subsidiaries: QIAGEN Distribution B.V. and QIAGEN Benelux B.V. As of December 31, 2024, there are no actual liabilities arising from the issuance of these letters and declarations. Furthermore, QIAGEN N.V. has guaranteed all liabilities outstanding at December 31, 2024, until all are satisfied in full, as follows: • in accordance with section 264 III of the German Commercial Code with respect to the following German subsidiaries: QIAGEN GmbH (registered under HRB 45822 Trade Register Düsseldorf, Germany), DIALUNOX GmbH (registered under HRB 590384 Trade Register Freiburg im Breisgau, Germany) and QIAGEN Hamburg GmbH (registered under HRB 71271 Trade Register Düsseldorf, Germany); QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 340 Notes to the Company Financial Statements • in accordance with section 479C of the U.K. Companies Act 2006 with respect to the following U.K. subsidiaries: QIAGEN Healthcare Biotechnologies Limited (registration #11561466) and QIAGEN Healthcare Biotechnologies Systems Limited (registration #11562019); • in accordance with the Swedish Companies Act (Aktiebolagslagen) with respect to QIAGEN DNA Synthesis AB (corporate registration #556378-5046); and • in accordance with the Danish Act on Companies (Selskabsloven) with respect to QIAGEN Aarhus A/S (registration #28305087). 10. Income Tax The reconciliation of income taxes from the Dutch statutory rate to the effective tax rate is as follows: (in thousands) 2024 2023 Amount Percent Amount Percent Income before income taxes ($45,800) — $183,784 — At Dutch statutory income tax rate (11,816) 25.8% 47,416 25.8% (Deductible) non-deductible expenses 16,500 (36.0)% (35,972) (19.6)% Tax exempt income (184) 0.4% (193) (0.1)% Adjustment in valuation of deductible losses — —% (9,601) (5.2)% Other items (1,704) 3.7% (69) —% Total income tax $2,796 (6.1)% $1,581 0.9% Together with Life Biotech Partners B.V., the Company forms a fiscal unity for corporate income tax purposes. For value- added tax purposes, the fiscal unity includes all Dutch subsidiaries of the Company. The standard conditions of fiscal unity stipulate that each of the companies is liable for the tax payable of all companies belonging to the fiscal unity. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 341 Notes to the Company Financial Statements 11. Subsi diar ies The following is a list of the Company's subsidiaries as of December 31, 2024 , other than certain subsidiaries that did not in the aggregate constitute a significant subsidiary. A list of subsidiaries has been filed with the Chamber of Commerce in Roermond, the Netherlands, in April 2025 and is available from the Company upon request. Company Name Jurisdiction of Incorporation Ownership Voting Rights Amnisure International LLC U.S. 100% 100% DIALUNOX GmbH i. L. Germany 100% 100% Life Biotech Partners B.V. Netherlands 100% 100% NeuMoDx Molecular, Inc. U.S. 100% 100% QIAGEN Aarhus A/S Denmark 100% 100% QIAGEN AB Sweden 100% 100% QIAGEN AG Switzerland 100% 100% QIAGEN Australia Holding Pty. Ltd. Australia 100% 100% QIAGEN Benelux B.V. Netherlands 100% 100% QIAGEN Beverly LLC U.S. 100% 100% QIAGEN Biotecnologia Brasil Ltda. Brazil 100% 100% QIAGEN Business Management MEA Ltd. UAE 100% 100% QIAGEN China (Shanghai) Co., Ltd. China 100% 100% QIAGEN Deutschland Holding GmbH Germany 100% 100% QIAGEN Distribution B.V. Netherlands 100% 100% QIAGEN France S.A.S. France 100% 100% QIAGEN Gaithersburg LLC U.S. 100% 100% QIAGEN Gdańsk Sp. z.o.o. Poland 100% 100% QIAGEN GmbH Germany 100% 100% QIAGEN Hamburg GmbH Germany 100% 100% QIAGEN Healthcare Biotechnologies Ltd. U.K. 100% 100% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 342 Notes to the Company Financial Statements QIAGEN Healthcare Biotechnologies Systems GmbH Germany 100% 100% QIAGEN Healthcare Biotechnologies Systems Ltd. U.K. 100% 100% QIAGEN Hong Kong Pte. Ltd. China 100% 100% QIAGEN Inc. Canada 100% 100% QIAGEN India Pvt. Ltd. India 100% 100% QIAGEN K.K. Japan 100% 100% QIAGEN Korea Ltd. Korea (South) 100% 100% QIAGEN LLC U.S. 100% 100% QIAGEN Ltd. U.K. 100% 100% QIAGEN Luxembourg S.à r.l. Luxembourg 100% 100% QIAGEN Manchester Ltd. U.K. 100% 100% QIAGEN Manila Inc. Philippines 100% 100% QIAGEN North American Holdings, Inc. U.S. 100% 100% QIAGEN POLAND INVEST Fundusz Inwestycyjny Zamknięty Aktywów Niepublicznych Poland 100% 100% QIAGEN Pty. Ltd. Australia 100% 100% QIAGEN Redwood City, Inc. U.S. 100% 100% QIAGEN S.r.l. Italy 100% 100% QIAGEN Sciences, LLC U.S. 100% 100% QIAGEN Singapore Pte. Ltd. Singapore 100% 100% QIAGEN Taiwan Co. Ltd. Taiwan 100% 100% QIAGEN Wroclaw Sp.z.o.o. Poland 100% 100% STAT-Dx Life S.L. Spain 100% 100% Verogen, Inc. U.S. 100% 100% QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 343 Notes to the Company Financial Statements 12. Employee Information Employees The average number of employees employed in the Netherlands during the year ended December 31, 2024 was 57 (2023: 59). Personnel Costs Personnel costs for the Company amounted to $2.1 million in 2024 (2023 : $2.3 million ) as further detailed below by functional area in which the respective employee works. (in thousands) 2024 2023 Salaries and wages $1,851 $2,180 Social security and pension 146 126 Other 84 13 Personnel costs $2,081 $2,319 The employee pension plans are financed through contributions to external pension insurance companies. The contribution due is accounted for in the profit and loss as an expense. Prepaid contributions are recognized as deferred assets if these lead to a refund or reduction of future payments. Contributions that are due but have not yet been paid are presented as liabilities. 13. Related Party Transactions Information on related party transactions including remuneration of the members of the Managing and Supervisory Board is provided under Note 24 "Related Party Transactions" to the Consolidated Financial Statements of the Group. Information on the remuneration policy is provided in the Corporate Governance Report . 14. Auditor Fees Information on auditor fees is provided under Note 29 "Fees Paid to External Auditors" to the Consolidated Financial Statements of the Group. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 344 Notes to the Company Financial Statements 15. Subsequent Events Based on the Company’s review, no events or transactions have occurred subsequent to December 31, 2024 other than those described in Note 30 "Subsequent Events" to the Consolidated Financial Statements, that would have a material impact on the financial statements as presented. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 345 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 346 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 347 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 348 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 349 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 350 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 351 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 352 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 353 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 354 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 355 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 356 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 357 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 358 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 359 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 360 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 361 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 362 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 363 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 364 QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 365 Provisions in the Articles of Association Governing the Appropriation of Net Income According to Article 40 till 42 of the Articles of Association, the allocation of net income will be as follows. Subject to certain exceptions, dividends may only be paid out of profits as shown in our annual report as adopted by the General Meeting of Shareholders. Distributions may not be made if the distribution would reduce the shareholders’ equity below the sum of the paid-up capital and any reserves required by Dutch Law or the Articles. Out of profits, dividends must first be paid on any outstanding Preference Shares (the “Preference Share Dividend”) in a percentage (the “Preference Share Dividend Percentage”) of the obligatory amount (call) paid up on such shares at the beginning of the fiscal year in respect of which the distribution is made. The Preference Share Dividend Percentage is equal to the Average Main Refinancing Rates during the financial year for which the distribution is made. Average Main Refinancing Rate shall be made understood to mean the average value on each individual day during the financial year for which the distribution is made of the Main Refinancing Rates prevailing on such day. Main Refinancing Rate shall be understood to mean the rate of the Main Refinancing Operation as determined and published from time to time by the European Central Bank. If and to the extent that profits are not sufficient to pay the Preference Share Dividend in full, the deficit shall be paid out of the reserves, with the exception of any reserve, which was formed as share premium reserve upon the issue of Financing Preference Shares. If in any fiscal year the profit is not sufficient to make the distributions referred to above and if no distribution or only a partial distribution is made from the reserves referred to above, such that the deficit is not fully made good no further distributions will be made as described below until the deficit has been made good. Out of profits remaining after payment of any dividends on Preference Shares such amounts shall be kept in reserve as determined by the Supervisory Board. Out of any remaining profits not allocated to reserve, a dividend shall be paid on the Financing Preference Shares in a percentage over the par value, increased by the amount of share premium that was paid upon the first issue of Financing Preference Shares, which percentage is related to the average effective yield on the prime interest rate on corporate loans in the United States as quoted in the Wall Street Journal. If and to the extent that the profits are not sufficient to pay the Financing Preference Share Dividend in full, the deficit may be paid out of the reserves if the Managing Board so decides with the approval of the Supervisory Board, with the exception of the reserve which was formed as share premium upon the issue of Financing Preference Shares. Insofar as the profits have not been distributed or allocated to the reserves as specified above, they are at the free disposal of the General Meeting of Shareholders, provided that no further dividends will be distributed on the Preference Shares or the Financing Preference Shares. The General Meeting may resolve, on the proposal of the Supervisory Board, to distribute dividends or reserves, wholly or partially, in the form of QIAGEN shares. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 366 Appendices 367 Articles of Association 379 Taxation 385 Government Regulations 398 Controls and Procedures QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 367 Articles of Association We are a public company with limited liability ( naamloze vennootschap) incorporated under Dutch law and registered with the Dutch Trade Register under file number 12036979. Set forth below is a summary of certain provisions of our Articles of Association, as lastly amended on January 28, 2025, and Dutch law, where appropriate. The below also contains information on provisions of the Dutch Corporate Governance Code 2022 (the Dutch Code), which contains principles of good corporate governance and best practice provisions that regulate relations between the Managing Board, the Supervisory Board and the Shareholders. The principles and provisions are aimed at defining responsibilities for sustainable long-term value creation, risk control, effective management and supervision, remuneration and the relationships with Shareholders, including the General Meeting, and other stakeholders. A listed company should either comply or, if not, explain in its management report why, and to what extent, it does not comply with the principles of the Dutch Code. The Dutch Code has been taken into account in the summary below. This summary does not purport to be complete and is qualified in its entirety by reference to the Articles of Association, Dutch Law and the Dutch Code. Corporate Purpose Our objectives include, without limitation, the performance of activities in the biotechnology industry as well as incorporating, acquiring, participating in, financing, managing and having any other interest in companies or enterprises of any nature, raising and lending funds and such other acts as may be conducive to our business. Managing Directors QIAGEN shall be managed by a Managing Board consisting of one or more Managing Directors under the supervision of the Supervisory Board. The Managing Board is responsible for our continuity and our affiliated enterprise. The Managing Board focuses on our sustainable long-term value creation and our affiliated enterprise, taking into account the impact the actions of the Company and its affiliated enterprise have on people, the environment and our stakeholders' interests that are relevant in this context, which include, but are not limited to, our shareholders. Managing Directors shall be appointed by the General Meeting upon a binding nomination by the joint meeting of the Supervisory Board and the Managing Board (Joint Meeting). However, the General Meeting may at all times overrule the binding nature of such a nomination by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half the issued share capital. This is different from the provisions of many American corporate statutes, including the Delaware General Corporation Law, which give the directors of a corporation greater authority in choosing the executive officers of a corporation. Under our Articles of Association, the General Meeting may suspend or dismiss a Managing Director at any time by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half of the issued share capital, or by a simple majority of votes cast without any quorum requirements required to be satisfied, if the suspension or dismissal is proposed by the Joint Meeting. The Supervisory Board shall also at all times be entitled to suspend (but not to dismiss) a Managing Director. The Articles of Association provide that the Supervisory Board may adopt management board rules governing the internal organization of the Managing Board. Furthermore, the Supervisory Board shall determine the salary, the bonus, if any, and the other compensation terms and conditions of service of the Managing Directors within the scope of the remuneration policy. The current remuneration policy of the Managing Board was adopted in our Annual General Meeting on June 29, 2021. Resolutions of the Managing Board shall be validly adopted, if adopted by simple majority of votes, at least one of whom voting in favor of the proposal must be the Chairman. Each Managing Director has the right to cast one vote. Under Dutch law, in the event that there is a conflict of interest between a Managing Director and us and our business on a certain matter, that Managing Director shall not participate in the discussions and voting on that matter. If all Managing Directors have a conflict of interest, such resolution shall be adopted by the Supervisory Board. If all Supervisory Directors have a conflict of interest as well, the General Meeting will be authorized to resolve on the matter. According to the Dutch Code, any conflict of interest between the Company QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 368 Articles of Association and Managing Directors should be prevented. To avoid conflicts of interest, adequate measures should be taken. Under the Dutch Code, the Supervisory Board is responsible for the decision-making on dealing with conflicts of interest regarding Managing Directors, Supervisory Directors and majority shareholders in relation to us. A Managing Director should report any potential conflict of interest in a transaction that is of material significance to the Company and/or to such Managing Director to the Chairman of the Supervisory Board and to the other members of the Managing Board without delay. The Supervisory Board should decide, outside the presence of the Managing Director concerned, whether there is a conflict of interest. All transactions in which there are conflicts of interest with Managing Directors shall be agreed on terms that are customary in the sector concerned. Decisions to enter into transactions under which a Managing Director would have a conflict of interest that are of material significance to QIAGEN and/or to the Managing Director concerned, require the approval of the Supervisory Board. Supervisory Directors The Supervisory Board shall be responsible for supervising the policy pursued by the Managing Board and our general course of affairs. Under our Articles of Association, the Supervisory Directors are required to serve the interests of our Company and our business and the interest of all stakeholders (which includes, but is not limited to, our shareholders) in fulfilling their duties. The Supervisory Board shall consist of such number of members as the Joint Meeting may, from time to time, determine, with a minimum of three members. The Supervisory Directors shall be appointed by the General Meeting upon the Joint Meeting having made a binding nomination for each vacancy. However, the General Meeting may at all times overrule the binding nature of such a nomination by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half the issued share capital. If, during a financial year, a vacancy occurs in the Supervisory Board, the Supervisory Board may appoint a Supervisory Director who will cease to hold office at the next Annual General Meeting, provided that the number of Supervisory Directors that may be appointed in this manner is limited to one-third of the number of Supervisory Directors determined by the Joint Meeting. This is different from the provisions of many American corporate statutes, including the Delaware General Corporation Law, which provides that directors may vote to fill vacancies on the board of directors of a corporation. Under our Articles of Association, the General Meeting may suspend or dismiss a Supervisory Director at any time by a resolution adopted by at least a two-thirds majority of the votes cast, if such majority represents more than half of the issued share capital, or by a simple majority of votes cast without any quorum requirements required to be satisfied, if the suspension or dismissal is proposed by the Joint Meeting. Under Dutch law, in the event that there is a conflict of interest between a Supervisory Director and us and our business on a certain matter, that Supervisory Director shall not participate in the discussions and voting on that matter. Under the Dutch Code, a Supervisory Director should report any conflict of interest or potential conflict of interest in a transaction that is of material significance to the Company and/or to such Supervisory Director to the Chairman of the Supervisory Board without delay. The Supervisory Board should decide, outside the presence of the Supervisory Director concerned, whether there is a conflict of interest. If all Supervisory Directors have a conflict of interest, the relevant resolution shall be adopted by the General Meeting. All transactions in which there are conflicts of interest with Supervisory Directors shall be agreed on terms that are customary in the sector concerned. Decisions to enter into transactions under which a Supervisory Director would have a conflict of interest that are of material significance to QIAGEN and/or to the Supervisory Director concerned, require the approval of the Supervisory Board. In accordance with Dutch law and the Dutch Code, the General Meeting determines the compensation of the Supervisory Directors upon the proposal of the Compensation & Human Resources Committee with due observance of the remuneration policy for Supervisory Directors as adopted at the 2024 Annual General Meeting. Under the Dutch Code, any shares held by a Supervisory Director in the Company on whose board he or she sits should be long-term investments. Liability of Managing Directors and Supervisory Directors Under Dutch law, as a general rule, Managing Directors and Supervisory Directors are not liable for obligations we incur. Under certain circumstances, QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 369 Articles of Association however, they may become liable, either towards QIAGEN (internal liability) or to others (external liability), although some exceptions are described below. Liability towards QIAGEN Failure of a Managing Director or Supervisory Director to perform his or her duties does not automatically lead to liability. Liability is only incurred in the case of a clear, indisputable shortcoming about which no reasonably judging business-person would have any doubt. In addition, the Managing Director or Supervisory Director must be deemed to have been grossly negligent. Managing Directors are jointly and severally liable for failure of the Managing Board as a whole, but an individual Managing Director will not be held liable if he or she is determined not to have been responsible for the mismanagement and has not been negligent in preventing the consequences. Supervisory Directors are jointly and severally liable for failure of the Supervisory Board as a whole, but an individual Supervisory Director will not be held liable if he or she is determined not to have been responsible for the mismanagement and has not been negligent in preventing the consequences. Liability for Misrepresentation in Annual Accounts Managing Directors and Supervisory Directors are also jointly and severally liable to any third party for damages suffered as a result of misrepresentation in the annual accounts, management commentary or interim statements of QIAGEN, although a Managing Director or Supervisory Director will not be held liable if found not to be personally responsible for the misrepresentation. Moreover, a Managing Director or Supervisory Director may be found to be criminally liable if he or she deliberately publishes false annual accounts or deliberately allows the publication of such false annual accounts. Tort Liability Under Dutch law, there can be liability if one has committed a tort (onrechtmatige daad) against another person. Although there is no clear definition of “tort” under Dutch law, breach of a duty of care towards a third party is generally considered to be tort. Therefore, a Dutch corporation may be held liable by any third party under the general rule of Dutch laws regarding tort claims. In exceptional cases, Managing Directors and Supervisory Directors have been found liable on the basis of tort under Dutch common law, but it is generally difficult to hold a Managing Director or Supervisory Director personally liable for a tort claim. Shareholders cannot base a tort claim on any losses which derive from and coincide with losses we suffered. In such cases, only we can sue the Managing Directors or Supervisory Directors. Criminal Liability Under Dutch law, if a legal entity has committed a criminal offense, criminal proceedings may be instituted against the legal entity itself as well as against those who gave order to or were in charge of the forbidden act. As a general rule, it is held that a Managing Director is only criminally liable if he or she played a reasonably active role in the criminal act. Indemnification Article 27 of our Articles of Association provides that we shall indemnify every person who is or was a Managing Director or Supervisory Director against all expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement with respect to any threatened pending or completed action, suit or proceeding as well as against expenses (including attorneys’ fees) actually and reasonably incurred in connection with the defense or settlement of an action or proceeding, if such person acted in good faith and in a manner he or she reasonably could believe to be in or not opposed to our best interests. An exception is made in respect to any claim, issue or matter as to which such person shall have been adjudged to be liable for gross negligence or willful misconduct in the performance of his or her duty to us. Classes of Shares The authorized classes of our shares consist of Common Shares, Financing Preference Shares and Preference Shares. No Financing Preference Shares or Preference Shares have been issued. Common Shares Common Shares are issued in registered form only. No share certificates are issued for Common Shares and Common Shares are registered in our shareholders' register with Equiniti Trust Company, LLC, our transfer agent and registrar in New York. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 370 Articles of Association The transfer of registered shares requires a written instrument of transfer and the written acknowledgment of such transfer by us or the New York Transfer Agent (in our name). Financing Preference Shares No Financing Preference Shares are currently issued or outstanding. If issued, Financing Preference Shares will be issued in registered form only. No share certificates are issued for Financing Preference Shares. Financing Preference Shares must be fully paid up upon issue. The preferred dividend rights attached to Financing Preference Shares are described under “Dividends” below. We have no present plans to issue any Financing Preference Shares. Preference Shares No Preference Shares are currently issued or outstanding. If issued, Preference Shares will be issued in registered form only. No share certificates shall be issued for Preference Shares. Only 25% of the nominal value thereof is required to be paid upon subscription for Preference Shares. The obligatory payable part of the nominal amount (or the call) must be equal for each Preference Share. The Managing Board may, subject to the approval of the Supervisory Board, resolve on which day and up to which amount a further call must be paid on Preference Shares which have not yet been paid up in full. The preferred dividend rights attached to Preference Shares are described under “Dividends” below. Pursuant to our Articles of Association, QIAGEN’s Supervisory Board is entitled, if and in so far as the Supervisory Board has been designated by our General Meeting, to resolve to issue Preference Shares in the event that (i) any person who alone or with one or more other persons, directly or indirectly, have acquired or given notice of an intent to acquire (beneficial) ownership of an equity stake which in aggregate equals 20% or more of our share capital then outstanding, or (ii) the Supervisory Board has determined a person to be an “adverse person.” For this purpose, an “adverse person” is generally any (legal) person, alone or together with affiliates or associates, with an equity stake in our Company which the Supervisory Board considers to be substantial, which must be at least 10% of the issued share capital, and where the Supervisory Board is of the opinion that this (legal) person has engaged in an acquisition that is intended to cause or pressure QIAGEN to enter into transactions intended to provide such person with short-term financial gain under circumstances that would not be in the interest of QIAGEN and our shareholders or whose ownership is reasonably likely to cause a material adverse impact on our business prospects. Currently, the Supervisory Board has not been designated to issue Preference Shares. On August 2, 2004, we entered into an agreement (Option Agreement) with Stichting Preferente Aandelen QIAGEN (SPAQ) which was most recently amended on June 4, 2012. Pursuant to the Option Agreement, SPAQ was granted an option to acquire such number of Preference Shares as are equal to the total number of all outstanding Common Shares minus one in our share capital at the time of the relevant exercise of the right. SPAQ may exercise its right to acquire the Preference Shares in all situations that it believes that our interest or our stakeholders' interests are at risk (which situations include but are not limited to (i) receipt of a notification from the Managing Board that a takeover is imminent, and (ii) receipt of a notification from the Managing Board that one or more activist shareholders take a position that is not in the interest of QIAGEN, our shareholders or our other stakeholders), provided that the conditions mentioned in the previous paragraph have been met. Due to the implementation of the EC Directive on Takeover Bids in Dutch legislation, the exercise of the option to acquire Preference Shares by SPAQ and the subsequent issuance of Preference Shares to SPAQ needs to be done with due observance and in consideration of the restrictions imposed by the Public Offer Rules. SPAQ was incorporated on August 2, 2004. Its principal office is located at Hulsterweg 82, 5912 PL Venlo, The Netherlands. Its statutory objectives are to protect our interests and our enterprise and the enterprises of companies which are linked to us. SPAQ shall attempt to accomplish its objectives by way of acquiring Preference Shares in the share capital of QIAGEN and to exercise the voting rights in our interests and the interests of our stakeholders. The board of SPAQ shall consist of at least two directors. Upon incorporation of SPAQ, two members were appointed to the board of SPAQ who resigned in QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 371 Articles of Association 2019. In December 2019, two new members were appointed. After serving on the board of SPAQ for four years, at the end of 2023, each of these board members were reappointed for an additional two year term. The board of SPAQ may appoint additional members to the board. Board resolutions will be adopted by unanimity of the votes cast. SPAQ will be represented either by its board or by the chairman of its board. Issuance of shares Under our Articles of Association, the Supervisory Board has the power to issue Shares, determine the issue price and establish further conditions of any such issuance, provided that it has been authorized by the General Meeting to do so. The authorization referred to in the preceding sentence can only be granted for a specific period of time not exceeding five years and may be extended in the same manner. If there is no designation of the Supervisory Board to issue shares in force, the General Meeting shall have authority to issue shares, but only upon the proposal of, and in accordance with the issue price and further conditions as determined by, the Supervisory Board. For these purposes, issuances of shares include the granting of rights to subscribe for shares, such as options and warrants, but not the issue of shares upon exercise of such rights. On June 21, 2024, the General Meeting resolved to authorize the Supervisory Board until December 21, 2025, to issue Common Shares and Financing Preference Shares or grant rights to subscribe for such shares, the aggregate par value of which shall be equal to the aggregate par value of 50% of the shares issued and outstanding in the capital of the Company as of December 31, 2023, as included in the Annual Accounts for Calendar Year 2023. Pre-emptive Rights Under our Articles of Association, existing holders of Common Shares will have pre-emptive rights in respect of future issuances of Common Shares in proportion to the number of Common Shares held by them, unless limited or excluded as described below. Holders of Common Shares shall not have pre- emptive rights in respect of future issuances of Financing Preference Shares or Preference Shares. Holders of Financing Preference Shares and Preference Shares shall not have pre-emptive rights in respect of any future issuances of share capital. Pre-emptive rights do not apply with respect to shares issued against contributions other than in cash or shares issued to employees of the Company or one of our group companies. Under our Articles of Association, the Supervisory Board has the power to limit or exclude any pre-emptive rights to which shareholders may be entitled, provided that it has been authorized by the General Meeting to do so. The authority of the Supervisory Board to limit or exclude pre-emptive rights can only be exercised if, at that time, the Supervisory Board's authority to issue shares is in full force and effect. The authority to limit or exclude pre-emptive rights may be extended in the same manner as the authority to issue shares. If there is no designation of the Supervisory Board to limit or exclude pre-emptive rights in force, the General Meeting shall have authority to limit or exclude such pre-emptive rights, but only upon the proposal of the Supervisory Board. Resolutions of the General Meeting (i) to limit or exclude pre-emptive rights or (ii) to designate the Supervisory Board as the corporate body that has the authority to limit or exclude pre-emptive rights, require a majority of at least two-thirds of the votes cast in a meeting of shareholders if less than 50% of the issued share capital is present or represented. For these purposes, issuances of shares include the granting of rights to subscribe for shares, such as options and warrants, but not the issue of shares upon exercise of such rights. On June 21, 2024, the General Meeting resolved to grant the authority to restrict or exclude pre-emptive rights until December 21, 2025. However, the General Meeting has limited this authority in a way that the Supervisory Board can only exclude or limit the pre-emptive rights in relation to no more than 10% of the aggregate par value of all shares issued and outstanding in the capital of the Company as of December 31, 2023. Acquisition of Our Own Shares We may acquire our own shares, subject to certain provisions of Dutch law and our Articles of Association, if (i) shareholders’ equity less the payment required to make the acquisition does not fall below the sum of paid-up and called-up capital and any reserves required by Dutch law or the Articles of Association, and (ii) we and our subsidiaries would not thereafter hold shares with an QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 372 Articles of Association aggregate nominal value exceeding half of our issued share capital. Shares that we hold in our own capital or shares held by one of our subsidiaries may not be voted. The Managing Board, subject to the approval of the Supervisory Board, may effect the acquisition of shares in our own capital. Our acquisitions of shares in our own capital may only take place if the General Meeting has granted the authority to effect such acquisitions to the Managing Board. Such authority may apply for a maximum period of eighteen months and must specify the number of shares that may be acquired, the manner in which shares may be acquired and the price limits within which shares may be acquired. Dutch corporate law allows for the authorization of the Managing Board to purchase a number of shares equal to up to 50% of the Company’s issued share capital on the date of the acquisition. On June 21, 2024, the General Meeting resolved to extend the authorization of the Managing Board in such manner that the Managing Board may, for the 18-month period beginning June 21, 2024, until December 21, 2025, cause us to acquire shares in our own share capital, up to 10% of the Company's issued share capital on the date of the acquisition and provided that the Company or any subsidiary shall not hold more than 10% of the Company's issued share capital at any time, without limitation at a price between one euro cent (euro 0.01) and one hundred ten percent (110%) of the higher of the average closing price of our shares on the New York Stock Exchange or, as applicable, the Frankfurt Stock Exchange, for the five trading days prior to the day of purchase, or, with respect to Preference and Financing Preference shares, against a price between one euro cent (euro 0.01) and three times the issuance price and in accordance with applicable provisions of Dutch law and our Articles of Association. Synthetic share repurchase During the Annual General Meeting held on June 21, 2024, the General Meeting approved a proposal to allow the Managing Board, subject to the approval of the Supervisory Board, to, during a period of 18 months from the date of the Annual General Meeting, i.e., until December 21, 2025, adjust the Company's capital structure and to repay capital to our shareholders via a synthetic share repurchase within predetermined boundaries. The key consequences of such a synthetic share repurchase included: (i) an amount to be determined by the Managing Board, subject to the approval of the Supervisory Board, of up to a maximum $300 million would be paid to our shareholders as a capital repayment, and (ii) the number of outstanding Common Shares would at least be decreased by a number of Common Shares approximately equal to the number of Common Shares that the Company, theoretically, could have repurchased for the aggregate amount repaid to our shareholders. For more information on the synthetic share repurchase, refer to the explanatory notes to agenda item 17 in the proxy statement relating to the Annual General Meeting of June 21, 2024 as well as our press release of January 16, 2025. Capital Reduction Subject to the provisions of Dutch law and our Articles of Association, the General Meeting may, upon the proposal of the Supervisory Board, resolve to reduce the issued share capital by (i) canceling shares, or (ii) reducing the nominal value of shares through an amendment of our Articles of Association. Cancellation with repayment of shares or partial repayment on shares or release from the obligation to pay up may also be made or given exclusively with respect to Common Shares, Financing Preference Shares or Preference Shares. Financial Year, Annual Accounts and Independent Registered Public Accounting Firm Our financial year coincides with the calendar year. Dutch law requires that within four months after the end of the financial year, the Managing Board must make available a report with respect to such financial year, including our financial statements for such year prepared under International Financial QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 373 Articles of Association Reporting Standards and accompanied by an Independent Auditor's Report. The annual report is submitted to the Annual General Meeting for adoption. The General Meeting appoints the external auditor of our statutory financial statements prepared in accordance with International Financial Reporting Standards and to issue a report thereon. On June 21, 2024, our shareholders appointed KPMG Accountants N.V. to serve as our external auditor for our statutory consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2024. Additionally, on June 21, 2024, our shareholders appointed Ernst & Young Accountants LLP to serve as our external auditor for our statutory consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ending December 31, 2025. Dividends and Other Distributions Subject to certain exceptions, dividends may only be paid out of profits as shown in our annual financial statements as adopted by the General Meeting. Distributions may not be made if the distribution would reduce shareholders’ equity below the sum of the paid-up and called-up capital and any reserves required by Dutch law or our Articles of Association. Out of profits, dividends must first be paid on any outstanding Preference Shares (the Preference Share Dividend) in a percentage (the Preference Share Dividend Percentage) of the obligatory call amount paid up on such shares at the beginning of the financial year in respect of which the distribution is made. The Preference Share Dividend Percentage is equal to the average main refinancing rates during the financial year for which the distribution is made. Average main refinancing rate shall be understood to mean the average value on each individual day during the financial year for which the distribution is made of the main refinancing rates prevailing on such day. The main refinancing rate shall be understood to mean the rate of the Main Refinancing Operation as determined and published from time to time by the European Central Bank. If and to the extent that profits are not sufficient to pay the Preference Share Dividend in full, the deficit shall be paid out of the reserves, with the exception of any reserve which was formed as share premium reserve upon the issue of Financing Preference Shares. If, in any financial year, the profit is not sufficient to make the distributions referred to above and if no distribution or only a partial distribution is made from the reserves referred to above, such that the deficit is not fully made good, no further distributions will be made as described below until the deficit has been made good. Out of profits remaining after payment of any dividends on Preference Shares, the Supervisory Board shall determine such amounts as shall be kept in reserve. Out of any remaining profits not allocated to reserves, a dividend (the Financing Preference Share Dividend) shall be paid on the Financing Preference Shares equal to a percentage (the Financing Preference Share Dividend Percentage) over the nominal value of the Financing Preference Shares, increased by the amount of share premium that was paid upon the first issue of Financing Preference Shares. The Financing Preference Shares Dividend Percentage is a function of the average effective yield on the prime interest rate on corporate loans in the United States as quoted in the Wall Street Journal, following the calculation set forth in article 40.4 of our Articles of Association. If and to the extent that the profits are not sufficient to pay the Financing Preference Share Dividend in full, the deficit may be paid out of the reserves if the Managing Board so decides with the approval of the Supervisory Board, with the exception of the reserve which was formed as share premium upon the issue of Financing Preference Shares. Insofar as the profits have not been distributed or allocated to reserves as specified above, the General Meeting may act to allocate such profits, provided that no further dividends will be distributed on the Preference Shares or the Financing Preference Shares. The Managing Board may, with due observance of Article 2:105 of the Dutch Civil Code and with the approval of the Supervisory Board, distribute an interim dividend, if and to the extent that the profits so permit. Interim dividends may be distributed on one class of shares only. The General Meeting may resolve on the proposal of the Supervisory Board, to distribute dividends or reserves, wholly or partially, in the form of shares. Distributions as described above are payable as from a date to be determined by the Supervisory Board. Distributions will be made payable at an address or QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 374 Articles of Association addresses in the Netherlands, to be determined by the Supervisory Board, as well as at least one address in each country where the shares are listed or quoted for trading. The Supervisory Board may determine the method of payment of cash distributions. Distributions in cash that have not been collected within five years and two days after they have become due and payable shall revert to QIAGEN. Dutch law provides that the declaration of dividends out of the profits that are at the free disposal of the General Meeting is the exclusive right of the General Meeting. This is different from the corporate law of most jurisdictions in the United States, which permits a corporation’s board of directors to declare dividends. Shareholder Meetings, Voting Rights and Other Shareholder Rights The Annual General Meeting is required to be held within six months after the end of each financial year for the purpose of, among other things, adopting the annual accounts and filling of any vacancies on the Managing Board and Supervisory Board. Extraordinary General Meetings are held as often as deemed necessary by the Managing Board or Supervisory Board, or upon a request to the Managing Board or Supervisory Board by one or more shareholders and other persons entitled to attend meetings jointly representing (i) at least 40% of our issued share capital, with those persons jointly being authorized to convene such a meeting themselves in case the Boards do not timely comply with the request, in accordance with the Articles of Association, or (ii) at least 10% of our issued share capital, with those persons jointly being authorized to convene such a meeting themselves in case the Boards do not timely comply with the request, but only if and to the extent authorized thereto by a competent Dutch court in accordance with the laws of the Netherlands. General Meetings are held in Amsterdam, Haarlemmermeer (Schiphol Airport), Arnhem, Maastricht, Rotterdam, Venlo or The Hague. The notice convening a General Meeting must be given in such manner as shall be authorized by law including, but not limited to, an announcement published by electronic means no later than the forty-second day prior to the day of the General Meeting. The notice will contain the agenda for the meeting or the notice is published along with the agenda. The agenda shall contain such subjects to be considered at the General Meeting, as the persons convening or requesting the meeting shall decide. Under Dutch law, holders of shares representing solely or jointly at least three hundredth part of the issued share capital may request QIAGEN, not later than on the sixtieth day prior to the day of the General Meeting, to include certain subjects in the notice convening a meeting. No valid resolutions can be adopted at a General Meeting in respect of subjects which are not mentioned in the agenda. Dutch corporate law sets a mandatory (participation and voting) record date for Dutch listed companies fixed at the twenty-eighth day prior to the day of the shareholders’ meeting. Shareholders registered at such record date are entitled to attend and exercise their rights as shareholders at the General Meeting, regardless of a sale of shares after the record date. General Meetings are presided over by the Chairman of the Supervisory Board or, in his absence, by any person nominated by the Supervisory Board. At the General Meeting, each share shall confer the right to cast one vote, unless otherwise provided by law or our Articles of Association. No votes may be cast in respect of shares that we or our subsidiaries hold, or by usufructuaries and pledgees. All shareholders and other persons entitled to vote at General Meetings are entitled to attend General Meetings, to address the meeting and to vote. They must notify the Managing Board in writing of their intention to be present or represented not later than on the third day prior to the day of the meeting, unless the Managing Board permits notification within a shorter period of time prior to any such meeting. Subject to certain exceptions, resolutions may be passed by a simple majority of the votes cast. Except for resolutions to be adopted by the meeting of holders of Preference Shares, our Articles of Association do not allow the adoption of shareholder resolutions by written consent (or otherwise without holding a meeting). QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 375 Articles of Association A resolution of the General Meeting to amend our Articles of Association, dissolve QIAGEN, issue shares or grant rights to subscribe for shares or limit or exclude any pre-emptive rights to which shareholders shall be entitled is valid only if proposed to the General Meeting by the Supervisory Board. Further, a resolution of the General Meeting to amend our Articles of Association is only valid if the complete proposal has been made available for inspection by the shareholders and the other persons entitled to attend General Meetings at our offices as from the day of notice convening such meeting until the end of the meeting. A resolution to amend our Articles of Association to change the rights attached to the shares of a specific class requires the approval of the relevant class meeting. Resolutions of the General Meeting in a meeting that has not been convened by the Managing Board and/or the Supervisory Board, or resolutions included on the agenda for the meeting at the request of shareholders, will be valid only if adopted with a majority of two-thirds of votes cast representing more than half the issued share capital, unless our Articles of Association require a greater majority or quorum. A resolution of the General Meeting to approve a legal merger or the sale of all or substantially all of our assets is valid only if adopted by a vote of at least two-thirds of the issued share capital, unless proposed by the Supervisory Board, in which case a simple majority of the votes cast shall be sufficient. A shareholder shall, upon request, be provided, free of charge, with written evidence of the contents of the share register with regard to the shares registered in its name. Furthermore, any shareholder shall, upon written request, have the right, during normal business hours, to inspect our share register and a list of our shareholders and their addresses and shareholdings, and to make copies or extracts therefrom. Such request must be directed to our Managing Directors at our registered office in the Netherlands or at our principal place of business. Financial records and other company documents (other than those made public) are not available in this manner for shareholder review, but an extract of the minutes of the General Meeting shall be made available. According to Dutch law and our Articles of Association, certain resolutions of the Managing Board regarding a significant change in the identity or nature of us or our enterprise are subject to the approval of the General Meeting. The following resolutions of the Managing Board require the approval of the General Meeting in any event: (1) the transfer of our enterprise, or practically our entire enterprise, to a third party; (2) the entry into or termination of a long-term cooperation by us or one of our subsidiaries (dochtermaatschappijen) with another legal person or partnership or as a fully liable general partner of a limited partnership or a general partnership, if such cooperation or termination is of far-reaching significance for us; and (3) the acquisition or divestment by us or one of our subsidiaries (dochtermaatschappijen) of a participating interest in the capital of a company with a value of at least one-third of the sum of our assets according to our consolidated balance sheet and explanatory notes in our last adopted annual accounts. No Derivative Actions; Right to Request Independent Inquiry Dutch law does not afford shareholders the right to institute actions on behalf of us or in our interest. Shareholders, acting alone or together, holding at least one-tenth of our issued capital, or shares representing an aggregate nominal value of EUR 225,000, may inform the Managing Board and the Supervisory Board of their objections as to our policy or the course of our affairs and, within a reasonable time thereafter, may request the Enterprise Chamber of the Court of Appeal in Amsterdam to order an inquiry into the policy and the course of our affairs by independent investigators. If such an inquiry is ordered and the investigators conclude that there has been mismanagement, the shareholders can request the Enterprise Chamber to order certain measures such as a suspension or annulment of resolutions. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 376 Articles of Association Dissolution and Liquidation The General Meeting may resolve to dissolve QIAGEN upon the proposal of the Supervisory Board. If QIAGEN is dissolved, the liquidation shall be carried out by the person designated for that purpose by the General Meeting, under the supervision of the Supervisory Board. The General Meeting shall, upon the proposal of the Supervisory Board, determine the remuneration payable to the liquidators and to the person responsible for supervising the liquidation. During the liquidation process, the provisions of our Articles of Association will remain applicable to the extent possible. In the event of our dissolution and liquidation, the assets remaining after payment of all debts and liquidation expenses will be distributed among registered holders of Common Shares in proportion to the nominal value of their Common Shares, subject to liquidation preference rights of holders of Preference Shares and Financing Preference Shares, if any. Restrictions on Transfer of Preference Shares The Supervisory Board, upon application in writing, must approve each transfer of Preference Shares. If approval is refused, the Supervisory Board will designate prospective purchasers willing and able to purchase the shares, otherwise, the transfer will be deemed approved. Limitations in our Articles of Association on Rights to Own Securities Other than with respect to usufructuaries and pledgees who have no voting rights, our Articles of Association do not impose limitations on rights to own our securities including the rights of non-resident or foreign shareholders to hold or exercise voting rights on the securities imposed by foreign law or by the charter or other constituent document of the Company or state. Provisions which May Defer or Prevent a Change in Control The Option Agreement and our Articles of Association could, under certain circumstances, prevent a third party from obtaining a majority of the voting control of our shares by issuing Preference Shares. Under the Option Agreement, SPAQ could acquire Preference Shares subject to the provisions referred to under "Preference Shares." If SPAQ acquires the Preference Shares, the bidder may withdraw its bid or enter into negotiations with the Managing Board and/or Supervisory Board and agree on a higher bid price for our shares. Shareholders who obtain control of a company are obliged to make a mandatory offer to all other shareholders. The threshold for a mandatory offer is set at the ability to exercise 30% of the voting rights at the general meeting of shareholders in a Dutch public limited company (naamloze vennootschap) whose securities are admitted to trading on a regulated market in the EU, such as QIAGEN. Ownership Threshold Requiring Disclosure Our Articles of Association do not provide an ownership threshold above which ownership must be disclosed. However, there are statutory requirements to disclose share ownership above certain thresholds under Dutch law. See “Obligation of Shareholders to Disclose Major Holdings.” Obligation of Shareholders to Disclose Major Holdings Holders of our shares or rights to acquire shares (which include options and convertible bonds - see also below) may be subject to notification obligations under the Dutch Financial Markets Supervision Act (FMSA or Wet op het financieel toezicht). Pursuant to the FMSA, any person who, directly or indirectly, acquires or disposes of an interest (including a potential interest, such as options and convertible bonds) in our issued share capital or voting rights must notify the Netherlands Authority for the Financial Markets (AFM) without delay, if as a result of such acquisition or disposal, the percentage of capital interest or voting rights held by such person in QIAGEN reaches, exceeds or falls below any of the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%. The notifications should be made electronically through the notification system of the AFM. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 377 Articles of Association A notification requirement also applies if a person's capital interest or voting rights reaches, exceeds or falls below the above-mentioned thresholds as a result of a change in our total issued share capital or voting rights. Such notification has to be made no later than the fourth trading day after the AFM has published our notification as described below. Under the FMSA, we are required to notify the AFM without delay of the changes to our total issued share capital or voting rights if our issued share capital or voting rights changes by 1% or more since our previous notification. We must furthermore quarterly notify the AFM within eight days after the end of the relevant quarter, in the event our issued share capital or voting rights changed by less than 1% in that relevant quarter since our previous notification. Furthermore, each person who is or ought to be aware that, as a result of the exchange of certain financial instruments, such as options for shares, his actual capital or voting interest in QIAGEN, reaches, exceeds or falls below any of the following thresholds: 3%, 5%, 10%, 15%, 20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%, vis-à-vis his most recent notification to the AFM, must give notice to the AFM no later than the fourth trading day after he became or ought to be aware of this change. Controlled entities, within the meaning of the FMSA, do not have notification obligations under the FMSA, as their direct and indirect interests are attributed to their (ultimate) parent. Any person may qualify as a parent for purposes of the FMSA, including an individual. A person who has a 3% or larger interest in our share capital or voting rights and who ceases to be a controlled entity for these purposes must notify the AFM without delay. As of the date of that notification, all notification obligations under the FMSA will become applicable to that entity. For the purpose of calculating the percentage of capital interest or voting rights, the following interests must, inter alia, be taken into account: (i) our shares or voting rights on our shares directly held (or acquired or disposed of) by a person, (ii) our shares or voting rights on our shares held (or acquired or disposed of) by such person's controlled entity, or by a third party for such person's account or by a third party with whom such person has concluded an oral or written voting agreement (including a discretionary power of attorney), and (iii) our shares or voting rights on our shares which such person, or any subsidiary or third party referred to above, may acquire pursuant to any option or other right held by such person (or acquired or disposed of, including, but not limited to, on the basis of convertible bonds). Special rules apply with respect to the attribution of our shares or voting rights on our shares which are part of the property of a partnership or other community of property. A holder of a pledge or right of usufruct (vruchtgebruik) in respect of our shares can also be subject to the notification obligations of the FMSA, if such person has, or can acquire, the right to vote on our shares or, in the case of depository receipts, our underlying shares. The acquisition of (conditional) voting rights by a pledgee or usufructuary may also trigger the notification obligations as if the pledgee or beneficial owner were the legal holder of our shares or voting rights on our shares. A holding in certain cash settled derivatives (such as cash settled call options and total equity return swaps) referencing to our shares should also be taken into account for the purpose of calculating the percentage of capital interest. Gross short positions in our shares must also be notified to the AFM. For these gross short positions, the same thresholds apply for notifying an actual or potential interest in our issued share capital and/or voting rights as referred to above, and without any set-off against long positions. In addition, pursuant to Regulation (EU) No 236/2012, each person holding a net short position amounting to 0.2% of our issued share capital is required to report such position to the AFM. Each subsequent increase of this position by 0.1% above 0.2% will also need to be reported. Each net short position equal to 0.5% of our issued share capital, and any subsequent increase of that position by 0.1%, will be made public via the AFM short selling register. To calculate whether a natural person or legal person has a net short position, their short positions and long positions must be set-off. A short transaction in a share can only be contracted if a reasonable case can be made that the shares sold can actually be delivered, which requires confirmation of a third party that the shares have been located. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 378 Articles of Association The AFM does not issue separate public announcements of the above notifications. However, it does keep a public register of all notifications made pursuant to the above disclosure obligations under the FMSA on its website www.afm.nl. Third parties can request to be notified automatically by e-mail of changes to the public register in relation to a particular company’s shares or a particular notifying party. Non-compliance with the notification obligations under the FMSA may lead to criminal fines, administrative fines, imprisonment or other sanctions. In addition, non-compliance with the shareholding disclosure obligations under the FMSA may lead to civil sanctions, including suspension of the voting rights relating to our shares held by the offender for a period of not more than three years and a prohibition applicable to the offender to acquire any of our shares or voting rights on our shares for a period of up to five years. Management Notifications Pursuant to the FMSA, each Managing Director and each Supervisory Director must notify the AFM: (a) within two weeks after his or her appointment of the number of our shares or rights to acquire shares he or she holds and the number of votes he or she is entitled to cast in respect to our issued share capital, and (b) subsequently, each change in the number or our shares or rights to acquire shares such member holds and of each change in the number of votes he or she is entitled to cast in respect of our issued share capital, immediately after the relevant change. If a Managing Director or Supervisory Director has notified the AFM of a change in shareholding under the FMSA as described above under “Obligation of Shareholders to Disclose Major Holdings,” such notification is sufficient for the purposes as described in this paragraph. Furthermore, pursuant to European Union Regulation (EU) No 596/2014 (the Market Abuse Regulation) and the regulations promulgated thereunder, any Managing Director and Supervisory Director, as well as any other person discharging managerial responsibilities in respect of QIAGEN who has regular access to inside information relating directly or indirectly to QIAGEN and the power to take managerial decisions affecting future developments and business prospects of QIAGEN, must notify the AFM and QIAGEN by means of a standard form of any transactions conducted for his or her own account relating to the shares or debt instruments of QIAGEN or to derivatives or other financial instruments linked thereto. In addition, pursuant to the Market Abuse Regulation, certain persons who are closely associated with Managing Directors and Supervisory Directors or any of the other persons as described above, are required to notify the AFM and QIAGEN of any transactions conducted for their own account relating to the shares or debt instruments of QIAGEN or to derivatives or other financial instruments linked thereto. The Market Abuse Regulation covers, inter alia, the following categories of persons: (i) the spouse or any partner considered by national law as equivalent to the spouse; (ii) dependent children; (iii) other relatives who have shared the same household for at least one year at the relevant transaction date; and (iv) any legal person, trust or partnership whose, among other things, managerial responsibilities are discharged by a person referred to under (i) to (iii) above or by the relevant Managing Directors and Supervisory Directors or other person discharging the managerial responsibilities in respect of QIAGEN as described above. The notifications pursuant to the Market Abuse Regulation described above must be made to the AFM no later than the third business day following the relevant transaction date. Under certain circumstances, these notifications may be postponed until all transactions within a calendar year have reached a total amount of €5,000 (calculated without netting). Any subsequent transaction must be notified as set forth above. If a Managing Director or Supervisory Director has notified a change in the number of our shares or options to acquire shares the member holds or a change in the number of votes he or she is entitled to cast to the AFM under the FMSA as described in the first paragraph above, such notification - but only to the extent there is an overlap with the notification obligations under the Market Abuse Regulation - is sufficient for the purposes of the Market Abuse Regulation as described in this paragraph. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 379 Taxation The following is a general summary of certain material United States federal income tax consequences to holders of our Common Shares who are “U.S. Holders” (as such term is defined below) and certain material Netherlands tax consequences to holders of our Common Shares who are “non-resident Shareholders” or “Shareholders” (as each term is defined below). This summary does not discuss every aspect of such taxation that may be relevant to such holders. Therefore, all prospective purchasers of our Common Shares described above are advised to consult their own tax advisors with respect to the United States federal, state and local tax consequences, as well as the Netherlands tax consequences, of the ownership of our Common Shares. The statements of the Netherlands and United States tax laws set out below are based on the laws in force as of the date of this Annual Report on Form 20-F and, as a consequence, are subject to any changes in United States or the Netherlands law, or in the taxation conventions concluded by the United States and the Netherlands, occurring after such date. Tax considerations associated with currently enacted laws which are not in force as of this date have not been addressed in this description. Netherlands Tax Considerations The following describes the material tax consequences of an investment in our Common Shares under Netherlands law. Such description is based on current understanding of Netherlands' tax law currently in force as interpreted under officially published case law and in published policy, and it is limited to the tax implications for an owner of our Common Shares who is not, or is not deemed to be, a resident of the Netherlands for purposes of the relevant tax laws (a “non-resident Shareholder” or “Shareholder”). Dividend Withholding Tax General Upon distribution of dividends, we are obligated to withhold 15% dividend tax at source and to pay the amount withheld to the Netherlands taxing authorities. The term “dividends” means income from shares or other rights participating in profits as well as income from other corporate rights that are subjected to the same taxation treatment as income from shares by the laws of the Netherlands. Dividends include dividends in cash or in kind, constructive dividends, certain repayments of capital qualified as dividends, interest on loans that are treated as equity instruments for Netherlands corporate income tax purposes and liquidation proceeds in excess of, for Netherlands tax purposes, recognized paid-in capital. Stock dividends are also subject to dividend withholding tax, unless derived from our paid-in share premium that is recognized as equity for Netherlands tax purposes. No dividend withholding tax should apply on the proceeds resulting from the sale or disposition of our Common Shares to persons other than QIAGEN and our affiliates. A disposition of our Common Shares to QIAGEN or to our affiliates should, in general, be subject to dividend withholding tax. A domestic exemption from the Netherlands dividend withholding tax may apply when dividends are paid to a corporate Shareholder that owns 5% or more of the nominal paid-up share capital and qualifies as a beneficial owner and is solely resident in an EU/EEA Member State or in a country with which the Netherlands has concluded a tax convention that includes a dividend article. This general exemption does not apply to abusive structures. A structure is deemed abusive if a corporate Shareholder owns our Common Shares with the main purpose, or one of the main purposes, to avoid tax for another individual or entity and the structure is considered artificial (i.e., not put into place for valid commercial reasons that reflect economic reality). This domestic exemption may under conditions further not apply in case of hybrid mismatches. A corporate Shareholder may also be eligible for relief of the Netherlands dividend withholding tax under Netherlands' tax law or under a tax convention that is in force between the country of residence of the Shareholder and the Netherlands. Specific for U.S. Shareholders The regular 15% dividend withholding tax is withheld by us on dividends we pay to a resident of the United States. For a corporate U.S. Shareholder that cannot benefit from the Dutch domestic exemption (as explained above), withholding tax on dividends may still be reduced to 5% or 0% if the recipient QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 380 Taxation is entitled to benefits under the Tax Convention between the Netherlands and the United States (the Convention) and the relevant specific conditions are met. Dividends we pay to U.S. pension funds and U.S. tax-exempt organizations may be eligible for an exemption from dividend withholding tax under the Convention. Dividend Stripping A refund, reduction, exemption or credit of the Netherlands dividend withholding tax on the basis of the Netherlands' tax law, or on the basis of a tax convention between the Netherlands and another state, will only be granted if the dividends are paid to the beneficial owner (uiteindelijk gerechtigde) of the dividends. A recipient of a dividend is amongst others not considered to be the beneficial owner of a dividend in an event of “dividend stripping.” In general terms, “dividend stripping” can be described as the situation in which a foreign or domestic person (usually, but not necessarily, the original shareholder) has transferred, in return for a consideration, its shares or its entitlement to the dividend distributions to a party that has a more favorable right to a refund or reduction of the Netherlands dividend withholding tax than the foreign or domestic person. In these situations, the foreign or domestic person (usually the original shareholder) avoids the Netherlands dividend withholding tax while retaining an interest in the shares and the dividend distributions, by transferring its shares or its entitlement to the dividend distributions in exchange for a consideration. Income Tax and Corporate Income Tax General A non-resident Shareholder will not be subject to Netherlands income tax or corporate income tax with respect to dividends we distribute on our Common Shares, or with respect to capital gains derived from the sale or disposition of our Common Shares, provided that: a. the non-resident Shareholder does not carry on, or have an interest in, a business in the Netherlands through a permanent establishment or a permanent representative to which or to whom the Common Shares are attributable or deemed to be attributable; b. the non-resident Shareholder does not have a direct or indirect substantial or deemed substantial interest (aanmerkelijk belang, as defined in the Netherlands' tax law) in our share capital or, in the case of an individual, such a substantial interest, such interest is a “business asset,” or, in the case of a corporate Shareholder, the arrangement or a series of arrangements are not put in place with the main purpose, or one of the main purposes, to avoid Netherlands income tax for another person or cannot be considered artificial. An arrangement, or series of arrangements, are considered artificial to the extent they have not been put in place for valid commercial reasons that reflect economic reality; and c. the non-resident Shareholder is not entitled to a share in the profits of an enterprise to which our Common Shares are attributable, and that is effectively managed in the Netherlands, other than by way of securities or through an employment contract. In general terms, a substantial interest (aanmerkelijk belang) in our share capital does not exist if the Shareholder (individuals as well as corporations), alone or together with his partner, does not own, directly or indirectly, 5% or more of the issued capital of (a class of) our shares; does not have the right to acquire 5% or more of the issued capital of (a class of) our shares; and does not have the right to share in our profit or liquidation revenue amounting to 5% or more of the annual profits or liquidation revenue. There is no all-encompassing definition of the term “business asset.” Whether this determination can be made in general depends on the facts presented and, in particular, on the activities performed by the Shareholder. If the Shareholder materially conducts a business activity, while the key motive of his investment in our Shares may not be his earnings out of the investment in our Shares but our economic activity, an investment in our Shares will generally be deemed to constitute a business asset, in particular if the Shareholder’s involvement in our business will exceed regular monitoring of his investment in our Shares. A non-resident Shareholder that holds a substantial interest in our share capital may be eligible for an exemption or a reduction of Netherlands income tax or corporate income tax under a tax convention. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 381 Taxation Specific for U.S. Shareholders U.S. Shareholders that do not own a substantial interest should not be subject to Dutch Personal Income Tax or Dutch Corporate Income Tax (as explained above). For U.S. Shareholders that do own a substantial interest, Dutch Personal Income Tax or Dutch Corporate Income Tax could be due. However, U.S. Shareholders that are entitled to benefits of the Convention may be eligible for tax relief. Gift and Inheritance Tax A gift or inheritance of our Common Shares from a non-resident Shareholder should generally not be subject to a Netherlands gift and inheritance tax, provided that the Shareholder is not considered a (deemed) resident of the Netherlands. The Netherlands has concluded a tax convention with the United States based on which double taxation on inheritances may be avoided if the inheritance is subject to Netherlands and/or U.S. inheritance tax and the deceased was a resident of either the Netherlands or the United States. United States Federal Income Tax Considerations The following summary describes certain U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of our Common Shares. This summary deals only with our Common Shares held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the Code). This summary also does not address the tax consequences that may be relevant to holders in special tax situations including, without limitation, dealers in securities; traders that elect to use a mark-to-market method of accounting; pass-through entities such as partnerships, S corporations, disregarded entities for U.S. federal income tax purposes and limited liability companies (and investors therein); holders that own our Common Shares as part of a “straddle,” “hedge,” “conversion transaction,” or other integrated investment; banks or other financial institutions; individual retirement accounts and other tax-deferred accounts; insurance companies; tax- exempt organizations; U.S. expatriates; holders whose functional currency is not the U.S. dollar; holders subject to the alternative minimum tax; holders that acquired our Common Shares in a compensatory transaction; holders subject to special tax accounting rules as a result of any item of gross income with respect to the Common Shares being taken into account in an applicable financial statement; or holders that have owned or will (directly, indirectly or constructively) own 10% or more of the total voting power or value of our Common Shares. This summary is based upon the Code, applicable U.S. Treasury regulations, administrative pronouncements and judicial decisions, in each case as in effect on the date hereof, all of which are subject to change (possibly with retroactive effect). No ruling will be or has been requested from the Internal Revenue Service (IRS) regarding the tax consequences described herein, and there can be no assurance that the IRS will agree with the discussion set out below. This summary does not address any consequences other than U.S. federal income tax consequences (such as the estate and gift tax, the Medicare tax on net investment income, state and local tax or non-U.S. tax). Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. As used herein, the term “U.S. Holder” means a beneficial owner of our Common Shares that is, for U.S. federal income tax purposes, (i) a citizen or resident of the United States, (ii) a corporation or other entity taxable as a corporation created in or organized under the laws of the United States or any state thereof or therein or the District of Columbia, (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of its source, or (iv) a trust (a) that is subject to the supervision of a court within the United States and under the control of one or more United States persons as described in Section 7701(a)(30) of the Code, or (b) that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person. If an entity or other arrangement classified as a partnership for U.S. federal income tax purposes acquires our Common Shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the partnership. Partners of a partnership considering an investment in our Common Shares should consult their tax advisors regarding the U.S. federal income tax consequences of acquiring, owning and disposing our Common Shares. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 382 Taxation Taxation of Dividends Subject to the discussion below under “Passive Foreign Investment Company Status,” the sum of any cash plus the fair market value of any property that we distribute (before reduction for Netherlands withholding tax) to a U.S. Holder with respect to our Common Shares generally will be included in the U.S. Holder’s gross income as a dividend, taxable as ordinary income from foreign sources to the extent of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Dividends paid to a non-corporate U.S. Holder by a “qualified foreign corporation” may be subject to a reduced rate of tax if certain conditions are met, including the following: QIAGEN must not be classified as a "passive foreign investment company" (PFIC) (discussed below), QIAGEN must be a “qualified foreign corporation” (as defined below), the U.S. Holder must satisfy a holding period requirement, and the distribution must not be treated to the U.S. Holder as “investment income” for purposes of the investment interest deduction rules. A “qualified foreign corporation” generally includes a foreign corporation (other than a foreign corporation that is a PFIC with respect to the relevant U.S. Holder for the taxable year in which the dividends are paid or for the preceding taxable year) (i) whose Common Shares are readily tradable on an established securities market in the United States, or (ii) which is eligible for benefits under a comprehensive U.S. income tax treaty that includes an exchange of information program and which the U.S. Treasury Department has determined is satisfactory for these purposes. Our Common Shares are expected to be readily tradable on the NYSE, an established securities market. U.S. Holders should consult their own tax advisors regarding the availability of the reduced tax rate on dividends in light of their particular circumstances. Dividends on our Common Shares generally will not be eligible for the dividends received deduction available to corporations in respect of dividends received from other U.S. corporations. Distributions in excess of our earnings and profits (as determined for U.S. federal income tax purposes) will be treated as a non-taxable return of capital to the extent of the U.S. Holder’s adjusted tax basis in our Common Shares and thereafter as capital gain. However, we do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, U.S. Holders should expect that a distribution will generally be treated as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. Foreign Tax Credit Subject to the PFIC rules discussed below, a U.S. Holder that is subject to Netherlands withholding tax with respect to dividends paid on the Common Shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Netherlands withholding tax. Generally, subject to the limitations described in the next paragraph, a credit will reduce a U.S. Holder’s U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder’s income subject to U.S. federal income tax. This election is made on a year-by-year basis and generally applies to all foreign taxes paid (whether directly or through withholding) or accrued by a U.S. Holder during a year. Limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder’s U.S. federal income tax liability (determined before application of the foreign tax credit) that such U.S. Holder’s “foreign source” taxable income bears to such U.S. Holder’s worldwide taxable income. In applying this limitation, a U.S. Holder’s various items of income and deduction must be classified, under complex rules, as either “foreign source” or “U.S. source” and the limitation is calculated separately for each with respect to specific categories of income. Generally, dividends paid by a foreign corporation should be treated as foreign source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Holder should generally be treated as U.S. source for this purpose, except as otherwise provided in an applicable income tax treaty or if an election is properly made under the Code. However, the amount of a distribution with respect to the Common Shares that is treated as a “dividend” may be lower for U.S. federal income tax purposes than it is for Netherlands tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 383 Taxation Each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules. Disposition of our Common Shares Subject to the PFIC rules discussed below, upon the sale or other disposition of our Common Shares, a U.S. Holder will recognize capital gain or loss for U.S. federal income tax purposes equal to the difference between the amount realized on the disposition of our Common Shares and the U.S. Holder’s adjusted tax basis in our Common Shares. Such capital gain or loss generally will be subject to U.S. federal income tax. In general, capital gains recognized by a non-corporate U.S. Holder, including an individual, are subject to a lower rate under current law if such U.S. Holder held shares for more than one year. The deductibility of capital losses is subject to limitations. Any such gain or loss generally will be treated as U.S. source income or loss for purposes of the foreign tax credit. A U.S. Holder’s initial tax basis in Common Shares generally will equal the cost of such shares. Passive Foreign Investment Company Status We may be classified as a PFIC for U.S. federal income tax purposes if certain tests are met. We will be a PFIC with respect to a U.S. Holder if, for any taxable year in which the U.S. Holder held our Common Shares, either (i) 75% or more of our gross income for the taxable year is passive income; or (ii) the average value of our assets (during the taxable year) which produce or are held for the production of passive income is at least 50% of the average value of all assets for such year. Passive income means, in general, dividends, interest, royalties, rents (other than rents and royalties derived in the active conduct of a trade or business and not derived from a related person), annuities and gains from assets which would produce such income other than sales of inventory. Passive assets for this purpose generally include assets held for the production of passive income. Accordingly, passive assets generally include any cash, cash equivalents and cash invested in short-term, interest-bearing debt instruments or bank deposits that are readily convertible into cash. For the purpose of the PFIC tests, if a foreign corporation owns at least 25% (by value) of the stock of another corporation, the foreign corporation is treated as owning its proportionate share of the assets of the other corporation and as if it had received directly its proportionate share of the income of such other corporation (the “look-through rule”). The effect of the look-through rule with respect to QIAGEN and our ownership of our subsidiaries is that, for purposes of the income and assets tests described above, we will be treated as owning our proportionate share of the assets of our subsidiaries and of earning our proportionate share of each of our subsidiary’s income, if any, so long as we own, directly or indirectly, at least 25% of the value of the particular subsidiary’s stock. Active business income of our subsidiaries will be treated as our active business income, rather than as passive income. Based on our income, assets and activities, we do not believe that we were a PFIC for our taxable years ended December 31, 2022, December 31, 2023 and December 31, 2024 and do not expect to be a PFIC for the current taxable year. No assurances can be made, however, that the IRS will not challenge this position or that we will not subsequently become a PFIC. Following the close of any tax year, we intend to promptly send a notice to all shareholders of record at any time during such year, if we determine that we are a PFIC. If we are considered a PFIC for any taxable year that a U.S. Holder holds our Common Shares, any gain recognized by the U.S. Holder on a sale or other disposition of our Common Shares would be allocated pro-rata over the U.S. Holder’s holding period for our Common Shares. The amounts allocated to the taxable year of the sale or other disposition, and to any year before we became a PFIC, would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed with respect to any amount allocated to any prior taxable year that we were a PFIC. Further, if we are a PFIC for any taxable year, to the extent that any distribution received by a U.S. Holder on our Common Shares exceeds 125% of the average of the annual distributions on our Common Shares received during the preceding three years or the U.S. Holder’s holding period, whichever is shorter, such excess amount would be subject to taxation in the same manner as gain on the sale or other disposition of Common Shares if we were a PFIC, described above. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of our Common Shares. If we are treated as a PFIC with respect to a QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 384 Taxation U.S. Holder for any taxable year, the U.S. Holder will be deemed to own shares in any of our subsidiaries that also are PFICs. A timely election to treat us as a qualified electing fund under the Code would result in an alternative treatment. However, we do not intend to prepare or provide the information that would enable U.S. Holders to make a qualified electing fund election. If we are considered a PFIC, a U.S. Holder also will be subject to annual information reporting requirements. Prospective purchasers of our Common Shares are urged to consult their tax advisors regarding the potential application of the PFIC rules to an investment in the Common Shares. Foreign Currency Issues If dividends on our Common Shares are paid in euros, the amount of the dividend distribution included in the income of a U.S. Holder will be the U.S. dollar value of the payments made in euros, determined at a spot, euro/U.S. dollar rate applicable to the date such dividend is includible in the income of the U.S. Holder, regardless of whether the payment is in fact converted into U.S. dollars. Generally, gain or loss (if any) resulting from currency exchange fluctuations during the period from the date the dividend is paid to the date such payment is converted into U.S. dollars will be treated as ordinary income or loss. Backup Withholding and Information Reporting U.S. backup withholding and information reporting requirements generally apply to payments made to non-corporate holders of Common Shares that are paid within the United States or through certain U.S. related financial intermediaries. Information reporting will apply to payments of dividends on, and to proceeds from the disposition of, Common Shares by a paying agent within the United States (or through certain U.S. related financial intermediaries) to a U.S. Holder, other than U.S. Holders that are exempt from information reporting and properly certify their exemption. A paying agent within the United States (or through certain U.S. related financial intermediaries) will be required to withhold at the applicable statutory rate, currently 24%, in respect of any payments of dividends on, and the proceeds from the disposition of, Common Shares to a U.S. Holder (other than U.S. Holders that are exempt from backup withholding and properly certify their exemption) if the holder fails to furnish its correct taxpayer identification number or otherwise fails to comply with applicable backup withholding requirements. U.S. Holders who are required to establish their exempt status generally must provide a properly completed IRS Form W-9. Backup withholding is not an additional tax. Amounts withheld as backup withholding may be credited against a U.S. Holder’s U.S. federal income tax liability. A U.S. Holder generally may obtain a refund of any amounts withheld under the backup withholding rules that exceed such U.S. Holder’s income tax liability by filing a refund claim with the IRS in a timely manner and furnishing required information. Foreign Financial Asset Reporting Certain U.S. Holders who hold “specified foreign financial assets” (as defined in Section 6038D of the Code), including stock of a non-U.S. corporation that is not held in an account maintained by a U.S. “financial institution” (as defined in Section 6038D of the Code), whose aggregate value exceeds $50,000 on the last day of the taxable year or $75,000 at any time during the tax year, may be required to attach to their tax returns for the year certain specified information (on IRS Form 8938) (higher thresholds apply to married individuals filing a joint return and certain individuals residing outside of the United States). Persons who fail to timely furnish the required information may be subject to substantial penalties. Additionally, in the event a U.S. Holder does not file such a report, the statute of limitations on the assessment and collection of U.S. federal income taxes of such U.S. Holder for the related tax year may not close before such report is filed. U.S. Holders (including entities) should consult their own tax advisors regarding their reporting obligations and the possible application of such reporting obligations to the holding of Common Shares. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 385 Government Regulations We are subject to a variety of laws and regulations in the European Union, the United States and other countries. The level and scope of the regulation varies depending on the country or defined economic region, but may include, among other things, the research, development, testing, clinical trials, manufacture, storage, recordkeeping, approval, labeling, promotion and commercial sales and distribution of many of our products. European Union Regulations In the European Union, in vitro diagnostic medical devices (IVDs) had been regulated under EU-Directive 98/79/EC (IVD Directive) and corresponding national provisions. The IVD Directive required that medical devices meet the essential requirements, including those relating to device safety and efficacy, set out in an annex of the Directive. According to the IVD Directive, EU Member States have presumed compliance with these essential requirements for devices that are in conformity with the relevant national standards transposing the harmonized standards, such as ISO 13485:2016, the quality system standard for medical device manufacturers. IVD medical devices, other than devices for performance evaluation, must bear the CE marking of conformity when they are placed on the European market. The CE mark is a declaration by the manufacturer that the product meets all the appropriate provisions of the applicable legislation implementing the relevant European Directive. As a general rule, the manufacturer must follow the EU declaration of conformity procedure to obtain or apply a CE mark. In May 2022, the Directive was replaced by the In Vitro Diagnostic Device Regulation (IVDR) (EU) 2017/746 that was published in May 2017 and given a 5-year transition period until its full implementation on May 26, 2022. Unlike the IVD Directive, the IVDR has binding legal force throughout every Member State. The major goal of the IVDR was to standardize diagnostic procedures within the EU, increase reliability of diagnostic analysis and enhance patient safety. Under the IVDR as enacted by the European Commission (EC), IVDs are subject to additional legal requirements. Among other things, the IVDR introduces a new risk-based classification system and requirements for conformity assessments. Under subsequent amendments of IVDR, IVDs already certified under the IVD Directive by a Notified Body may remain on the market until December 31, 2027, and IVDs certified under the IVD Directive without the involvement of a Notified Body may be placed on the market up to December 31, 2027 (IVDR class D IVDs), December 31, 2028 (IVDR class C IVDs) and December 31 2029 (IVDR class B and class A sterile IVDs). The deadline for IVDR Class A in vitro diagnostic devices remained as May 26, 2022. The sell-off date was removed in subsequent amendments to the IVDR. As a result, there is no longer a limit for making available IVD products or putting into service IVD instruments that have been placed on the market according to these dates. IVD instruments that were placed on the market under the IVD Directive may remain indefinitely until decommission, if properly maintained. Nonetheless, manufacturers of devices certified under the IVD Directive without the involvement of a Notified Body must comply with specific requirements in the IVDR according to the timelines established, but ultimately, such products, as with all new IVDs, will have to undergo the IVDR’s conformity assessment procedures. Under the IVD Directive the majority of QIAGEN products were classified as non-listed Annex II devices (i.e., self-certified without the involvement of a Notified Body), while under the IVDR most of QIAGEN products will require the involvement of a Notified Body, and those that are in the highest risk class (IVDR class D) will have to be tested by a designated EU Reference Laboratory. In addition, the IVDR imposes additional requirements relating to post-market surveillance and submission of post-market performance follow-up reports. The EC has designated thirteen (13) Notified Bodies to perform conformity assessments under the IVDR, including QIAGEN’s Notified Bodies, TÜV Rheinland LGA Products GmbH (NB0197) and BSI Group The Netherlands B.V. (NB 2797). MedTech Europe has issued guidance relating to the IVDR in several areas, e.g., clinical benefit, technical documentation, state of art, accessories, and EUDAMED. On December 5, 2023, the European Commission adopted Implementing Regulation (EU) 2023/2713 designating five EU Reference Laboratories covering the following types of high risk, class D IVDs: hepatitis and retroviruses; herpesviruses; bacterial agents; respiratory viruses that cause life-threatening diseases. The designated EU Reference Laboratories are responsible for verifying performance of IVDs in accordance with common specifications, batch testing of IVDR class D IVDs, collaborating QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 386 Government Regulations with Notified Bodies to develop best practices for IVD conformity assessments, and providing scientific and technical assistance on the implementation of the IVDR. IVDR defines an In-House Device (IHD) as a device that is manufactured and used only within a Health Institution established in the Union and that meets all conditions set in Article 5(5) of such regulation. QIAGEN cannot design, manufacture or use IHDs. However, Health Institutions can lawfully use QIAGEN's products, such as those for non-clinical applications, IVDs, enzymes, or oligos, to create their own IHDs workflows according to Article 5(5) requirements. Some products manufactured by QIAGEN are intended for non-clinical use. These may include products intended for use in discovering and developing medical knowledge related to human disease and conditions and products for molecular research, genotyping, forensic and human identity testing, food and animal feed safety and quality testing, cancer research, microbiological research and animal pathogen research. These products do not have medical purpose and thus they are not considered medical devices under the scope of the IVDR. A subset of products intended for non-clinical use are those that are sold for research purposes in the European Union territory and are therefore labeled “For Research Use Only” (RUO). The other products intended for non-clinical use, are referred by QIAGEN to as “for molecular biology applications” or more recently directly as “for non-clinical applications” (mainly instruments). QIAGEN acknowledges that products intended for non-clinical use can be lawfully used by Health Institutions to develop IHDs in accordance with Article 5(5) of the IVDR. QIAGEN does not promote any of their products for non- clinical applications for use in IHDs or assist in the development of such IHDs for IVD purposes. Nonetheless, QIAGEN may participate in creating a workflow for non-clinical applications. The Laboratory, at its sole discretion and responsibility, may later decide to transition this into an IHD workflow, adhering to the restrictions outlined in Article 5(5) of the IVDR. The General Data Protection Regulation (GDPR) of the European Union, imposes restrictions on the transfer, access, use, and disclosure of health and other personal information. We have implemented the requirements set forth by the GDPR, which took effect on May 25, 2018. GDPR and other EU data privacy and security laws impact our business either directly or indirectly. Our failure to comply with applicable privacy or security laws or significant changes in these laws could significantly impact our business and future business plans. For example, we may be subject to regulatory action, fines, or lawsuits in the event we fail to comply with applicable privacy laws. We may face significant liability in the event any of the personal information we maintain is lost or otherwise subject to misuse or other wrongful use, access or disclosure. Recent publication of the Cyber Resilience Act in the European Official Journal (20/11/2024) imposes significant cyber security requirements on QIAGEN products that are not regulated as medical devices (i.e., for non-clinical applications). Most provisions, such as CE marking and compliance with cyber security requirements, will become applicable 36 months later (i.e: December 2027). However, reporting requirements will take effect 21 months after the entry into force (i.e: September 2026). The Artificial Intelligence (AI) Act (Regulation (EU) 2024/1689 laying down harmonized rules on artificial intelligence) provides AI developers and deployers with clear requirements and obligations regarding specific uses of AI. The EU AI Act was published in the EU Official Journal on July 12, 2024, and is the first comprehensive horizontal legal framework for the regulation of AI across the EU. The EU AI Act enters into force on August 1, 2024, and will be effective from August 2, 2026. QIAGEN devices implementing AI will be subject to this regulation. United Kingdom The U.K.’s withdrawal from the EU has major ramifications for IVD manufacturers. Among other things, companies now have to follow new procedures that apply in the U.K., including appointment of a U.K. Responsible Person rather than relying on European Authorized Representatives, to manage their compliance efforts in the U.K. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 387 Government Regulations The U.K. Medicine and Healthcare Products Regulatory Agency (MHRA) issued guidance on how the country will regulate IVDs after January 1, 2021. According to MHRA, IVDs will require certification in the U.K., which is defined as England, Scotland and Wales, while companies will still be able to sell tests in Northern Ireland under existing EU IVD regulations. Under subsequent amendments to MHRA guidance, MHRA will continue to recognize CE marks for IVDs certified under the IVD Directive until the earlier of June 30, 2030 or the expiration of the certificate and for IVDs certified under the IVDR until June 30, 2030. Companies must register with the MHRA before placing IVDs on the U.K. market. To continue marketing CE marked IVDs in the U.K. once the designated MHRA recognition period has lapsed, companies selling in the U.K. will have to obtain a new marking authorization, called a U.K. Conformity Assessed mark (UKCA), for each IVD product. United States In the United States, IVDs are subject to regulation by the FDA as medical devices to the extent that they are intended for use in the diagnosis, treatment, mitigation or prevention of disease or other conditions. Certain types of tests, like some that QIAGEN manufactures and sells in the United States for non-clinical applications, including those classified for research use only (RUO), are not subject to the FDA’s premarket review and controls because QIAGEN does not promote these tests for IVD applications. Other tests, known as laboratory developed tests (LDTs), which are IVDs that are designed, manufactured and used within a single, CLIA-certified, clinical laboratory that meets applicable requirements to perform high-complexity testing, have generally been subject to enforcement discretion and not actively regulated by the FDA. As LDTs have increased in complexity, the FDA has taken a risk-based approach to the regulation of LDTs. Congress has also signaled interest in clarifying the regulatory landscape for LDTs. Following several years of inaction by Congress on this issue, the FDA issued a final rule in May 2024 (Docket FDA-2023-N-2177 “Medical Devices; Laboratory Developed Tests”) to regulate LDTs under the current medical device framework and proposing to phase out the current enforcement discretion policy; the final rule became effective on July 5, 2024. The LDT enforcement policy phase-out process under the final rule will occur in gradual stages over a total period of four years, with premarket approval applications for high-risk tests to be enforced by November 6, 2027. Moderate- risk and low-risks tests are expected to be in compliance by May 6, 2028, although FDA has stated that if premarket submissions are pending review it will continue to exercise enforcement discretion with respect to those tests. The FDA’s final rule is complex and, concurrently, the agency announced several exceptions from the requirement to comply with full medical device regulatory controls, depending upon the specific nature of the LDT and the clinical laboratory that is offering such LDT for use by health care providers. Publication of the LDT final rule prompted the American Clinical Laboratory Association (ACLA) and one of its members, on May 29, 2024, and separately, the Association for Molecular Pathology (AMP) and one of its members, on August 19, 2024, to file complaints against the FDA in the Eastern District of Texas and the Southern District of Texas, respectively. Both complaints allege that the agency does not have authority to promulgate the LDT final rule and seek to vacate the FDA’s action; the two cases were subsequently consolidated into a single action pending in the Eastern District of Texas. Briefing is ongoing in the consolidated case and the outcome is uncertain. The ongoing litigation could potentially affect the FDA’s plans to implement the steps required to phase-out enforcement discretion for LDTs, making the implementation timeline somewhat uncertain although no preliminary injunction has been issued to date. Accordingly, the agency has continued its implementation efforts by actively providing guidance and training to clinical laboratories on how to comply with medical device general controls. Following the November 2024 federal elections, it is unclear whether the incoming Trump Administration will continue to defend the FDA’s rule making action in the consolidated litigation in Texas or if it will take steps to rescind or modify the LDT final rule. Affected stakeholders also continue to press for a comprehensive legislative solution to create a harmonized paradigm for oversight of LDTs by both the FDA and CMS, instead of implementation of the FDA’s final rule, which may be disruptive to the industry and to patient access to certain diagnostic tests. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 388 Government Regulations Ensuring compliance with the agency’s implementation plans for bringing LDTs under the medical device framework is expected to require significant time, financial resources, and other resources, including specialized personnel, on the part of clinical laboratories engaged in developing and offering such diagnostic tests. However, this FDA rule making was initiated after years of failed congressional attempts to harmonize the regulatory paradigms applicable to LDTs and other IVDs, making it unclear whether any legislative efforts would be successful going forward. The outcome of the November 2024 elections on the composition of the 2025-2026 Congress, with both the Senate and House transitions to Republican control, also creates uncertainties for the diagnostic industry. QIAGEN cannot design, manufacture or use LDTs. However, laboratories can lawfully use QIAGEN's products, such as those for non-clinical applications, IVDs, enzymes, or oligos, to create their own LDT workflows according to Docket FDA-2023-N-2177 requirements Medical devices, including IVDs, are classified into one of three classes depending on the controls deemed by the FDA to be necessary to reasonably assure their safety and effectiveness. Class I devices are generally exempt from premarket review and are subject to general controls, including adherence to the FDA’s Quality System Regulation (QSR), which describes device-specific current good manufacturing practices, as well as regulations requiring facility registration and product listing, reporting of adverse medical events, and appropriate, truthful and non-misleading labeling, advertising and promotional materials. Class II devices are generally subject to premarket notification (or 510(k) clearance), general controls and special controls, including performance standards, post-market surveillance, patient registries or FDA guidance documents describing device-specific special controls. Class III devices are subject to most of the previously identified requirements as well as to premarket approval (PMA). The payment of a user fee, which is typically adjusted annually, to the FDA is usually required upon filing a premarket submission (e.g., premarket notification, premarket approval application, or De Novo classification request) for FDA review. On January 31, 2024, the FDA issued a final rule amending the device current good manufacturing practice (CGMP) requirements of the QSR under 21 CFR 820 to align more closely with the international consensus standard for Quality Management Systems for medical devices (ISO 13485:2016) used by many other global regulatory authorities. The final rule establishes the Quality Management System Regulation (QMSR) which will take effect two years from publication (on February 2, 2026). The QMSR incorporates ISO 13485:2016 by reference and maintains certain FDA requirements from the QSR related to record keeping and medical device reporting. As QIAGEN’s QMS is already certified to ISO 13485:2016, the change will have minimal impact; QIAGEN has completed a gap analysis and is progressing towards implementation of identified actions. 510(k) Premarket Notification A 510(k) premarket notification requires the sponsor to demonstrate that a medical device is substantially equivalent to another device, termed a “predicate device,” that is legally marketed in the United States and is not subject to premarket approval. A device is substantially equivalent to a predicate device if its intended use(s), performance, safety and technological characteristics are similar to those of the predicate; or has a similar intended use but different technological characteristics, where the information submitted to the FDA does not raise new questions of safety and effectiveness and demonstrates that the device is at least as safe and effective as the legally marketed device. If the FDA determines that the device (1) is not substantially equivalent to a predicate device, (2) has a new intended use compared to the identified predicate, (3) has different technological characteristics that raise different questions of safety and effectiveness, or (4) has new indications for use or technological characteristics and required performance data were not provided, it will issue a “Not Substantially Equivalent” (NSE) determination. If the FDA determines that the applicant’s device is substantially equivalent to the identified predicate device(s), the agency will issue a 510(k) clearance letter that authorizes commercial marketing of the device for one or more specific indications for use. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 389 Government Regulations De Novo Classification If a previously unclassified new medical device does not qualify for the 510(k) premarket notification process because no predicate device to which it is substantially equivalent can be identified, the device is automatically classified into Class III. However, if such a device would be considered low or moderate risk (in other words, it does not rise to the level of requiring the approval of a PMA), it may be eligible for the De Novo classification process. The De Novo classification process allows a device developer to request that the novel medical device be reclassified as either a Class I or Class II device, rather than having it regulated as a high risk Class III device subject to the PMA requirements. If the manufacturer seeks reclassification into Class II, the classification request must include a draft proposal for special controls that are necessary to provide a reasonable assurance of the safety and effectiveness of the medical device. Premarket Approval The PMA process is more complex, costly and time consuming than either the 510(k) process or the De Novo classification process. A PMA must be supported by more detailed and comprehensive scientific evidence, including clinical data, to demonstrate the safety and efficacy of the medical device for its intended purpose. A clinical trial involving a “significant risk” device may not begin until the sponsor submits an investigational device exemption (IDE) application to the FDA and obtains approval to begin the trial. After the PMA is submitted, the FDA has 45 days to make a threshold determination that the PMA is sufficiently complete to permit a substantive review. If the PMA is complete, the FDA will file the PMA and begin the substantive review process. The FDA is subject to a performance goal review time for a PMA that is 180 days from the date of filing, although in practice this review time is longer. Questions from the FDA, requests for additional data and referrals to advisory committees may delay the process considerably. The total process may take several years and there is no guarantee that the PMA will ever be approved. Even if approved, the FDA may limit the indications for which the device may be marketed. The FDA may also request additional clinical data as a condition of approval or after the PMA is approved. Any changes to the medical device may require a supplemental PMA to be submitted and approved before the modified device may be marketed. Any products manufactured and sold by us pursuant to FDA clearances or approvals will be subject to pervasive and continuing regulation by the FDA, including quality system requirements, record-keeping requirements, reporting of adverse experiences with the use of the device and restrictions on the advertising and promotion of our products. Device manufacturers are required to register their establishments and list their devices with the FDA and are subject to periodic inspections by the FDA and certain state agencies. Noncompliance with applicable FDA requirements can result in, among other things, warning letters, fines, injunctions, civil penalties, recalls or seizures of products, total or partial suspension of production, refusal of the FDA to grant for new devices, withdrawal of existing marketing authorizations and criminal prosecution. Regulation of Companion Diagnostic Devices If a sponsor or the FDA believes that a diagnostic test is essential for the safe and effective use of a corresponding therapeutic product, the sponsor of the therapeutic product will typically work with a collaborator to develop an in vitro companion diagnostic device. The FDA defines an IVD companion diagnostic device as a device that provides information that is essential for the safe and effective use of a corresponding therapeutic product. The FDA has also introduced the concept of complementary diagnostics that are distinct from companion diagnostics because they provide additional information about how a drug is used or identify patients who are likely to derive the greatest benefit from therapy without being required for the safe and effective use of that drug. The FDA has not yet provided much guidance on the regulation and use of complementary diagnostics, but several have been approved. The FDA applies a risk-based approach to determine the regulatory pathway for IVD companion diagnostic devices, as it does with all medical devices. This means that the regulatory pathway will depend on the level of risk to patients, based on the intended use of the IVD companion diagnostic device and the QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 390 Government Regulations controls necessary to provide a reasonable assurance of safety and effectiveness. We expect that any IVD companion diagnostic device that we develop will utilize the PMA pathway and that a clinical trial performed under an IDE will have to be completed before the PMA may be submitted. The FDA expects that the therapeutic sponsor will address the need for an IVD companion diagnostic device in its therapeutic product development plan and that, in most cases, the therapeutic product and its corresponding IVD companion diagnostic device will be developed contemporaneously. If the companion diagnostic test will be used to make critical treatment decisions such as patient selection, treatment assignment, or treatment arm, it will likely be considered a significant risk device for which a clinical trial will be required. The sponsor of the IVD companion diagnostic device will be required to comply with the FDA’s IDE requirements that apply to clinical trials of significant risk devices. If the diagnostic test and the therapeutic drug are studied together to support their respective approvals, the clinical trial must meet both the IDE and IND requirements. Products Intended for Non-clinical Use Some products manufactured by QIAGEN are intended for non-clinical use. These may include products intended for use in discovering and developing medical knowledge related to human disease and conditions and products for molecular research, genotyping, forensic and human identity testing, food and animal feed safety and quality testing, cancer research, microbiological research and animal pathogen research. They are not intended to produce results for clinical use and are not themselves the object of the research. These products do not have medical purpose and thus they are not considered medical devices under FDA regulations. A subset of products intended for non-clinical use are those that are sold for research purposes and are therefore labeled “For Research Use Only” (RUO). RUO refers to devices that are in the laboratory phase of development or are intended only for non-clinical research purposes with goals other than the development of a commercial IVD product, while investigational use only, or IUO, refers to devices that are in the product testing phase of development. These types of devices are exempt from most regulatory controls pursuant to long-standing FDA guidance on RUO/IUO diagnostics (refer to “Distribution of In Vitro Diagnostic Products Labeled for Research Use Only or Investigational Use Only. Guidance for Industry and Food and Drug Administration Staff”, issued November 25, 2013). The other products intended for non-clinical use are referred to by QIAGEN as “for molecular biology applications” or more recently directly as “for non- clinical applications” (mainly instruments). Because QIAGEN does not promote non-clinical use products for IVD purposes, we believe that these products are exempt from the FDA’s premarket review and other requirements. If the FDA were to disagree with our designation of any of these products, we could be forced to stop selling the product until we obtain appropriate regulatory clearance or approval. Further, it is possible that some of our products intended for non-clinical use may be lawfully used by some laboratories in their LDTs, which they may then develop, validate and use for IVD purposes. QIAGEN does not promote any products for non-clinical applications for use in LDTs or assist in the development of such LDTs for IVD purposes. HIPAA and Other Privacy and Security Laws The Health Insurance Portability and Accountability Act of 1996 (HIPAA) established comprehensive federal standards for the privacy and security of health information. The HIPAA standards apply to health plans, healthcare clearing houses, and healthcare providers that conduct certain healthcare transactions electronically (Covered Entities,), as well as individuals or entities that perform services for them involving the use, or disclosure of, individually identifiable health information or “protected health information” under HIPAA. Such service providers are called “Business Associates." Title II of HIPAA, the Administrative Simplification Act, contains provisions that address the privacy of health data, the security of health data, the standardization of identifying numbers used in the healthcare system and the standardization of certain healthcare transactions. The privacy regulations protect medical records and other protected health information by limiting their use and release, giving QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 391 Government Regulations patients the right to access their medical records and limiting most disclosures of health information to the minimum amount necessary to accomplish an intended purpose. The HIPAA security standards require the adoption of administrative, physical, and technical safeguards and the adoption of written security policies and procedures to maintain the security of protected health information. Congress subsequently enacted Subtitle D of the Health Information Technology for Economic and Clinical Health Act (HITECH) provisions of the American Recovery and Reinvestment Act of 2009. HITECH expanded and strengthened HIPAA, created new targets for enforcement, imposed new penalties for noncompliance and established new breach notification requirements for Covered Entities and Business Associates. Under HITECH's breach notification requirements, Covered Entities must report breaches of protected health information that has not been encrypted or otherwise secured. Required breach notices must be made as soon as is reasonably practicable, but no later than 60 days following discovery of the breach. Reports must be made to affected individuals and to the Secretary and, in some cases depending on the size of the breach, they must be reported through local and national media. Breach reports can lead to investigation, enforcement and civil litigation, including class action lawsuits. Our Redwood City entity serves in some cases as a Business Associate to customers who are subject to the HIPAA regulations. In this capacity, we maintain an active compliance program that is designed to identify security incidents and other issues in a timely fashion and enable us to remediate, mitigate harm or report if required by law. We are subject to prosecution and/ or administrative enforcement and increased civil and criminal penalties for non-compliance, including a four-tiered system of monetary penalties adopted under HITECH. We are also subject to enforcement by state attorneys general who were given authority to enforce HIPAA under HITECH. To avoid penalties under the HITECH breach notification provisions, we must ensure that breaches of protected health information are promptly detected and reported within the company, so that we can make all required notifications on a timely basis. However, even if we make required reports on a timely basis, we may still be subject to penalties for the underlying breach. California has also adopted the California Consumer Privacy Act of 2018, or CCPA, which took effect on January 1, 2020 and became enforceable by the state attorney general on July 1, 2020. The CCPA establishes a new privacy framework for covered businesses by creating an expanded definition of personal information, establishing new data privacy rights for consumers in the State of California, imposing special rules on the collection of consumer data from minors, and creating a new and potentially severe statutory damages framework for violations of the CCPA and for businesses that fail to implement reasonable security procedures and practices to prevent data breaches. The regulations issued under the CCPA have been modified several times. Additionally, a new privacy law, the California Privacy Rights Act, or CPRA, was approved by California voters in the election on November 3, 2020. The CPRA imposes additional data protection obligations on companies doing business in California, including additional consumer rights processes, limitations on data uses, new audit requirements for higher risk data, and opt outs for certain uses of sensitive data. It also created a new California data protection agency authorized to issue substantive regulations and could result in increased privacy and information security enforcement. The majority of the provisions became effective on January 1, 2023, and additional compliance investment and potential business process changes may be required. Similar laws have been adopted in other states (for example, Nevada, Virginia, Connecticut, Utah and Colorado) or proposed in other states and at the federal level, and if passed, such laws may have potentially conflicting requirements that would make compliance challenging. Many states have also implemented genetic testing and privacy laws imposing specific patient consent requirements and protecting test results by strictly limiting the disclosure of those results. State requirements are particularly stringent regarding predictive genetic tests, due to the risk of genetic discrimination against healthy patients identified through testing as being at a high risk for disease. We believe that we have taken the steps required of us to comply with health information privacy and security statutes and regulations, QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 392 Government Regulations including genetic testing and genetic information privacy laws in all jurisdictions, both state and federal. However, these laws constantly change, and we may not be able to maintain compliance in all jurisdictions where we do business. Failure to maintain compliance, or changes in state or federal laws regarding privacy or security could result in civil and/or criminal penalties, significant reputational damage and could have a material adverse effect on our business. Cyber Security and Artificial Intelligence The FDA has recently published new guidance’s to regulate significant aspects of cyber security and artificial intelligence and more are expected to come at the time of closing this report. QIAGEN is taking measures to update either standalone software or software driving IVD instruments, either for new devices or legacy devices, to fulfill the most recent requirements. U.S. Fraud and Abuse Laws and Other Healthcare Regulations A variety of state and federal laws prohibit fraud and abuse involving state and federal healthcare programs, as well as commercial insurers. These laws are interpreted broadly and enforced aggressively by various federal and state agencies, including the Centers for Medicare & Medicaid Services (CMS), the Department of Justice (DOJ), and the Office of Inspector General for the U.S. Department of Health and Human Services (OIG). The Company seeks to conduct its business in compliance with all applicable federal and state laws. State and federal fraud and abuse laws may be interpreted and applied differently, and arrangements and business practices could be subject to scrutiny under them by federal or state enforcement agencies. Sanctions for violations of these laws could result in a wide range of penalties, including but not limited to significant criminal sanctions and civil fines, among other penalties. The Anti-Kickback Statute The federal Anti-Kickback Statute (AKS) is a criminal statute that prohibits, in pertinent part, persons from knowingly and willfully soliciting, receiving, offering or paying remuneration, directly or indirectly, in cash or in kind, in exchange for or to induce a person: • To refer an individual to a person for the furnishing or arranging for the furnishing of any item or service for which payment may be made by federal healthcare programs; or • To purchase, lease, order, or arrange for or recommend purchasing, leasing, or ordering, any good, facility, service, or item for which payment may be made by a federal healthcare program. A person or entity does not need to have actual knowledge of the AKS or specific intent to violate it to have committed a violation. Recognizing that the AKS is broad and potentially applies to innocuous or beneficial arrangements, the OIG issued regulations, commonly known as “safe harbors,” which set forth certain requirements that, if fully met, insulate a given arrangement or conduct from prosecution under the AKS. The AKS also has statutory exceptions that provide protection similar to that of safe harbors. If, however, an arrangement does not meet every requirement of an exception or safe harbor, the arrangement does not necessarily violate the AKS. A facts-and-circumstances analysis is necessary to determine AKS compliance or lack thereof. Potential statutory penalties for violating the AKS include imprisonment and criminal fines. In addition, through application of other laws, conduct that violates the AKS can give rise to civil monetary penalties and possible exclusion from participation in Medicare, Medicaid, and other federal healthcare programs. Claims including items or services resulting from a violation of the AKS also constitute a false or fraudulent claim for purposes of the False Claims Act. In addition to the federal AKS, many states have their own anti-kickback laws. Often, these laws closely follow the language of the federal law, although they do not always have the same scope, exceptions, safe harbors or sanctions. In some states, these anti-kickback laws apply to both state healthcare programs and commercial insurers. The penalties for violating state anti-kickback provisions can be severe, including criminal and civil penalties (including penalties under the state false claims law), imprisonment, and exclusion from state healthcare programs. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 393 Government Regulations The False Claims Act The federal False Claims Act (FCA) imposes civil liability on any person or entity that, among other things, knowingly presents, or causes to be presented, to the federal government, claims for payment that are false or fraudulent; knowingly makes, uses, or causes to be made or used, a false statement or record material to a false or fraudulent claim or obligation to pay or transmit money or property to the federal government; or knowingly conceals or knowingly and improperly avoids or decreases an obligation to pay money to the federal government. The FCA also prohibits the knowing retention of overpayments (sometimes referred to as “reverse false claims”). In addition, the FCA permits a private individual acting as a “whistleblower” (also referred to as a “relator”) to bring FCA actions on behalf of the federal government under the statute’s qui tam provisions, and to share in any monetary recovery. The federal government may elect or decline to intervene in such matters, but if the government declines intervention, the whistleblower may still proceed with the litigation on the government’s behalf. Penalties for violating the FCA include payment of up to three times the actual damages sustained by the government, plus substantial per-claim statutory penalties, as well as possible exclusion from participation in federal healthcare programs. Various states have enacted similar laws modeled after the FCA that apply to items and services reimbursed under Medicaid and other state healthcare programs, and, in several states, such laws apply to claims submitted to any payor, including commercial insurers. There is also a federal criminal false claims statute that prohibits, in pertinent part, the making or presentation of a false claim, knowing such claim to be false, to any person or officer in the civil, military, or naval service or any department or agency thereof. Potential penalties for violating this statute include fines or imprisonment. Healthcare Fraud and False Statements The federal healthcare fraud statute criminalizes, in pertinent part, knowingly and willfully defrauding a healthcare benefit program, which is defined to include commercial insurers. A violation of this statute may result in fines, imprisonment, or exclusion from participation in federal healthcare programs. The federal criminal statute prohibiting false statements relating to health care matters prohibits, in pertinent part, knowingly and willfully (i) falsifying, concealing, or covering up a material fact, or (ii) making a materially false, fictitious, or fraudulent statement or representation, or making or using any materially false writing or document knowing that writing or document to contain any materially false, fictitious, or fraudulent statements, in connection with the delivery of or payment for healthcare benefits, items, or services. This statute also applies to healthcare benefit programs. A violation of this statute may result in fines or imprisonment. Civil Monetary Penalties Law The federal Civil Monetary Penalties Law (CMP Law) prohibits, among other things, (1) the offering or transfer of remuneration to a beneficiary of Medicare or a state healthcare program if the person knows or should know it is likely to influence the beneficiary’s selection of a particular provider, practitioner, or supplier of services reimbursable by Medicare or a state healthcare program, unless an exception applies; (2) employing or contracting with an individual or entity that the provider knows or should know is excluded from participation in a federal healthcare program; (3) billing for services requested by an unlicensed physician or an excluded provider; and (4) billing for medically unnecessary services. The potential penalties for violating the CMP Law include exclusion from participation in federal healthcare programs, substantial fines, and payment of up to three times the amount billed, depending on the nature of the offense. Physician Payments Sunshine Act The federal Physician Payments Sunshine Act (Sunshine Act) imposes reporting requirements on manufacturers of certain devices, drugs, biologics, and medical supplies for which payment is available under Medicare, Medicaid, or the Children’s Health Insurance Program (CHIP), with certain exceptions. Manufacturers to which the Sunshine Act applies must collect and report annually certain data on certain payments and transfers of value by them (and in some cases their distributors) to physicians, teaching hospitals, and certain QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 394 Government Regulations advanced non-physician healthcare practitioners, as well as ownership and investment interests held by physicians and their immediate family members. The reporting program (known as the Open Payments program) is administered by CMS. There are also an increasing number of state “sunshine” laws that require manufacturers to provide reports to state governments on pricing and marketing information. Several states have enacted legislation requiring manufacturers, including medical device companies to, among other things, establish marketing compliance programs, file periodic reports with the state, make periodic public disclosures on sales and marketing activities, and to prohibit or limit certain other sales and marketing practices. Failure to comply with the Sunshine Act or state equivalents could result in civil monetary penalties, among other sanctions, depending upon the nature of the violation. Foreign Corrupt Practices Act Despite extensive procedures to ensure compliance, we may also be exposed to liabilities under the U.S. Foreign Corrupt Practices Act (FCPA), which generally prohibits companies and their intermediaries from making corrupt payments to foreign officials for the purpose of obtaining or maintaining business or otherwise obtaining favorable treatment, and requires companies to maintain adequate record-keeping and internal accounting practices to accurately reflect the transactions of the company. We are also subject to a number of other laws and regulations relating to money laundering, international money transfers and electronic fund transfers. These laws apply to companies, individual directors, officers, employees and agents. Environment, Health and Safety We are subject to laws and regulations related to the protection of the environment, the health and safety of our employees and the handling, transportation and disposal of medical specimens, infectious and hazardous waste and radioactive materials. For example, the U.S. Occupational Safety and Health Administration (OSHA) has established extensive requirements relating specifically to workplace safety for healthcare employers in the United States This includes requirements to develop and implement multi-faceted programs to protect workers from exposure to blood-borne pathogens, such as HIV and hepatitis B and C, including preventing or minimizing any exposure through needle stick injuries. For purposes of transportation, some biological materials and laboratory supplies are classified as hazardous materials and are subject to regulation by one or more of the following agencies: the U.S. Department of Transportation, the U.S. Public Health Service, the U.S. Postal Service and the International Air Transport Association. The U.S. Environmental Protection Agency (EPA) has also promulgated regulations setting forth importation, labelling, and registration requirements, among others, which may apply to certain products and/or establishments of the company. Rest of the World Regulation In addition to regulations in the United States and the EU, we are subject to a variety of regulations governing clinical studies and commercial sales and distribution of molecular testing instruments, consumables and digital solutions in other jurisdictions around the world. These laws and regulations typically require the licensing of manufacturing facilities, as well as controlled research, testing and governmental authorization of product candidates. Additionally, they may require adherence to good manufacturing, clinical and laboratory practices. We must obtain marketing authorization from regulatory authorities in all countries where we distribute our products. The requirements governing the conduct of product authorization, pricing and reimbursement vary greatly from country to country. If we fail to comply with applicable regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory authorizations, product recalls, seizure of products, operating restrictions, or criminal prosecution. Reimbursement United States In the United States, payments for diagnostic tests come from several sources, including commercial insurers, (which might include health maintenance organizations and preferred provider organizations); government healthcare QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 395 Government Regulations programs (such as Medicare or Medicaid); and, in many cases, the patients themselves. For many years, federal and state governments in the United States have pursued methods to reduce the cost of healthcare delivery. For example, in 2010, the United States enacted major healthcare reform legislation known as the Patient Protection and Affordable Care Act (ACA). Such changes have had, and are expected to continue to have, an impact on our business. In addition, in August 2011, the Budget Control Act of 2011, among other things, created measures for spending reductions by Congress. A Joint Select Committee on Deficit Reduction, tasked with recommending a targeted deficit reduction of at least $1.2 trillion for the years 2013 through 2021, was unable to reach required goals, thereby triggering the legislation’s automatic reduction to several government programs. This includes aggregate reductions of Medicare payments to providers up to 2% per fiscal year, and, due to subsequent legislative amendments, will remain in effect through 2032 unless additional Congressional action is taken. We frequently identify value propositions on our products and communicate them to payors, providers, and patient stakeholders and attempt to positively impact coverage, coding and payment pathways. However, we have no direct control over payor decisions with respect to coverage and payment levels for our products. The manner and level of reimbursement may depend on the site of care, the procedure(s) performed, the final patient diagnosis, the device(s) and/or drug(s) utilized, the available budget, or a combination of these factors, and coverage and payment levels are determined at each payor’s discretion. Changes in reimbursement levels or methods may positively or negatively affect sales of our products in any given country for any given product. At QIAGEN, we work with several specialized reimbursement consulting companies and maintain regular contact with payors. As government programs seek to expand healthcare coverage for their citizens, they have at the same time sought to control costs by limiting the amount of reimbursement they will pay for particular procedures, products or services. Many third-party payors have developed payment and delivery mechanisms to support cost control efforts and to focus on paying for quality. Such mechanisms include payment reductions, pay-for-performance metrics, quality-based performance payments, restrictive coverage policies, studies to compare effectiveness and patient outcomes, and technology assessments. These changes have increased emphasis on the delivery of more cost-effective and quality-driven healthcare. Code Assignment In the United States, a third-party payor's decisions regarding coverage and payment are impacted, in large part, by the specific Current Procedural Terminology (CPT) code used to identify a test. The American Medical Association (AMA) publishes the CPT, which identifies codes, along with descriptions, for reporting medical services and procedures. The purpose of the CPT is to provide a uniform language that accurately describes medical, surgical, and diagnostic services and thereby to ensure reliable nationwide communication among healthcare providers, patients, and third-party payors. CMS uses its own Healthcare Common Procedure Coding System (HCPCS) codes for medical billing and reimbursement purposes. Level I HCPCS codes are comprised of current CPT codes, while Level II HCPCS codes primarily represent non-physician services and Level III HCPCS codes are local codes developed by Medicaid agencies, Medicare contractors and commercial insurers. Proprietary Laboratory Analyses (PLA) Codes are an addition to the CPT® code set approved by the AMA CPT® Editorial Panel. They are alpha- numeric CPT codes with a corresponding descriptor for laboratories or manufacturers that want to more specifically identify their test. A manufacturer of in vitro diagnostic kits or a provider of laboratory services may request establishment of a Category I CPT code for a new product or a PLA Code or both. In addition, Z-Code identifiers are unique five-character alphanumeric codes associated with a specific molecular diagnostic test. When a claim is submitted to a payor for molecular diagnostic testing, it includes the associated CPT code and, if required, the applicable Z-Code identifier. Assignment of a specific CPT code ensures routine processing and payment for a diagnostic test by both commercial insurers and government payors. The AMA has specific procedures for establishing a new CPT code and, if appropriate, for modifying existing nomenclature to incorporate a new test into an existing code. If the AMA concludes that a new code or modification of QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 396 Government Regulations nomenclature is unnecessary, the AMA will inform the requestor how to use one or more existing codes to report the test. While the AMA's decision is pending, billing and collection may be sought under an existing, non-specific CPT code (among other existing CPT codes). A manufacturer or provider may also decide not to request assignment of a CPT code and instead use an existing, non-specific (or other) CPT code (or codes) for reimbursement purposes. However, use of non-specific codes may result in more frequent denials and/or requests for supporting clinical documentation from the third-party payor and in lower reimbursement rates, which may vary based on geographical location. CMS reimbursement rates for clinical diagnostic tests are defined by CPT and HCPCS codes in the Clinical Laboratory Fee Schedule (CLFS). In 2012, the AMA added 127 new CPT codes for molecular pathology services that became effective on January 1, 2013. These new CPT codes are biomarker specific and were designed to replace the previous methodology of billing for molecular pathology testing, which involved “stacking” a series of non-biomarker specific CPT codes together to describe the testing performed. CMS issued final national reimbursement amounts for the new CPT codes in November 2013. These federal reimbursement amounts are widely acknowledged to be lower than the reimbursement obtained by the now outdated “stacking” method, but commercial insurers and Medicare contractors are still in the process of solidifying their coverage and reimbursement policies for the testing described by these new CPT codes. As of January 1, 2018, in accordance with the Protecting Access to Medicare Act of 2014 (PAMA), applicable laboratories are required to report to CMS commercial insurer payment rates and volumes for their tests. CMS uses the data reported and the HCPCS code associated with the test to calculate a weighted median payment rate for each test, which is used to establish revised Medicare CLFS reimbursement rates for certain clinical diagnostic laboratory tests (CDLTs), subject to certain phase-in limits. For a CDLT that is assigned a new or substantially revised CPT code, the initial payment rate is assigned using the gap-fill methodology. If the test at issue falls into the category of new advanced diagnostic laboratory test (ADLT) instead of CDLT, the test will be paid based on an actual list charge for an initial period of three quarters, before being shifted to the weighted median commercial insurer rate reported by the laboratory performing the ADLT. Laboratories offering ADLTs are subject to recoupment if the actual list charge exceeds the weighted median private payor rate by a certain amount. Since December 2019, Congress has passed a series of laws to modify PAMA’s statutory requirements related to the data reporting period and phase- in of payment reductions under the CLFS for CDLTs that are not ADLTs. Most recently, the Continuing Appropriations and Extensions Act, 2025 2025 (Pub. L. 118-83, enacted on September 26, 2024) further delayed the reporting requirement as well as the application of the 15 percent phase-in reduction. Under these statutory provisions, the next data reporting period for CDLTs that are not ADLTs will be January 1, 2026 through March 31, 2026, and will be based on the most recent data collection period of January 1, 2019 through June 30, 2019. After this data reporting period, the three-year data reporting cycle for these tests will resume (e.g., 2029, 2032, etc.). This same series of laws passed since December 2019 also modified the phase- in of payment reductions resulting from private payor rate implementation so that a 0.0 percent reduction limit was applied for calendar years 2021 through 2024, as compared to the payment amounts for a test the preceding year. The Continuing Appropriations and Extensions Act, 2025 further applied a 0.0 reduction limit for calendar year 2025. As a result, payment may not be reduced by more than 15 percent per year for calendar years 2026, 2027, and 2028, as compared to the payment amount established for a test the prior year. CMS’s methodology under PAMA (as well as the willingness of commercial insurers to recognize the value of diagnostic testing and pay for that testing accordingly) renders commercial insurer payment levels even more significant. This calculation methodology has resulted in significant reductions in reimbursement, even though CMS imposed caps on those reductions. Given the many uncertainties built into PAMA’s price-setting process, it is difficult to QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 397 Government Regulations predict how payments made by CMS under the CLFS may change from year to year. Coverage Decisions When deciding whether to cover a particular diagnostic test, third-party payors generally consider whether the test is a medically necessary and, if so, whether the test will directly impact clinical decision making. For coverage, the testing method should be considered scientifically valid to identify the specific gene biomarker or gene mutation, and must have been demonstrated to improve clinical outcomes for the patient’s condition. Coverage of a drug therapy and its companion diagnostic for cancer treatment indications may be validated by a NCCN category 1, 2A or 2B recommendation. However, most third-party payors do not cover experimental services. Coverage determinations are often influenced by current standards of practice and clinical data, particularly at the local level. CMS has the authority to make coverage determinations on a national basis, but most Medicare coverage decisions are made at the local level by contractors that administer the Medicare program in specified geographic areas. Commercial insurers and government payors have separate processes for making coverage determinations, and commercial insurers may or may not follow Medicare's coverage decisions. If a third-party payor has a coverage determination in place for a particular diagnostic test, billing for that test must comply with the established policy. Otherwise, the third-party payor makes reimbursement decisions on a case-by-case basis. Payment Payment for covered diagnostic tests is determined based on various methodologies, including prospective payment systems and fee schedules. In addition, commercial insurers may negotiate contractual rates with participating providers, establish fee schedule rates, or set rates as a percentage of the billed charge. Diagnostic tests furnished to Medicare inpatients generally are included in the bundled payment made to the hospital under Medicare's Inpatient Prospective Payment System, utilizing Diagnosis Related Groups (DRGs) depending on the patient’s condition. Payment rates for diagnostic tests furnished to Medicare beneficiaries in outpatient settings are the lesser of the amount billed, the local fee for a geographic area, or a national limit. Each year, the fee schedule is updated for inflation and could be modified by Congress in accordance with the CLFS rules and provisions. Medicaid programs generally pay for diagnostic tests based on a fee schedule, but reimbursement varies by geographic region. European Union In the European Union, the reimbursement mechanisms used by private and public health insurers vary by country. For the public systems, reimbursement is determined by guidelines established by the legislator or responsible national authority. As elsewhere, inclusion in reimbursement catalogues focuses on the medical usefulness, need, quality and economic benefits to patients and the healthcare system. Acceptance for reimbursement comes with cost, use and often volume restrictions which, again, can vary by country. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 398 Controls and Procedures Disclosure Controls and Procedures Our Managing Directors, with the assistance of other members of management, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based on that evaluation, they concluded that as of December 31, 2024, our disclosure controls and procedures were effective to ensure that information required to be disclosed by us in the reports that we file is recorded, processed, summarized and reported in a timely manner and is accumulated and communicated to our management, including our Managing Directors, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, no matter how well designed, such as the possibility of human error and the circumvention or overriding of the controls and procedures. Therefore, even those systems determined to be effective may not prevent or detect misstatements and can provide only reasonable assurance of achieving their control objectives. In addition, any determination of effectiveness of controls is not a projection of any effectiveness of those controls to future periods, as those controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. Changes in Internal Control over Financial Reporting There has been no change in our internal control over financial reporting during 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. QIAGEN N.V. | IFRS Annual Report 2024 Overview Management Report Corporate Governance Financial Statements Appendices Page 399 Signatures Venlo, the Netherlands, April 28, 2025 QIAGEN N.V. Thierry BernardRoland Sackers Chief Executive OfficerChief Financial Officer