Share based payments

6 Months Ended

Jun. 30, 2026

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share based payments

Share-based payments

The Company has an equity incentive plan for the employees, key consultants, board members, senior managers

and key outside advisors (“key persons”) of the Company and its subsidiaries. In accordance with the term of the

plan, as approved by shareholders, employees may be granted stock options and/or restricted stock units and/or

performance stock units.

Stock options

The stock options are granted to key persons of the Company and its subsidiaries. The stock options may be granted

to purchase ordinary shares at an exercise price. The stock options have been granted free of charge. Each

employee’s stock option converts into one ordinary share of the Company upon exercise. The stock options carry

neither rights to dividends nor voting rights. Stock options may be exercised at any time from the date of vesting to

the date of their expiry.

The stock options granted vest, in principle, as follows:

•1/3rd of the total stock options granted on the first anniversary of the granting of the stock options; and

•1/36th of the total grant on the first day of each month following the first anniversary of the date of grant of the stock

options.

Stock options granted to any non-executive directors vest on the third anniversary of the date of grant. For grants as

of January 1, 2026, stock options granted to an executive director vests on the third anniversary of the date of grant.

Upon leave of the key persons stock options must be exercised before the later of (i) 90 days after the last working

day at argenx, or (ii) March 31 of the 4th year following the date of grant of those stock options, and in any case no

later than the expiration date of the option.

No other conditions are attached to stock options.

Below is an overview of the parameters used in relation to the new grant during the six months ended June 30, 2026:


Stock options granted in	March 2026		June 2026 1)
Number of options granted	18,983		397,549
Average Fair value of options (in $) 2)	250.03 - 308.64		369.26 - 401.72
Share price (in $) 2)	713.80 - 822.80		924.51
Exercise price (in $) 2)	704.83		894.88
Expected volatility	38.81 - 39.99%	%	38.60%
Average Expected option life (in years)	4.30 - 6.50		5.34 - 6.36
Risk‑free interest rate	2.48 - 2.59%	%	2.48 - 2.52%
Expected dividends	–%	%	–%

1)In June 2026, the Company granted a total of 397,549 stock options of which 109,627 stock options to Belgian taxed beneficiaries. Belgian taxed beneficiaries can choose between a contractual term of five or ten years. The expected option life ranges between 4.16 and 6.36 years. This estimate will be reassessed once the acceptance period of 60 days has passed and the beneficiaries will have made a choice between a contractual term of five or ten years. The total difference in fair value of the grant to Belgian taxed beneficiaries would not be material irrespective of 100% of the stock options of Belgian taxed beneficiaries with a contractual term of five or ten years. 2)Amounts have been converted to USD at the applicable rate prevailing at the grant date.

The total share-based payment expense related to stock options recognized in the unaudited condensed

consolidated interim statement of profit or loss totaled $52 million for the six months ended June 30, 2026 compared

to $55 million for the six months ended June 30, 2025.

Restricted Stock Units (RSUs)

The RSUs are granted to key persons of the Company and its subsidiaries. The RSUs have been granted free of

charge. Each employee’s RSUs converts into one ordinary share of the Company upon vesting. The RSUs carry

neither rights to dividends nor voting rights. RSUs once converted into ordinary shares, may be sold at any time from

the date of vesting, have no expiry date and may be held by the participant without limitation. The fair value of RSUs

is based on the closing sale price of our Company’s common stock on the day prior to the date of issuance. RSUs

vest over a period of four years with 1/4th of the total grant vesting at each anniversary of the date of grant.

RSUs granted to non-executive directors prior to the year ended December 31, 2024 vest over a period of four years

with 1/4th of the total grant vesting at each anniversary of the date of grant. RSUs granted to non-executive directors

in the year ended December 31, 2024 and 2025 vest at the one year anniversary of the grant and are subject to a

holding period of three years after vesting. RSUs granted to non-executive directors as of January 1, 2026 are not

subject to vesting conditions upon grant, but are subject to a holding period of four years from grant date. The

Company has assessed a reduction in fair value associated to RSUs subject to a holding period.

The total share-based payment expense related to RSUs recognized in the unaudited condensed consolidated

interim statements of profit or loss totaled $59 million for the six months ended June 30, 2026 compared to $56

million for six months ended June 30, 2025.

Performance Stock Units (PSUs)

The PSUs are granted to key persons of the Company and its subsidiaries. The PSUs have been granted free of

charge. Each employee’s PSUs converts into one ordinary share of the Company upon vesting. The PSUs carry

neither rights to dividends nor voting rights. PSUs once converted into ordinary shares have no expiry date and may

be held by the participant without limitation. The fair value of PSUs is based on the closing sale price of our

Company’s common stock on the day prior to the date of issuance.

PSUs vest at the end of their three-year performance period. Pay-out levels depend upon the achievement of

performance measures, subject to threshold, target and maximum levels as determined by the Board. PSUs have a

maximum upside payout opportunity of 150% of target.

The total share-based payment expense related to PSUs recognized in the unaudited condensed consolidated

interim statements of profit or loss totaled $6 million for the six months ended June 30, 2026. The Company’s first

grant of PSUs was on June 30, 2025.