Book size: 1050; Registration: Reg S Only; Comments: EUR300m 5yr fxd cpn 2.75% at 99.738, yld 2.807%. Spread: MS+40bps. DBR 0% Feb-2031 +53.6bps (Spot 89.4 / HR 105%). LEI: RIL4VBPDB0M7Z3KXSF19;

Reoffer: 5yr: MS+40bp / 99.738 / 2.807% Benchmark: DBR 0% Feb-2031 @ 89.4 / B+53.6bp (HR 105%) Final Books: €1.05bn+ (incl. €170m JLM) Peak Book: €1.1bn+ (pre-rec, incl. €185m JLM) Launched: 5yr: €300m @ MS+40bp IPT: 5yr: MS+47bp area Issuer: Arion Bank HF (ticker: ARION) LEI: RIL4VBPDB0M7Z3KXSF19 Expected Issue Ratings: Aa1 (Moody's) Form: NSS Registered Notes Status: European Covered Bond (Premium) Size: €300m Issue Date: 24-Feb-26 (T+5) Maturity Date: 24 February 2031 Extended Maturity Date: 24 February 2032 Reoffer: MS+40bp / 99.738 / 2.807% Benchmark: DBR 0% Feb-2031 +53.6bp (Spot 89.4 / HR 105%) Coupon: 2.75%, Fixed, Annual, Act/Act (ICMA) Denominations: €100k + €1k Business Days: T2 ISIN: XS3299432248 Governing Law: English law, except for Condition 3 which will be governed by, and construed in accordance with, Icelandic law Documentation: Arion Bank's €3,500,000,000 European Covered Bond (Premium) Programme dated 18 December 2025 (the "Base Prospectus") Global Co-Ordinator and Sole Structuring Bank: Barclays Joint Bookrunners: Barclays / DZ Bank / Erste Group / UBS (DM/B&D) Listing: Luxembourg Stock Exchange Regulated Market Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance, as appropriate) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK Selling Restrictions: Reg S Category 2; TEFRA not applicable. Other selling restrictions as per the Issuer's €3,500,000,000 Euro Covered Bond (Premium) Programme dated 18 December 2025 Stabilisation: Relevant stabilisation regulations including FCA / ICMA apply Timing: Priced. TOE: 14:19 CET / FTT: 14:30 CET Advertisement: This document is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is available at the Issuer's website https://www.arionbanki.is/english/about-us/investor-relations/debt-investors-and-rating/funding-programmes-and-prospectuses/#arion_covered_bonds , and the Final Terms, when published, will be available at https://www.arionbanki.is/english/about-us/investor-relations/debt-investors-and-rating/final-terms-and-conditions/#sertryggd Investors should not subscribe for any Notes referred to in the materials except on the basis of information in the Base Prospectus and the Final Terms.