Commentary & Deal Flow

Mundys SpA (ATLIM) EUR500m (WNG) Reg S sustainability-linked sr notes due 09/29/31 (6y). NCL (MWC) (3mo par call). Expected issue ratings Ba1/BB+/BB (Consolidated credit quality by Moody’s: Baa3 (Stable), Issuer Rating by S&P: BB+ (Stable), Consolidated credit profile by Fitch: BBB- (Stable)). Via BNP/BofA (B&D)/CACIB jt glocos/Banca Akros/Barc/IMI/Mediobanca/RBC/UniCred jt active books/BPER/JPM/SMBC/SG jt books. Sustainability Structuring Coordinator: CACIB. List Euronext Dublin (Regulated Market). English Law. Off the EMTN Programme. Material Asset Sale Put Event. Annual pay (Act/Act ICMA). Denom: €100k x €1k. Settle 9/29 (T+5). ISIN XS319225463. IPTs: 4.125% area. Guidance: 3.75-3.875% yield.
Final terms: EUR500m at 3.70% yield.

Books subject at 12:30 UKT / 13.30 CET. Pricing 9/22. Books above EUR2.25bn (pre-rec, good at tight end of guidance). UOP: gcp. Biz: a leading diversified global infrastructure group with a long term concession portfolio, comprising of motorways, airports and mobility services. HQ: Rome, Italy.

KPI 1 Condition: Reduction in absolute GHG Scope 1 and 2 Emissions by 50% (the “Scope 1 and 2 Emissions Percentage Threshold”) by 2030 (the “Reference Year”) compared to 2019 baseline

KPI 2 Condition: Reduction in Motorways Scope 3 purchased goods and services GHG emissions intensity (tCO2e per million km), by 22% (the “Motorways Scope 3 Emissions Percentage Threshold”) by 2030 (the “Reference Year”) compared to 2019 baseline

KPI 3 Condition: Reduce ADR Scope 3 emissions (Aircrafts’ Landing & Take-off) by 18.9% (the “ADR Scope 3 Emissions Percentage Threshold”) by 2030 (the “Reference Year”) compared to 2024 baseline

Premium Payment Amount per KPI: 25bps upon failure to satisfy KPI 1 Condition 25bps upon failure to satisfy KPI 2 Condition 25bps upon failure to satisfy KPI 3 Condition (For a maximum cumulative premium of 75bps)

Premium Payment Date: The Maturity Date (or, if applicable, the date on which the Notes are fully redeemed pursuant to the Issuer Maturity Par Call Option or the MWC in the circumstances set out in Condition 5(k) (Step Up and Premium Payment) of the EMTN Programme Base Prospectus)

Premium Payment Trigger Event(s): Independent Premium Payment Trigger Event for each KPI Event. Premium Payment Trigger Event(s) will occur if the Issuer fails to satisfy the KPI 1 Condition or the KPI 2 Condition or the KPI 3 Condition, in each case in accordance with the Conditions of the EMTN Programme Base Prospectus

Sustainability-Linked Financing Framework: Published in May 2025 https://www.mundys.com/sites/default/files/documents/Mundys%20Sustainability-linked%20Financing%20Framework_2025.pdf

SPO: A Second Party Opinion on Sustainability-Linked Financing Framework delivered by Sustainalytics and dated 26 May 2025 is available at https://www.mundys.com/sites/default/files/documents/Mundys%20Sustainability-Linked%20Financing%20Second-Party%20Opinion_2025.pdf