Commentary & Deal Flow

IPTs: 4yr: MS+90/95bp 8yr: MS+120/125bp 6.5yr: G+105/110bp

• Issuer: Danone SA (Ticker: BNFP; Country: FR)
• Issuer Ratings: Baa1/BBB+ by Moody's/S&P (stable/stable)
• Exp Ratings of the Notes: Baa1/BBB+ by Moody’s/S&P
• Issuer LEI: 969500KMUQ2B6CBAF162
• Format: Senior, Unsecured, Reg S (Cat 2) Bearer Dematerialised Notes
• Joint Active Bookrunners: Barclays, BNP Paribas, Citi, J.P. Morgan (B&D), NatWest, Santander
• Pricing Date: 25-Mar-26
• Settlement Date: 01-Apr-26 (T+5)
• Size:
• • 4-Year Fixed: € Benchmark
  • 8-Year Fixed: € Benchmark
  • 6.5-Year Fixed: £ Benchmark
• Maturity Date:
• • 4-Year Fixed: 01-Apr-30
  • 8-Year Fixed: 01-Apr-34
  • 6.5-Year Fixed: 01-Oct-32
• Coupon:
• • 4-Year Fixed: Fixed, Ann., ACT/ACT ICMA
  • 8-Year Fixed: Fixed, Ann., ACT/ACT ICMA
  • 6.5-Year Fixed: Fixed, Ann., ACT/ACT ICMA, Short First Coupon
• Par Call:
• • 4-Year Fixed: 2-month
  • 8-Year Fixed: 3-month
  • 6.5-Year Fixed: 3-month
• Clean-up call:
• • 4-Year Fixed: Yes (75%)
  • 8-Year Fixed: Yes (75%)
• Documentation: EMTN programme (Base prospectus dated 24-Mar-26) / French Law / MWC / CoC / Euronext Paris
• Denominations:
• • 4-Year Fixed: €100,000 + 100,000
  • 8-Year Fixed: €100,000 + 100,000
  • 6.5-Year Fixed: £100,000 + 100,000
• MWC:
• • 4-Year Fixed: Bund + [●] bps
  • 8-Year Fixed: Bund + [●] bps
  • 6.5-Year Fixed: Gilt + [●] bps
• Benchmark:
• • 4-Year Fixed: DBR 0.000% 15-Feb-30
  • 8-Year Fixed: DBR 2.200% 15-Feb-34
  • 6.5-Year Fixed: UKT 4.250% 07-Jun-32
• Use of Proceeds: General Corporate Purposes
• ISIN:
• • 4-Year Fixed: FR0014017HN6
  • 8-Year Fixed: FR0014017HO4
  • 6.5-Year Fixed: FR0014017HM8
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the United Kingdom
• Selling Restrictions: As per Base Prospectus
• Advertisement: The Base Prospectus is available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (www.danone.com). The Final Terms, when available, will be also published on the website of the AMF (http://www.amf-france.org) and of Danone (www.danone.com).
• Timing: Books open, today’s business