Commentary & Deal Flow

Orderbooks north of €4.55bn (2yr: €1.3bn / 5yr: €3.25bn)

Spread set at: 2yr FRN: 3mE+35bp 5yr FXD: MS+65bp

IPTs: 2yr FRN: 3mE+55/60bp 5yr FXD: MS+100a

• Issuer: Henkel AG & Co. KGaA (Ticker: HEN3, Country: Germany)
• Issuer LEI: 549300VZCL1HTH4O4Y49
• Issuer Rating: A2 (stable) by Moody’s and A (stable) by S&P
• Exp. Issue Rating: A by S&P
• Ranking: Senior Unsecured
• Format: Reg S Bearer, TEFRA D
• Size:
• • 2-year FRN: € Bmk
  • 5-year FXD: € Bmk
  • Note: Total size €1.5bn (max), skewed to 5yr
• Maturity:
• • 2-year FRN: 02-Apr-28
  • 5-year FXD: 02-Apr-31
• Coupon:
• • 2-year FRN: Floating, Quart., ACT/360
  • 5-year FXD: Fixed, Ann., ACT/ACT ICMA
• Payment Days:
• • 2-year FRN: Modified Following, adjusted
  • 5-year FXD: Following, unadjusted
• Par Call:
• • 5-year FXD: 3m
• Early Redemption:
• • 2-year FRN: Tax Call
  • 5-year FXD: Make-Whole Call / Tax Call / Clean-up Call (80%)
• Docs: Debt Issuance Programme dated 18-Mar-26, as supplemented on 26-Mar-26 / Lux. Listing Regulated Market / German Law / €100k+100k
• Selling Restrictions: As per Debt Issuance Programme dated 18-Mar-26, as supplemented on 26-Mar-26
• Sales to Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UoP: General corporate purposes, including acquisition financing
• Target Market: The manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels for eligible counterparties and professional clients)
• Global Coordinators: Citigroup (B&D)
• Joint Bookrunners: BofA Securities, Citigroup (B&D), HSBC, ING, Santander, UniCredit
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.luxse.com/programme/Programme-HenkelAG-Co/12515
• Timing: Books subject at 12.15 UKT / 13.15 CET
• Trade Date: 27-Mar-26
• Settle: 02-Apr-26 (T+4)
• ISIN:
• • 2-year FRN: XS3319130731
  • 5-year FXD: XS3319131119