Commentary & Deal Flow

Reoffer: 2yr FRN: 3mE+35bp 5yr FXD: MS+65bp / 99.942 / 3.638%
Benchmark: 5yr FXD: OBL 2.5 04-Apr-31 #193 @ 98.490 / 2.822% / B+81.6bp (HR: 98%)

Tranche 1 (2yr FRN): Final Books north of €850m. Peak book €1.3bn.
Tranche 2 (5yr FXD): Final Books north of €2.6bn. Peak book €3.25bn.

Launched:
2yr FRN: €600m @ 3mE+35bp - Books north of €850m
5yr FXD: €900m @ MS+65bp - Books north of €2.6bn
Spread set at: 2yr FRN: 3mE+35bp / 5yr FXD: MS+65bp - Orderbooks north of €4.55bn (2yr: €1.3bn / 5yr: €3.25bn)
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
• Format: Senior, unsecured, Reg S Bearer,TEFRA D
• Trade Date: 27-Mar-26
• Settlement Date: 02-Apr-26 (T+4)
• Size:
• • 2-year FRN: €600m
  • 5-year FXD: €900m
• Maturity:
• • 2-year FRN: 02-Apr-28
  • 5-year FXD: 02-Apr-31
• Reoffer:
• • 2-year FRN: 3mE+35bps
  • 5-year FXD: MS+65bps / 99.942 / 3.638%
• Coupon:
• • 2-year FRN: 3mE+35bps Floating, Quart., ACT/360
  • 5-year FXD: 3.625% Fixed, Ann., ACT/ACT ICMA
• Benchmark:
• • 5-year FXD: OBL 2 ½ 04-Apr-31 #193 @ 98.490 / 2.822% / b+81.6bps (HR: 98%)
• Payment Days:
• • 2-year FRN: Modified Following, adjusted
  • 5-year FXD: Following, unadjusted
• MWC:
• • 5-year FXD: B+15bps
• ISIN / Common Code:
• • 2-year FRN: XS3319130731 / 331913073
  • 5-year FXD: XS3319131119 / 331913111
• TOE:
• • 2-year FRN: 14:53 UKT / 15:53 CET
  • 5-year FXD: 14:52 UKT / 15:52 CET
• 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: Priced. FTT: 15:15 UKT / 16:15 CET