Commentary & Deal Flow

Reoffer: 2NC1: 3mE+60 / 100
Guidance: 2NC1: 3mE+60/65bp

• Issuer: Vonovia SE (Ticker: ANNGR; Country: DE)
• Issuer LEI: 5299005A2ZEP6AP7KM81
• Issuer Rating: Baa1/BBB+/BBB+/A- (Moody's/S&P/Fitch/Scope)
• Expected Issue Rating: Baa1/BBB+ (Moody's/Fitch)
• Status / Form: Senior, Unsecured, Reg S Bearer Notes, TEFRA D
• Size: €1bn
• Settlement Date: 20-Apr-26 (T+8)
• Optional Redemption Date: 20-Apr-27
• Maturity Date: 20-Apr-28
• Reoffer Price: 100
• Coupon: Three-Month EURIBOR+60bps, Quarterly, Act/360
• Minimum Coupon: 0.00%
• Docs: DIP / Lux. Listing (regulated market) / German Law / €100k x 100k / Tax Call / CoC
• Covenants: Limitations on Incurrence of Debt: 1) Total Debt / Total Assets ≤ 60% 2) Secured Debt / Total Assets ≤ 45% Maintenance of Consolidated Coverage Ratio and Total Unencumbered Assets: 3) Interest Coverage Ratio (LTM Adjusted EBITDA to LTM Net Cash Interest) ≥ 1.8x 4) Total Unencumbered Assets / Unsecured Debt ≥ 125%
• Use of Proceeds: An amount equal to the net proceeds from the issuance of notes will be used to finance and/or refinance, in whole or in part, new or existing Eligible Social Assets, as defined in the February 2022 Sustainable Finance Framework
• EU MiFID II / UK MiFIR Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No CCI product summary or EU PRIIPs KID has been prepared as not available to retail in the UK, the EEA or elsewhere.
• Selling Restrictions: Yes, as set out in the Issuer’s EUR 40bn Debt Issuance Programme dated 23 March 2026
• Business Days: T2
• Clearing: Clearstream Banking S.A., Luxembourg / Euroclear Bank SA/NV, Brussels
• ISIN: XS3344378339
• Sole Bookrunner: Deutsche Bank (B&D)
• Timing: FTT 2pm London
• Advertisement: The Base Prospectus is available at https://www.luxse.com/issuer/Vonovia/70372 and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/). This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.