Commentary & Deal Flow

Reoffer: 8yr: MS+120bp / 99.309 / 4.103% Tap Sep-31: MS+100bp / 87.804 / 3.795%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 95.640 / B+127.7bp / HR 99% Tap Sep-31: DBR 0 15-Aug-31 @ 87.020 / B+116.1bp / HR 98%

8yr: Final Books €3.6bn+. Peak book €4.1bn+ (pre-rec)
Tap Sep-31: Final Books €1.3bn+. Peak book €1bn+ (pre-rec)

Launched:
8yr: €650m @ MS+120bp - Books €4.1bn+ (pre-rec)
Tap Sep-31: €250m @ MS+100bp - Books €1bn+ (pre-rec)
Guidance: 8yr: MS+125a (Books €3.6bn+) Tap Sep-31: MS+105a (Books €750m+) - Combined books in excess of €4.35bn (pre-rec)
IPTs: 8yr: MS+160/165bp Tap Sep-31: MS+120/125bp

• Issuer: HOCHTIEF Aktiengesellschaft (Ticker: HOTGR; Country: Germany)
• Issuer LEI: 529900Y25S8NZIYTT924
• Issuer Rating: BBB- (stable) by S&P
• Exp. Issue Rating: BBB- by S&P
• Format: Senior, unsecured, Reg S Bearer, TEFRA D
• Trade Date: 08-Apr-26
• Settlement Date: 15-Apr-26 (T+5)
• Size:
• • 8-year: €650m
  • Tap: €250m
• Maturity:
• • 8-year: 15-Apr-34
  • Tap: 03-Sep-31
• Reoffer:
• • 8-year: MS+120bps / 99.309 / 4.103%
  • Tap: MS+100bps / 87.804 clean price + accrued 224 days / 3.795%
• Reference:
• • 8-year: 127.7bps vs DBR 2.2 15-Feb-34 (95.640/ 2.826%) HR 99%
  • Tap: 116.1bps vs DBR 0 15-Aug-31 (87.020 / 2.634%) HR 98%
• Coupon:
• • 8-year: 4%, Ann., ACT/ACT ICMA
  • Tap: 1.250%, Ann., ACT/ACT ICMA
• Payment Days: Following, unadjusted
• ISIN:
• • 8-year: DE000A46ZW17
  • Tap: DE000A2YN2V0
• Par Call: 3m
• Early Redemption:
• • 8-year: Tax call / Clean-Up call (75%) / Change of Control
  • Tap: Tax call / Clean-Up call (80%) / Change of Control
• Docs: Debt Issuance Programme dated 07-Apr-26 / Lux. Listing Regulated Market / German Law / €1k+1k
• Selling Restrictions: As per Debt Issuance Programme
• UoP: General corporate purposes, including financing the Thiess Put Option
• Target Market: The manufacturer target market (MIFID II product governance) is eligible counterparties, professional clients and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a medium term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear no/small loss and (5) the risk tolerance and compatibility of the risk/reward profile corresponding to 3 as Summary Risk Indicator (SRI). (all distribution channels).
• Global Coordinators: HSBC, J.P. Morgan
• Joint Bookrunners: BNP Paribas(B&D), CaixaBank, HSBC, J.P. Morgan
• 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
• Timing: TOE : 15.35 UKT (8s), 15:37UKT (tap) FTT : 16.15 UKT