Commentary & Deal Flow

Reoffer: 5.5yr: MS+108bp / 99.78 / 3.924%
Benchmark: 5.5yr: OBL 2.5% Apr-31 (#193) @ 99.112 / B+123.3 / HR 107%

Final Books €2.7bn+. Peak book over €2.4bn (pre-rec).

Launched: 5.5yr: €500m @ MS+108bp - Books over 2.4bn (pre-rec)
IPTs: 5.5yr: MS+140bp area

• Issuer: TRATON Finance Luxembourg S.A. (Ticker: TRAGR, Country: LU)
• Issuer LEI: 529900BRKIE6LKIEXD84
• Guarantor: TRATON SE
• Guarantor LEI: 529900UIMQRKPFN6SV80
• Guarantor Rating: Baa2/BBB (Moody's/S&P)
• Exp. Issue Rating: Baa2/BBB (Moody's/S&P)
• Format: Green, Senior, Unsecured, RegS (Cat 2), Bearer
• Settlement: 13-May-26 (T+5)
• Tenor: 5.5-years
• Maturity: 13-Nov-31
• Size: €500m
• Re-offer: 99.780% / MS+108bps / 3.924% / B+123.3
• Coupon: 3.875%, Fixed, Annual, Act/Act (ICMA), Short First
• ISIN / Common Code: DE000A4ESDY8 / 332654357
• Ref BMK: OBL 2.5% 4/31 (#193) @ 99.112 (HR 107%)
• ToE: 15.33 UKT / 16.33 CET
• Denominations: €100,000 + €100,000
• Docs: TRATON’s Debt Issuance Programme dated 18-Mar-26 as supplemented on 04-May-26; 3m Par Call / Tax Call / Clean-up Call (80%) / CoC Investor Put (100%)
• Make-Whole Clause: Not applicable.
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: German law
• Selling restrictions: As per TRATON’s Debt Issuance Programme Prospectus dated 18-Mar-26 as supplemented on 04-May-26
• Use of Proceeds: Financing and/or refinancing of Eligible Green Projects and Assets in accordance with the TRATON Green Finance Framework
• GFF and SPO: The Green Finance Framework is available on: https://ir.traton.com/media/document/e2f9d3fa-9234-4c1f-95b0-f9681389cfa9/assets/20251021_TRATON_Green_Finance_Framework.pdf?disposition=inline and the SPO by S&P is available on: https://ir.traton.com/media/document/9ab9317b-72ea-4bff-9976-344968566c06/assets/Traton_SE-FInal_report_2025Oct27.pdf?disposition=inline
• Green Structuring Advisor: SEB
• Joint Active Bookrunners: Crédit Agricole CIB, Mizuho (B&D), SEB
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) is eligible counterparties and professional clients. No PRIIPs or UK PRIIPs key information document (KID) will be prepared – Out of Scope
• Marketing: Green Finance Framework Investor Presentation (Nov 2025) and respective voice-over available on: https://ir.traton.com/en/greenfinance
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation, as amended. It is not a prospectus. The Base Prospectus dated 18-Mar-26 and any supplements are available and the Final Terms, when published, will be available at: https://www.luxse.com/
• Timing: PRICED / FTT 16 UKT / 17 CET