Commentary & Deal Flow

Arla Foods amba (Arla Foods), a major international dairy cooperative and ranked among the world's largest dairy companies, (ticker: "ARLA", country: DK) rated BBB (Stable) by S&P, has mandated BNP Paribas, Danske Bank, HSBC and SEB as Joint Bookrunners to organize a series of fixed income investor calls on the 11th and 12th of May 2026. Marketing has now concluded with over 65 investors engaged. An investor presentation with pre-recorded voiceover has been made available. HSBC is coordinating logistics.

An inaugural EUR dual-tranche, senior unsecured, Reg S Bearer, offering across €500m (WNG) 3-year and €500m (WNG) 7-year tenors is expected to follow as soon as tomorrow (Wednesday 13th May), subject to market conditions.

• Expected Issue Rating: BBB by S&P
• Programme: Arla Foods’ €3bn EMTN Programme dated 8-May-26
• Use of Proceeds: To refinance existing debt, granted by the Joint Bookrunners, and general corporate purposes
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• PRIIPs: No EEA PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail investors in the EEA or in the UK
• Selling Restrictions: No sales in the U.S. and sales only to non-U.S. persons; other relevant selling restrictions as set out in the Base Listing Particulars
• Stabilisation: Relevant stabilisation regulations including FCA/ICMA will apply
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. The Base Listing Particulars and the final terms, when published, will be available on the Euronext Dublin website (www.euronext.com/en/markets/dublin)
• Dealroadshow: https://dealroadshow.com, Entry Code: ARLA2026