Commentary & Deal Flow

Final Books over €950m. Peak book in excess of €1.3bn (pre-rec)

Launched: 5yr: €300m @ MS+123bp - Orderbook in excess of €1.3bn (pre-rec)
Guidance: 5yr: MS+130a - Orderbook in excess of €1.35bn
IPTs: 5yr: MS+160bp area

• Issuer: Arcadis N.V. (ticker: ARCAD, country: NL)
• Issuer LEI: 7245000UZH70GO047N03
• Issuer Rating: BBB-, Stable outlook by S&P
• Expected Issue Rating: BBB- by S&P
• Format: Senior Unsecured, Reg S Bearer (Cat 2), NGN, TEFRA D Rules apply
• Size: €300m
• Settlement: 20-May-26 (T+5)
• Tenor: 5yr
• Maturity: 20-May-31
• Coupon: Fixed, Annual, ACT/ACT
• Denoms: €100k + 1k
• Documentation: Standalone Preliminary Offering Memorandum, Luxembourg Stock Exchange (Euro MTF), Dutch Law, CoC
• Clearing: Euroclear and Clearstream
• Issuer Optional Redemption: MWC, Tax Call, Clean-up Call (75%), 3m Par Call
• Use of Proceeds: To refinance existing debt and for general working capital purposes
• Marketing: A DealRoadshow presentation (including voiceover) and the standalone offering memorandum, will be available at https://dealroadshow.com with entry code ARCADIS26 Link: https://dealroadshow.com/e/ARCADIS26
• Target Market: Manufacturer target market (MiFID II/MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as the bonds are not available to retail in EEA or the UK.
• Selling Restrictions: As per Preliminary Offering Memorandum dated 11-May-26
• Sales into Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• ISIN / Common Code: XS3305934823 / 330593482
• Active Bookrunners: BNP Paribas, BofA Securities (B&D), HSBC, Rabobank