Commentary & Deal Flow

Reoffer: 6NC5: MS+97bp / 99.768 / 3.927%
Benchmark: 6NC5: OBL 193 @ 98.51 / B+110.2 / HR 99%

Final Books: Above €2.7bn

Launched: 6NC5: €700m @ MS+97bp - Books above €2.6bn
Book Update: Books above €2bn
IPTs: 6NC5: MS+125bp area

• Issuer: Eurobank S.A. (EUROB)
• LEI: 213800KGF4EFNUQKAT69
• Issuer Ratings: Baa1 negative (Moody’s) / BBB- positive (S&P) / BBB- positive (Fitch)/ BBBH stable (Morningstar DBRS)
• Expected Issue Ratings: Baa1 (Moody’s) / BBB- (S&P) / BBB- (Fitch) / BBBH (Morningstar DBRS)
• Description: EUR Fixed Rate Callable Senior Preferred Instruments due May 2032 (the “Instruments”)
• Status: Direct, unconditional, unsubordinated and unsecured obligations of the Issuer
• Waiver of Set-off: Applicable
• Contractual Recognition of Statutory Loss Absorption Powers: Each Holder acknowledges and agrees to be bound by the exercise of any Statutory Loss Absorption Powers by the Relevant Resolution Authority
• Specified Currency: EUR
• Principal Amount: €700m
• Format: 6NC5, RegS Bearer, NGN
• Pricing Date: 18-May-26
• Settlement Date/Issue Date: 25-May-26 (T+5)
• Issuer Call and Optional Redemption Date: The Issuer may, subject to Condition 5.13, redeem all (but not some only) of the Instruments on 25-May-31 (“Optional Redemption (Call) Date”) at the principal amount (“Early Redemption Amount (Call)”) together with any accrued and unpaid interest
• Maturity Date: 25-May-32
• Reset Date: 25-May-31
• Reset Determination Date: The date falling two Business Days prior to the Reset Date
• Issue Yield: 3.927%
• Reset Margin: 97bps
• Coupon: Fixed rate of 3.875% p.a. payable annually in arrear on each Interest Payment Date up to and including the Reset Date; reset with effect from the Reset Date to a fixed rate equal to the sum of the 1-year mid-swap rate prevailing at the Reset Determination Date plus the Reset Margin.
• Interest Payment Dates: On 25 May each year, commencing on 25-May-27
• Day Count Fraction: Act/Act (ICMA) unadjusted / following
• Extended Gross-up: Not Applicable
• Use of Proceeds: General Financing Requirements
• Clean-up Call: Applicable. Subject to Condition 5.13, if the Clean-up Call Minimum Percentage (or more) of the principal amount outstanding of the Instruments originally issued have been redeemed or purchased and subsequently cancelled, the Issuer may, at any time and in its sole discretion, redeem, purchase or procure the purchase of the Instruments in whole (but not in part) at the Clean-up Call Option Amount, together with any accrued and unpaid interest to but excluding the redemption date
• Clean-up Call Minimum Percentage: 75%
• Clean-up Call Option Amount: 100%
• Early Redemption: If an MREL Disqualification Event has occurred and is continuing at any time from and including the Issue Date, or due to a change in taxation laws there is an imposition of additional amounts, the Instruments may be redeemed at the option of the Issuer at any time in whole, but not in part, at the principal amount (“Early Redemption Amount (MREL Disqualification Event)” and “Early Redemption Amount (Tax)”, respectively), together with any accrued and unpaid interest, subject to Condition 5.13
• Events of Default: Restricted Default Events apply
• Substitution and Variation: If an MREL Disqualification Event occurs or in order to ensure the effectiveness and enforceability of Condition 17, the Issuer may substitute the Instruments, or vary the terms of such Instruments (including, without limitation, changing the governing law of Condition 17), so that the relevant Instruments once again become or remain Qualifying Senior Preferred Instruments, subject to Condition 5.13, provided that such variation or substitution does not give rise to any right of the relevant Issuer to redeem the varied or substituted Instruments
• Minimum Denomination / Increment: EUR 100,000 and integral multiples of EUR 1,000 in excess thereof
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Governing Law: English law, save for Condition 3, Condition 17 and Condition 18, which shall be governed by, and construed in accordance with, the laws of the Hellenic Republic
• Target Market (MiFID II/UK MiFIR)/PRIIPs: Eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (“KID”) or UK PRIIPs KID/CCI product summary has been prepared as not available to retail in the EEA or the UK
• Documentation: EUR 10,000,000,000 EMTN Programme for the Issuance of Debt Instruments dated 20-Oct-25, as supplemented on 19-Dec-25, 11-Mar-26 and 12-May-26 with standard conditions precedent as per EMTN Programme
• Distribution: Reg S, Category 2, Tefra D rules apply, no communications with or into the US or Canada (excluding Alberta, British Columbia and Ontario)
• Settlement: Euroclear / Clearstream
• Stabilisation: ICMA/FCA
• Bookrunners: BNP Paribas, Deutsche Bank, Goldman Sachs Bank Europe SE (B&D), IMI-Intesa Sanpaolo, Jefferies, and Nomura
• ISIN / Common Code: XS3386670270 / 338667027
• Advertisement: The Offering Circular and any Supplements relating to the Notes are available at https://www.eurobank.gr/en/group/investor-relations/debt-investors/emtn-programme/euro-medium-term-note-programme . The Final Terms, when published, will be available at https://www.luxse.com/issuer/Eurobank/100320
• Timing: TOE 14:58 Ldn / 15:58 CET. FTT 15:15 Ldn / 16.15 CET