Commentary & Deal Flow

Reoffer: 5yr: MS+52bp / 99.847 / 3.534%
Benchmark: 5yr: OBL 2.5 04-Apr-31 @ 98.28 / B+65.7bp / HR 101%

Books above €2bn (pre-rec)

Launched: 5yr: €500m @ MS+52bp - Books above €2bn (pre-rec)
IPTs: 5yr: MS+85a

• Issuer: adidas AG
• Country: Germany
• Issuer LEI: 549300JSX0Z4CW0V5023
• Ratings: A3/A (Moody's/S&P)
• Exp. Instr. Ratings: A (S&P)
• Format: Reg S Bearer, Senior, Unsecured
• Settlement: 26-May-26 (T+5)
• Size: €500m
• Maturity: 26-May-31
• Reoffer: 99.847 / 3.534% / MS+52bp
• Benchmark: OBL 2.5 04-Apr-31 (@98.28) +65.7bp, HR 101%
• ISIN: XS3388179676
• Coupon: 3.500% Fixed, Annual, Act/Act
• Denominations: €100k+100k
• Docs: Stand-alone
• Listing: EuroMTF / Non-regulated Market of the Luxembourg Stock Exchange
• Law: German
• Calls: CoC, MWC B+10, Clean-up call (80%) / Tax Call / 3m Par Call
• Selling Restrictions: As set out in the Issuer’s Prospectus dated 19-May-26; US: RegS, TEFRA D Rules apply, (no communications with or into the US) / EEA / UK / Singapore / Canada
• Global Coordinator: J.P. Morgan
• Active Joint Bookrunners: BBVA, HSBC, J.P. Morgan (B&D), Standard Chartered Bank AG
• Passive Joint Bookrunners: Citigroup, DZ BANK AG, UniCredit
• UoP: General Corporate Purposes including the refinancing of upcoming maturities
• Fees: The banks will be paid a fee by the issuer in connection with the transaction.
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as not being made available to retail in the EEA or the UK.
• Timing: TOE: 15.12 UKT / FTT 15.35 UKT
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129, as amended, and underlying legislation. It is not a prospectus. The prospectus will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com)