Commentary & Deal Flow

Books over €1.5bn (pre-reconciliation)

Guidance: 7yr: MS+75a

IPTs: 7yr: MS+100/105bp

• Issuer: Stedin Holding N.V. (Ticker: STEDIN, Country: NL)
• Issuer LEI: 724500R5IP6TFKTNRU48
• Issuer Rating: A-, stable outlook (S&P)
• Expected Issue Rating: A- (S&P)
• Format: Reg S Bearer, New Global Note, Green
• Size: € Benchmark
• Ranking: Senior Unsecured
• Maturity Date: 28-May-33
• Coupon: Fixed; Annual; Actual/Actual (ICMA)
• ISIN: XS3389660161
• Documentation: To be documented under the Issuer’s €5bn EMTN Programme dated 22-Oct-25; Euronext Amsterdam listing; Dutch Law; Tax Call at Par; MWC; 3m Par Call; Clean-up Call (80%) at Par; €100,000 x €1,000
• Use of Proceeds: To finance and/or refinance, in whole or in part, Eligible Green Assets as outlined in the Issuer’s Green Finance Framework dated September 2025
• Joint Active Bookrunners: ABN AMRO, BNP Paribas, NatWest (B&D), SEB
• Selling Restrictions: As per the Issuer’s €5bn Euro Medium Term Note Programme dated 22-Oct-25 (Reg S Cat. 2; TEFRA D, EEA (no sales to retail), United Kingdom (no sales to retail), Japan, Canada, The Netherlands)
• Target Market: Manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in the EEA or in the UK.
• Advertisement: The Base Prospectus dated 22-Oct-25, is available on the website of the AFM (https://www.afm.nl). The Final Terms, when available, will be published on the Issuer’s website at https://www.stedingroep.nl/eng/investor-relations. The Green Finance Framework and Second Party Opinion are also available on https://www.stedingroep.nl/eng/investor-relations. Neither the Green Finance Framework nor the Second Party Opinion form part of the Offering Materials
• Timing: Books open, today’s business
• Books Subject: 12.35 UKT / 13.35 CET
• Settle: 28-May-26 (T+6)