Commentary & Deal Flow

Launched: 8yr: €500m @ MS+90bp - Books above €1.6bn (pre-rec)
IPTs: 8yr: MS+120/125bp

• Issuer: EWE Aktiengesellschaft
• Issuer LEI: 529900L64X6KZZW19R71
• Issuer Ratings: Baa1 (stable) (Moody's)
• Expected Issue Ratings: Baa1 (Moody's)
• Format: Senior Unsecured Green, Reg S Bearer
• Ranking: Senior Unsecured
• Size: €500m
• Tenor: 8-year
• Maturity: 28-May-34
• Coupon: Fixed, annual, Act/Act (ICMA)
• ISIN: DE000A46ZXA7
• Docs: Debt Issuance Programme Base Prospectus, dated 7-May-26 / 3m Par Call / Tax Call / Clean-up Call (80%)
• Denomination: €1,000 (minimum purchase amount €100,000 primary)
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Governing Law: German law
• Selling Restrictions: As per the Base Prospectus
• Use of Proceeds: Finance/refinance Eligible Green Projects under the EWE Green Finance Framework, published in April 2026
• Green Bond: Green Notes; SPO by Sustainable Fitch
• Green Financing Framework: The Green Finance Framework and Second Party Opinion are available on: https://www.ewe.com/en/investor-relations/bonds/green-bond
• Global Coordinator: BNP Paribas, UniCredit (B&D)
• Green Structuring Advisor: DZ BANK
• Additional Active Bookrunners: ABN AMRO, Commerzbank, DZ BANK
• Target Market: Manufacturer target market (MIFID II/ UK MiFIR product governance) is eligible counterparties, professional clients and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a long-term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear no loss / small losses and (5) the risk tolerance and compatibility of the risk/reward profile corresponding to 3 as Summary Risk Indicator (SRI). (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as this issuance is not considered to be a packaged retail investment product.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and underlying legislation. The Base Prospectus, any Supplements and the Final Terms, when published, will be available at: https://www.luxse.com
• NetRoadshow: www.netroadshow.com/nrs/home/#!/?show=95a86503 (Recommended) OR www.netroadshow.com and enter the entry code: EWE2026 (not case-sensitive)
• Books Subject: Books to go subject at 12.30 UKT / 13.30 CET
• Timing: Books open, today’s business
• Trade Date: 20-May-26
• Settle: 28-May-26 (T+6)