Commentary & Deal Flow

Launched:
5yr: €650m @ MS+55bp - Books >€1.75bn
10yr: €650m @ MS+93bp - Books >€2.25bn

Guidance: 5yr: MS+60a (Books >€1.75bn) 10yr: MS+100a (Books >€2.00bn) - Combined books >€4.0bn (at guidance)
IPTs: 5yr: MS+85a 10yr: MS+125a

• Issuer: E.ON International Finance B.V.
• Guarantor: E.ON SE (Ticker: EOANGR, Country: Germany)
• Guarantor Ratings: Baa2/BBB+/BBB+ (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa2/BBB+/A- (Moody's/S&P/Fitch)
• Rating Split: Guarantor: Baa2/BBB+/BBB+ (Moody's/S&P/Fitch), Issue: Baa2/BBB+/A- (Moody's/S&P/Fitch)
• Issuer LEI: 549300TG53AWJ719M814
• Guarantor LEI: Q9MAIUP40P25UFBFG033
• Format: Senior, Unsecured, Reg S Bearer, NGN, Green Bonds
• Ranking: Senior Unsecured
• Size: 5yr: €650m, 10yr: €650m
• Maturity:
• • 5yr: 27-May-31
  • 10yr: 27-May-36
• Coupon: Fixed, Annually, ACT/ACT
• ISIN:
• • 5yr: XS3386748993
  • 10yr: XS3386749025
• Docs: DIP / Lux. Listing / German Law / €1k / Tax Call / CoC (at 100%) / 3m Par Call / Clean-up Call (75%)
• Selling Restrictions: As set out in E.ON’s Debt Issuance Programme Base Prospectus dated 27 February 2026 and supplemented on 13 May 2026.
• Passporting: Germany, The Netherlands
• Use of Proceeds: Net proceeds will be used to finance and/or refinance Eligible Green Projects as defined by E.ON’s Green Bond Framework dated November 2025
• Target Market: Manufacturer target market (MIFID II/ UK MIFIR product governance) is eligible counterparties, professional clients and retail clients (all distribution channels). No EEA PRIIPs KID or UK PRIIPs KID/CCI product summary will be prepared.
• Active Bookrunners: Commerzbank, Crédit Agricole CIB, Goldman Sachs Bank Europe SE (B&D), J.P. Morgan
• Settle: 27-May-26 (T+5)