Commentary & Deal Flow

Reoffer: 8yr: MS+90bp / 99.145 / 4.002%
Benchmark: 8yr: DBR 2.2 15-Feb-34 @ 94.3 / B+96.5bp (HR: 102%)

Final Books in excess of €1.1bn. Peak book above €1.6bn (pre-rec)

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

• Issuer: EWE Aktiengesellschaft, Oldenburg, Germany
• Issuer LEI: 529900L64X6KZZW19R71
• Issuer Ratings: Baa1 (stable) (Moody's)
• Expected Issue Ratings: Baa1 (Moody's)
• Format: Senior Unsecured Green, Reg S Bearer
• Size: €500m
• Trade Date: 20-May-26
• Settlement Date: 28-May-26 (T+6)
• Tenor: 8-year
• Maturity: 28-May-34
• Re-offer: MS+90 bps / 99.145 / 4.002%
• Benchmark: 96.5bps vs. DBR 2.2 15-Feb-34 @94.3 / 3.037% (HR: 102%)
• Coupon: 3.875%, Fixed, Annual, ACT/ACT
• ISIN: DE000A46ZXA7
• Docs: Debt Issuance Programme Base Prospectus, dated 7-May-26 / German law / 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
• Selling Restrictions: As per the Base Prospectus
• Use of Proceeds: Finance/refinance Eligible Green Projects under the EWE Green Finance Framework, published on 23-Apr-26
• 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
• ToE: 14.59 UKT / 15.59 CET
• FTT: 15.20 UKT / 16.30 CET