Commentary & Deal Flow

Reoffer: 5yr: MS+55bp / 100 / 3.475% 10yr: MS+93bp / 100 / 4.053%
Benchmark: 5yr: OBL 2.5% Apr-31 @ 98.67 / B+68.5 / HR 100% 10yr: DBR 2.9% Feb-36 @ 98.40 / B+96.2 / HR 98%

5yr: Final Books >€1.35bn. Peak book >€1.75bn
10yr: Final Books >€1.45bn. Peak book >€2.25bn

Launched:
5yr: €650m @ MS+55bp - Books >€1.75bn
10yr: €650m @ MS+93bp - Books >€2.25bn
Guidance: 5yr: MS+60bp (Books >€1.75bn) 10yr: MS+100bp (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
• Settlement: 27-May-26 (T+5)
• Size:
• • 5yr: €650m
  • 10yr: €650m
• Maturity:
• • 5yr: 27-May-31
  • 10yr: 27-May-36
• Reoffer:
• • 5yr: 100 / MS+55bps / 3.475%
  • 10yr: 100 / MS+93bps / 4.053%
• Benchmark:
• • 5yr: 68.5bps vs OBL 2.5% Apr-31 @ 98.670 / HR 100%
  • 10yr: 96.2bps vs DBR 2.9% Feb-36 @ 98.400 / HR 98%
• Coupon:
• • 5yr: 3.475% Fixed, Ann., ACT/ACT
  • 10yr: 4.053% Fixed, Ann., ACT/ACT
• Par Call:
• • 5yr: 3m Par Call
  • 10yr: 3m Par Call
• ISIN:
• • 5yr: XS3386748993
  • 10yr: XS3386749025
• TOE:
• • 5yr: 16:35 LDN / 17:35 CET
  • 10yr: 16:36 LDN / 17:36 CET
• 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
• Timing: PRICED – FTT 07:45 LDN / 08:45 CET 21-May-26