Commentary & Deal Flow

Launched: 6.75yr: €750m @ MS+80bp - Orderbooks above €1.8bn (excl. JLM)
Spread set at: 6.75yr: MS+80bp (#) - Orderbooks above €2.2bn (excl. JLM)
IPTs: 6.75yr: MS+110bp area

• Issuer: EDP Servicios Financieros España, S.A.U. (Ticker: EDPPL, Country: ES)
• Keep Well Provider: The Instruments will benefit from a Keep Well Agreement provided by EDP, S.A.
• LEI (Issuer / Keep Well Provider): 5299003GHAFB78O1NU77 / 529900CLC3WDMGI9VH80
• Status: Senior Unsecured
• Form of Instruments: Bearer, Reg S, NGN
• Ratings of the Issuer: Baa2 / BBB / BBB (all stable) (Moody's/S&P/Fitch)
• Ratings of the Instruments (exp.): Baa2 / BBB / BBB (Moody's/S&P/Fitch)
• Size: €750m
• Tenor: 6.75-year
• Settlement Date: 29-May-26
• Maturity Date: 01-Mar-33 (6.75 years)
• Coupon: Fixed, Annual (act/act)
• Interest Payment Date: Interest on the Instruments will be paid annually, in arrear, on 01 March each year, commencing on 01-Mar-27 (short first coupon)
• ISIN/Common Code: XS3391835629 / 339183562
• Day Count: Actual/Actual (ICMA)
• Listing: Euronext Dublin (Regulated Market)
• Documentation: Eurobond issue under the €17bn EMTN Programme dated 12-May-26
• Denominations: €100k x €1k
• Governing Law: English law
• Put/Call Options: CoC Put Option, 3mth Par Call, Clean-up Call (80%), MWC
• Use of Proceeds: An amount equal to the net proceeds from the issue of the Instruments will be allocated to Eligible Green Projects, as detailed in the Issuer’s European Green Bond Factsheet with ICMA Green Bond Principles alignment, dated August 2025, and available on the Issuer’s website but is not incorporated in nor forms part of the Final Terms or the Base Prospectus
• Target Market: The manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in the EEA or in the UK
• Selling Restrictions: As per EMTN programme
• Global Coordinators: Crédit Agricole CIB (B&D), HSBC
• EU Green Bond Standard (EuGBS) and ESG Structuring Coordinator: Deutsche Bank
• Joint Bookrunners: BBVA, CaixaBI, Crédit Agricole CIB, DBS Bank Ltd., Deutsche Bank, HSBC, ING, Millennium bcp, Mizuho, Standard Chartered Bank AG
• Advertisement: The Base Prospectus of the EMTN Programme is available at https://www.edp.com/en/investors/fixed-income/debt-programmes, and the Final Terms, when published, will be available at http://www.euronext.com/en/markets/dublin. The Green Finance Framework, Second Party Opinion, European Green Bond Factsheet and Pre-Issuance Review are available on the website of the issuer https://www.edp.com/en/investors/fixed-income/green-funding
• Timing: Books open, today’s business. Books subject at 12:30 UKT / 13:30 CET.