Commentary & Deal Flow

IPTs: 6yr: MS+110a

• Issuer: Hera S.p.A. (Ticker: HERIM; Country: IT)
• Issuer LEI Code: 8156009414FD99443B48
• Issuer Rating: Baa1 (Stable) / BBB+ (Stable) (Moody's/S&P)
• Expected Issue Rating: Baa1 / BBB+ (Moody's/S&P)
• Format: Senior Unsecured Notes, Reg S, Bearer (TEFRA D rules apply, no communications with or into the U.S.)
• Size: €500m (WNG)
• Ranking: Senior Unsecured
• Settlement Date: 04-Jun-26 (T+7)
• Maturity Date: 04-Jun-32 (6 years)
• Coupon: Annual, Fixed, Actual/Actual – ICMA
• Use of Proceeds: The Notes are designated as “European Green Bond” or “EuGB” in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. The issuer intends to allocate an amount equivalent to the proceeds in accordance with the gradual approach, referred in Article 4(1) of Regulation (EU) 2023/2631. The proceeds will be fully allocated to activities that are environmentally sustainable under Article 3 of Regulation (EU) 2020/852, according to the methodology set out in the allocation report, that will be published annually by Hera until the full allocation of the proceeds, in accordance with Article 11 of Regulation (EU) 2023/2631.
• Green Financing Framework: Published in January 2026 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• Second Party Opinion: Published by S&P Global Ratings Europe on 06-Jan-26 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• European Green Bond Factsheet: Published in January 2026 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• Pre-Issuance External Review: Published by S&P Global Ratings Europe on 05-Jan-26 and available at https://eng.gruppohera.it/group_eng/investor-relations/debt-and-rating/green-financing-framework-e-opinion
• Documentation: EMTN Programme dated 16-Jan-26, as supplemented on 13-Apr-26 and 22-May-26
• Governing Law: English Law
• Denominations: €100k and integral multiples of €1k
• ISIN / Common Code: XS3350935774 / 335093577
• Optional Redemption: 3m Par Call / MWC / Clean-Up Call (80%) / Relevant Event Put
• Listing: Euronext Dublin, Regulated Market
• Joint Bookrunners: Banca Akros, Barclays, BBVA, BNP Paribas, BPER, CaixaBank, Crédit Agricole CIB (B&D), Deutsche Bank, Goldman Sachs International, IMI-Intesa Sanpaolo, Mediobanca, Monte dei Paschi di Siena, Santander, UniCredit
• Marketing: Investor Presentation available at https://dealroadshow.com/e/Hera2026 or visiting https://dealroadshow.com and entering the deal entry code: Hera2026
• Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / UK PRIIPS key information document (KID) has been prepared as not available to retail in the EEA or the UK. Relevant stabilisation regulation (including FCA / ICMA) applies.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus, the Supplements and the Final Terms, when published, will be available on the website of Euronext Dublin at: https://live.euronext.com/en/product/bonds-detail/p1215%7C20652/documents
• Timing: Books open, today’s business