Commentary & Deal Flow

Reoffer: 6yr: MS+72bp / 99.607 / 3.574%
Benchmark: 6yr: DBR 0% Feb-32 @ 85.740 / B+84.8bp (HR 111%)

Final Books: Above €2.1bn (excl. JLM). Peak book in excess of €3.6bn (excl. JLM)

Launched: 6yr: €500m @ MS+72bp
Spread set at: 6yr: MS+72bp - Books in excess of €3.6bn (excl JLM)
Guidance: 6yr: MS+80a - Orderbook in excess of €3.1bn (exc JLM)
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
• Settlement Date: 04-Jun-26 (T+7)
• Maturity Date: 04-Jun-32 (6 years)
• Coupon: 3.500% Fixed, Annual, ACT/ACT
• Re-Offer: 99.607 / 3.574% / MS+72bp / B+84.8bp
• Reference: DBR 0% Feb-32 2.726% @ 85.740 (HR 111%)
• Call Options: 3m Par Call / MWC / Clean-Up Call (80%) / Relevant Event Put
• Make-Whole Spread: B+15
• Denominations: €100k+1k
• ISIN: XS3350935774
• Docs: EMTN / English Law / Euronext Dublin
• 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.
• 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
• 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
• 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: TOE 15.33 UKT / FTT: 16.00 UKT