Commentary & Deal Flow

Reoffer: 11NC6: MS+275bp / 99.527 / 5.595%
Benchmark: 11NC6: DBR 0 15-Feb-32 @ 85.80 / B+288 / HR 104%

Final Books >€275m. Peak book in excess of €350m.

Launched: 11NC6: €250m @ MS+275bp - Books in excess of €350m
IPTs: 11NC6: MS+275bp area

• Issuer: Triodos Bank N.V. (ticker: "Triod")
• LEI: 724500PMK2A2M1SQQ228
• Issuer Rating: BBB, Stable outlook (Fitch)
• Expected Instrument Rating: BB+ (Fitch)
• Instrument: Tier 2 (“Subordinated Notes”)
• Use of Proceeds: The Issuer intends to use an amount equivalent to the net proceeds from the issuance to finance and/or refinance, in whole or in part, Eligible Green Loans in accordance with (and as further described in) the Issuer’s Green Bond Framework, available on the Issuer’s website, alongside the Second Party Opinion
• Form of Notes: New Global Note, Reg S, Bearer Notes
• Tenor: 11NC6
• Size: €250m
• Pricing Date: 27-May-26
• Settlement Date: 03-Jun-26 (T+5)
• Maturity Date: 03-Jun-37
• First Reset Date: 03-Jun-32
• Reoffer: 99.527 / MS+275 / 5.595%
• Benchmark: DBR 0 15-Feb-32 (DE0001102580) +288bps | HR 104% | DBR @ 85.80
• Interest Rate: From (and including) the Issue Date up to (but excluding) the First Reset Date, 5.500 per cent per annum payable annually in arrear. From (and including) the First Reset Date to (but excluding) the Maturity Date, the aggregate of 275 basis points and the 5-year Mid Swap Rate per annum determined by the Agent payable annually in arrear.
• Interest Basis: Fixed Rate, One time reset
• Day count: Actual/Actual ICMA
• Issuer Call Option: Applicable. The Issuer may redeem all, but not some only, of the Notes on any calendar day during the three months period commencing on (and including) 03-Mar-32 to (and including) the First Reset Date at par plus accrued interest, subject to permission of the Competent Authority.
• Status: Subordinated, Unsecured. The Notes are intended to qualify as Tier 2 capital for the purposes of the capital adequacy rules as applied by the competent authority.
• Issuer Clean-Up Call: Applicable, if, 75 per cent. or more in nominal amount of the Notes hitherto issued have been redeemed or purchased and cancelled
• MREL Disqualification Event: Applicable (full or partial exclusion) at par – Condition 5(e) applies. The right to redeem following an MREL Disqualification Event is subject to the Issuer being subject to an MREL requirement at the relevant time.
• Capital Event: Applicable (full or partial exclusion) at par – Condition 5(e) applies.
• Early redemption for Taxation Reasons: Applicable at par – Condition 5(d) applies
• Substitution/Variation: Applicable, see Debt Issuance Programme
• Statutory Loss Absorption or Recapitalisation: Applicable, see Debt Issuance Programme
• Documentation: Base Prospectus relating to the Issuer’s Debt Issuance Programme consisting of separate documents (namely (i) the securities note dated 20-Jun-25 as supplemented on 26-May-26 (the "Securities Note") and (ii) the registration document of the Issuer dated 20-Jun-25 as supplemented on 26-May-26 (the "Registration Document" and together with the Securities Note, the "Base Prospectus"))
• Waiver of Set-Off: Applicable
• Governing Law: Dutch Law
• Listing / Denominations: Euronext Amsterdam / €100,000
• Selling Restrictions: Reg S, Cat 2; TEFRA D; additional selling restrictions in accordance with the Securities Note
• Target Market: MiFID II/UK MiFIR professionals/ECPs only. No EU PRIIPs key information document and no UK disclosure document required by DISC have been prepared as not available to retail in the EEA or UK
• Joint Bookrunners: ABN AMRO & BNP Paribas (B&D)
• Timing: PRICED / TOE: 14.09 CET / FTT 14.29 CET
• ISIN: XS3386634391