Commentary & Deal Flow

Priced: 4.625% at 100
Benchmark: DBR 2.6% 15-Aug-33 / B+180bp

Final Guidance: 4.625-4.750%
Guidance: 4.875%a
IPTs: 7NC3: 5.00-5.25%

• Issuer: Dufry One B.V.
• Company: Avolta
• Business: Global market leader in the airport travel retail industry and in the travel food and beverage industry, operating ~5,100 retail stores and restaurants across 70 countries on six continents. HQ: Basel, Switzerland
• Corporate Rating: Ba2 (Stable) / BB+ (Stable) (Moody's/S&P)
• Issue Rating: Ba2 / BB+ (Moody's/S&P)
• Guarantors: Avolta AG, Dufry International AG, Dufry Financial Services B.V. and Hudson Group (HG), Inc.
• Security Type: Senior Notes
• Format: Reg S
• Size: €400,000,000
• Maturity Date: 11-Jun-33
• Coupon: 4.625%
• Offering Price: 100.000%
• Yield To Maturity: 4.625%
• Spread to Benchmark: +180bps
• Reference Benchmark: DBR 2.6 15-Aug-33
• Interest Payment Dates: 11-Jun and 11-Dec of each year, beginning on 11-Dec-26
• Record Dates: Business day immediately preceding each Interest Payment Date
• Interest Calculator: 30/360 day basis
• Use of Proceeds: fund the tender offer for E400m of its EUR750m 2.00% sr notes due 02/15/27 (tender price 99.50). BofA dealer manager
• Make-Whole Redemption: Make-whole redemption at Bund plus 50 basis points at any time prior to 11-Jun-29
• Optional Redemption Prices:
• • Commencing 11-Jun-29: 102.3125%
  • Commencing 11-Jun-30: 101.15625%
  • Commencing 11-Jun-31, and thereafter: 100.000%
• Equity Clawback: Up to 40% at 104.625% prior to 11-Jun-29
• Change of Control: Put at 101% of principal amount plus accrued and unpaid interest, if any
• Joint Global Coordinators and Active Bookrunners: BBVA, BofA (Physical), HSBC (B&D and Physical), IMI, MUFG, UniCredit (Physical)
• Joint Bookrunners: Banca Akros, Bank of China, BNPP, CIC, Commerzbank, CACIB, GS, ING, LBBW, Mediobanca, RBI, Santander, UBS
• Co-Managers: DZ Bank, Raiffeisen Schweiz
• Trade Date: 2-Jun-26
• Settlement Date: 11-Jun-26 (T+7)
• ISIN / Common Code: XS3401887487 / 340188748
• Denominations: €100k X €1k
• Distribution: Reg S
• Delivery: Euroclear / Clearstream
• Listing: The International Stock Exchange
• Governing Law: New York
• MiFID II Target Market: Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels)
• UK MiFIR Target Market: Manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels)
• Target Market / PRIIPS: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / DISC key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Time of Execution: 16:06 UKT
• Free to Trade: 17:00 UKT, Tuesday 2nd June 2026
• Roadshow (virtual): Monday 01-Jun-26
• Global Investor Call: Monday 01-Jun-26, 10:30 UKT / 11:30 CET
• Registration Link: https://evercall.co/oacc/11369
• DealRoadshow: https://dealroadshow.com/e/AVOLTA26
• Timing: Books closed 14:30 UKT / 15:30 CET today, Tuesday 2nd June