Commentary & Deal Flow

Final Books above €1.85bn (excl. JLMs). Peak book in excess of €2bn (excl JLM).

Launched: 5yr: €650m @ BTP+25bp - Books in excess of €2bn (excl JLM)
IPTs: 5yr: BTP 3.15 01-Jun-31 + 40a (equiv. MS+69a)

• Issuer: Ferrovie dello Stato Italiane S.p.A. (Ticker: FERROV, Country: IT)
• Issuer’s LEI Code: 549300J4SXC5ALCJM731
• Issuer Rating: BBB+ (S&P) stable / BBB+ (Fitch) stable
• Expected Issue Rating: BBB+ (S&P) / BBB+ (Fitch)
• Status of the Notes: Senior Unsecured Notes
• Issue Size: €650m (up from exp. €500m)
• Tenor: 5 years
• Settlement Date: 24-Jun-26 (T+5)
• Maturity Date: 24-Jun-31
• Coupon: Fixed annual Actual / Actual (ICMA), unadjusted
• Reference Benchmark: BTPS 3.15% 01-Jun-31 (HR: 100%)
• Hedge Deadline: 15.05 CET / 14.05 UKT
• Denominations: €100,000 + integral multiples of €1,000 in excess thereof up to, and including, €199,000
• Listing Venues: Euronext Dublin - Regulated Market / Borsa Italiana S.p.A. (M.O.T.) (Regulated Market)
• Clearing: Euroclear / Clearstream
• Governing Law: English law
• Documentation: Issuer’s EMTN Programme dated 15-Oct-25 as supplemented on 10-Feb-26 and on 04-Jun-26 (the “Base Prospectus”) Terms and Conditions of the Notes in Physical Form
• Put / Call Options: Change of Control Put Option as per Condition 9(g) of the Terms and Conditions of the Notes in Physical Form
• Active Bookrunners: Barclays, BNP Paribas, Crédit Agricole CIB (B&D), IMI-Intesa Sanpaolo, Morgan Stanley and UniCredit
• Passive Bookrunners: Banca Akros, CaixaBank, ING
• Use of Proceeds: An amount equal to the net proceeds will be allocated to finance 100% EU Taxonomy aligned projects (as per SPO), specifically investments in Italy in both passengers’ transport and rail infrastructure as further described in the issuer Green Bond Framework
• Green Bond Framework/Second Party Opinion: The Green Bond Framework and the Second Party Opinion are available at: https://www.fsitaliane.it/content/fsitaliane/en/investor-relations/debt-and-credit-rating/green-bond-framework.html
• Second Party Opinion: Sustainalytics
• Selling Restrictions: U.S. Reg. S, Category 2, TEFRA D; EEA and UK
• Form of the Notes: Bearer, New Global Notes (NGN)
• 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 is available and the Final Terms, when published, will be available at: https://live.euronext.com/en/product/bonds-detail/p642%7C22330/documents
• Target Market: MiFID II/UK MiFIR Eligible Counterparties and Professional Clients only (all distribution channels). No EU PRIIPs/UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA or in the UK
• Timing: Books open, today's business. Books to close at 12:00 UKT / 13:00 CET, allocations and pricing to follow.
• Stabilisation: FCA/ICMA