Commentary & Deal Flow

Reoffer: 3yr: MS+120bp / 99.775 / 3.956%
Benchmark: 3yr: OBL 2.1 29-Apr-29 @ 98.725 / B+138.2bp (HR: 104%)

Final Books > €1.1bn. Peak book > €1.4bn

Launched: 3yr: €555m @ MS+120bp - Books > €1.4bn
IPTs: 3yr: MS+135/140bp

• Issuer: EEW Energy from Waste GmbH (Ticker: EONWGR, Country: DE)
• Issuer LEI: 529900YYYN57F8GSXH16
• Guarantor: EEW Holding GmbH
• Guarantor LEI: 529900UN0161JNEFVQ23
• Issuer Rating: BBB- (negative) by S&P and BBB- (stable) by Fitch
• Exp. Issue Rating: BBB- by S&P and BBB- by Fitch
• Format: Senior, unsecured, Reg S Bearer, NGN, Green
• Trade Date: 17-Jun-26
• Settlement Date: 24-Jun-26 (T+5)
• Maturity: 24-Jun-29
• Tenor: 3-year
• Size: €555m
• Re-offer: MS+120bps / 99.775 / 3.956%
• Benchmark: 138.2bp vs OBL 2.1 29-Apr-29 #189 @98.725 / 2.574% (HR: 104%)
• MWC: B+25
• Coupon: 3.875% Fixed, Annual, ACT/ACT (ICMA)
• Payment Days: Following, unadjusted
• ISIN: XS3385465482
• Early Redemption: Tax Call, Clean-up Call (80%), CoC, 1m Par Call, MWC
• Docs: Standalone, including a preliminary prospectus and a final listing prospectus (together the “Prospectus”)
• Denomination: €100k+100k
• Listing: EuroMTF of the Luxembourg Stock Exchange
• Clearing System: Euroclear / Clearstream Banking Luxembourg
• Governing Law: German Law
• Selling Restrictions: US: Regulation S (Cat 1), TEFRA D, EEA, UK, Singapore, Japan and Switzerland
• Use of Proceeds: An amount equivalent to the net proceeds of the Notes is intended to be applied to finance orre-finance, in part or in whole, new and/or existing Eligible Green Projects in accordance withthe Green Financing Framework, dated March 2026
• Marketing: URL: https://dealroadshow.comEntry Code: EEW2026Direct Link: https://dealroadshow.com/e/EEW2026
• Target Market: Manufacturer target market (MiFID II (Directive 2014/65/EU (as amended) product governance) is eligible counterparties and professional clients (all distribution channels). No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK.
• Green Structuring Advisor: Crédit Agricole CIB
• Joint Lead Managers and Joint Bookrunners: BNP Paribas, Crédit Agricole CIB, Deutsche Bank (B&D)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 (as amended) and underlying legislation. It is not a prospectus. The Prospectus, when published, will be available at: https://www.luxse.com
• Green Financing Framework: The Green Finance Framework and the Second-Party Opinion are available on: https://www.eew-energyfromwaste.com/en/about-us/investor-relations/
• Timing: TOE: 13:40 UKT | FTT: 14:15 UKT