Commentary & Deal Flow

Launched: 6yr: €500m @ MS+65bp - Books above €1.85bn (pre-rec)
Guidance: 6yr: MS+70 (+/-5) - Books above €2.6bn (pre-rec)
IPTs: 6yr: MS+100bp area

• Issuer: Acea S.p.A.
• Ticker: ACEIM
• Country: IT
• Issuer Rating: Baa1 (Stable) / BBB+ (Stable) (Moody's/Fitch)
• Expected Issue Rating: Baa1 / BBB+ (Moody’s/Fitch)
• Issuer LEI: 549300Q3448N041CTH56
• Format: Senior Unsecured Notes, RegS, Cat2, Bearer, New Global Notes
• Size: €500m
• Ranking: Senior Unsecured
• Type: Blue Bond
• Pricing Date: 23-Jun-26
• Settlement: 02-Jul-26 (T+7)
• Maturity: 02-Jul-32 (6 yr)
• Coupon: Annual, Fixed, Actual/Actual – ICMA
• Documentation: EMTN Programme with Base Prospectus dated 16-Jul-25, as supplemented on 22-Jun-26
• Governing Law: English Law
• Denomination: €100k and integral multiples of €1k
• Marketing Material: DealRoadshow Investor Login Details URL: https://dealroadshow.com Entry Code: BLUE2026 Direct Link: https://dealroadshow.com/e/BLUE2026
• ISIN / Common Code: XS3422039811 / 342203981
• Optional Redemption: 3m Par Call, Clean-Up Call (80%), Make-Whole Call
• Change of Control: Yes, at Par
• Use of Proceeds: Finance and/or refinance, in whole or in part, Eligible Blue Projects as defined in Acea’s Green & Blue Financing Framework
• Listing: Electronic bond market (MOT) of Borsa Italiana S.p.A. (Regulated Market)
• Global Coordinators: BofA Securities, Goldman Sachs International, IMI-Intesa Sanpaolo, UniCredit (B&D)
• Joint Bookrunners: Banca Akros, BBVA, BofA Securities, BPER, Goldman Sachs International, IMI-Intesa Sanpaolo, Mediobanca, Monte dei Paschi di Siena, Santander, Société Générale, UniCredit (B&D)
• Target Market: Manufacturer target market (EEA MiFID II/UK MiFIR product governance) is Professional Clients and Eligible Counterparties only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) or UK CCI product summary has been prepared as not available to retail in EEA/UK. Relevant stabilisation regulations will apply.
• Selling Restriction: Regulation S (Cat 2), TEFRA D rules apply, no communications with or into the U.S., no sales into Canada
• Advertisement: The Base Prospectus and any Supplements are available and the Final Terms, when published, will be available on the website of Borsa Italiana S.p.A. at https://www.borsaitaliana.it
• Green & Blue Financing Framework: Published in February 2025 and available at https://www.gruppo.acea.it/en/investors/financial-structure/green-bond
• SPO Provider: DNV (opinion dated January 2025 and available at https://www.gruppo.acea.it/en/investors/financial-structure/green-bond)
• Timing: Books open, today's business
• Books Subject: At 12:35 UKT / 13:35 CET