Commentary & Deal Flow

Reoffer: 10y: MS+120bp / 99.153 / 4.105%
Benchmark: 10y: DBR 2.900% 15-Feb-36 @ 100.381 / B+125.3bp / HR 96%

Final Books: Above €2.1bn

Launched: 10y: €650m @ MS+120bp - Books above €2.1bn
Guidance: 10y: MS+125a - Books above €1.8bn
IPTs: 10y: MS+150a

• Issuer: Cadent Finance plc (Ticker: CDTFIN / Country: GB)
• Issuer LEI: 5493005M8TJ0J6IMUF67
• Guarantor: Cadent Gas Limited
• Guarantor LEI: 549300KCZ04E6ZUCZ288
• Expected Issue Ratings: Baa1/BBB/A- (Moody's/S&P/Fitch)
• Format: Reg S, bearer, senior unsecured, NGN, green bond
• Settlement Date: 07-Jul-26 (T+5)
• Maturity Date: 07-Jul-36 (10-year)
• Size: €650m
• Coupon: 4.0% Fixed (Annual, Act/Act, ICMA)
• Reoffer: 99.153 / Ann Yield 4.105% / MS + 120bps
• Benchmark Bund: DBR 2.900% 15-Feb-36 (DE000BU2Z064) Bid (100.381) + 125.3bps / HR 96%
• Docs: EMTN / English Law / MWC B+20 bps/ Restructuring Event / Early Redemption (Taxation, Event of Default) / €100k + €1k
• Listing: London Stock Exchange's Main Market
• Active Bookrunners: Lloyds, MUFG, RBC Capital Markets (B&D), SMBC
• UoP: The bonds will be designated as Green Finance Instruments as defined in the Prospectus. An amount equal to the net proceeds from the issue of the Green Finance Instruments will be allocated to financing and/or refinancing, in whole and in part, new and/or existing projects contributing substantially to climate change mitigation within an Eligible Category (as detailed in the Prospectus and the Issuer’s Green Finance Framework). The Green Finance Framework does not form part of the offering materials and any offer is made solely on the basis of the Prospectus (as supplemented) and the Final Terms (once available).
• Timing: Priced ToE 15:37 UKT / FTT 15:55 UKT
• ISIN: XS3425723163
• Target Market: Eligible counterparties and professional investors only (all distribution channels)
• Advertisement: This communication is an advertisement. The Prospectus dated 27 November 2025 and the supplements thereto dated 9 February 2026 and 26 June 2026 are available at, and the final terms relating to the Notes, when published, will be available at www.londonstockexchange.com/exchange/news/market news/market-news-home.html