Commentary & Deal Flow

Reoffer: 4yr: MS+120bp / 99.873 / 3.910% 7yr: MS+175bp / 99.776 / 4.538%
Benchmark: 4yr: OBL 2.4% 30-Apr-30 @ 99.435 / B+135.3 / HR 102% 7yr: DBR 2.3% Feb-33 @ 97.650 / B+184.7 / HR 99%

Tranche 1 (4yr): Final Books €1.7bn. Peak book > €1.8bn
Tranche 2 (7yr): Final Books €1.4bn. Peak book > €1.6bn

Launched:
4yr: €550m @ MS+120bp - Books > €1.8bn
7yr: €500m @ MS+175bp - Books > €1.6bn
IPTs: 4yr: MS+150a 7yr: MS+200a

• Issuer: IDS Financing plc (Ticker: IDSLN, Country: GB)
• Issuer LEI: 2549003WF29F1G7TM942
• Guarantors: International Distribution Services Limited and, during the GLS Guarantee Period, General Logistics Systems B.V.
• Guarantors LEI: 213800TCZZU84G8Z2M70 & 254900PK4043U0Q50W93
• Issuer Rating (S&P): BBB (stable)
• Issue Rating (S&P): BBB
• Format: Reg S only, Category 2
• Status: Senior, Unsecured, Guaranteed, Registered Form, NSS
• Settlement Date: 07-Jul-26 (T+5)
• Tenor:
• • 4yr: 4-year
  • 7yr: 7-year
• Maturity Date:
• • 4yr: 07-Jul-30
  • 7yr: 07-Jul-33
• Issue Size:
• • 4yr: €550m
  • 7yr: €500m
• Reoffer:
• • 4yr: 99.873 / MS+120bps / 3.910%
  • 7yr: 99.776 / MS+175bps / 4.538%
• Benchmark:
• • 4yr: 135.3bps vs OBL 2.4% Apr-2030 @ 99.435 / HR 102%
  • 7yr: 184.7bps vs DBR 2.3% Feb-33 (Conventional) @ 97.650 / HR 99%
• Coupon:
• • 4yr: 3.875%, Fixed, Annual, A/A
  • 7yr: 4.500%, Fixed, Annual, A/A
• Par Call:
• • 4yr: 1 Month
  • 7yr: 3 Month
• MWC:
• • 4yr: B+25bps
  • 7yr: B+30bps
• TOE:
• • 4yr: 15:54 LDN / 16:54 CET
  • 7yr: 15:55 LDN / 16:55 CET
• Optional Redemption: Clean-Up Call at par (80%), Change of Control Put, Make-Whole Call, Tax Call
• Coupon Step: +125bps sub-investment grade rating Coupon step up, and step-down to original Coupon following re-instatement of investment grade rating, as detailed in the Base Prospectus
• Denominations: €100,000 x €1,000
• Listing: London Stock Exchange (Main Market)
• Documentation: EMTN Programme documentation, including the base prospectus dated 05-Sep-25 (the “Base Prospectus”) and supplement dated 26-Jun-26
• Governing Law: English Law
• Clearing: Euroclear / Clearstream, Luxembourg
• Use of Proceeds: The repayment of existing indebtedness and general corporate purposes
• Target Market: Manufacturer target market (UK MiFIR and EU MiFID II Product Governance) is eligible counterparties and professional clients only (all distribution channels) No EEA PRIIPs key information document (KID) or UK disclosure document has been prepared as not available to retail in EEA or the United Kingdom
• Advertisement: The Base Prospectus is available at https://www.rns-pdf.londonstockexchange.com/rns/2741Y_1-2025-9-5.pdf and the final terms, when published, will be available on the website of the London Stock Exchange as well as on the IDS website (https://www.internationaldistributionservices.com/en/about-us/finances/investors/debt-investors/)
• ISIN:
• • 4yr: XS3431850497
  • 7yr: XS3431959157
• Common Code:
• • 4yr: 343185049
  • 7yr: 343195915
• Joint Bookrunners: Goldman Sachs International (B&D), ING, MUFG, NatWest Markets, SMBC
• Timing: PRICED – FTT 16:20 LDN / 17:20 CET