Commentary & Deal Flow

Launched:
5yr: €500m @ MS+73bp - Books >€2.20bn (pre-rec)
8yr: €500m @ MS+100bp - Books >€1.75bn (pre-rec)

IPTs: 5yr: MS+105a 8yr: MS+130a

• Issuer: Fresenius SE & Co. KGaA
• Ticker: FREGR
• Country: DE
• Issuer LEI: XDFJ0CYCOO1FXRFTQS51
• Issuer Rating: Baa3/BBB/BBB- (Moody's/S&P/Fitch)
• Expected Issue Rating: Baa3/BBB/BBB- (Moody's/S&P/Fitch)
• Status / Form: Senior, Unsecured, Reg S, Bearer, New Global Notes
• Settlement Date: 08-Jul-26 (T+5)
• Size:
• • 5yr: €500m
  • 8yr: €500m
• Maturity Date:
• • 5yr: 08-Jul-31
  • 8yr: 08-Jul-34
• Coupon:
• • 5yr: Fixed, Annual, Act/Act (ICMA), following, unadjusted
  • 8yr: Fixed, Annual, Act/Act (ICMA), following, unadjusted
• Par Call: 3m
• Use of Proceeds: General corporate purposes incl. refinancing of existing financial liabilities
• Docs: DIP / Lux. Listing (Regulated market) / German Law / 1k x 1k / Tax Call / CoC Put at 101% / Clean-up Call (80%)
• Selling Restrictions: Reg S Cat 2; TEFRA D (as per the Base Prospectus dated 13 May 2026)
• Sales into Canada: Sales into Ontario only, subject to compliance with applicable law
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients (all distribution channels) and also retail clients (suitability- or appropriateness-based distribution channels as applicable), each having (1) at least basic knowledge and/or experience with financial products, (2) a medium term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear losses from interest rate changes and no capital loss bearing capacity if held to maturity and (5) a low risk tolerance. No EU PRIIPs key information document (KID) / UK CCI disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as this issuance is not considered to be a packaged retail investment product
• Joint Bookrunners: Barclays, BBVA, BNP Paribas (B&D), Commerzbank, ING
• Advertisement: The Base Prospectus and any supplements are available at https://www.luxse.com/issuer/FresenSE-CO/67278 and the final terms relating to the Notes, when published, will be available on the website of the Luxembourg Stock Exchange (https://www.luxse.com/). This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus.
• Timing: Books subject at 12.30 UKT / 13.30 CET. Allocations and pricing to follow this afternoon.