Commentary & Deal Flow

TenneT GmbH & Co. KG (“TenneT Germany”), the largest electricity transmission system operator in Germany (by network length), (ticker: "TENNGR", country: DE) rated Baa1/BBB+/BBB+ by Moody's/S&P/Fitch, has mandated BNP Paribas, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, ING and LBBW as Joint Active Bookrunners and ING as Sole Sustainability Structurer, to arrange a series of fixed income investor calls commencing on 6-Jul-26.

An investor presentation with voiceover has been made available on NetRoadshow.

A debut Euro denominated, EuGB, Reg S, senior unsecured multi-tranche bond offering, consisting of a 4yr, 8yr, 12yr and 20yr tranche, is expected to follow, subject to market conditions.

• Programme: The bonds, if issued, will be offered under TenneT Germany’s €35bn Debt Issuance Programme dated 13-Apr-26 and supplemented as on 3-Jul-26.
• Expected Ratings: Baa1 / BBB+ / A- by Moody’s, S&P and Fitch.
• Notes: The Notes are designated as "European Green Bonds" or "EuGB" in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equal to the gross proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance the project(s) described in the Issuer's European Green Bond Factsheet dated 16-Apr-26. The Notes are issued (i) in accordance with the EU Green Bond Regulation the European Green Bond Factsheet of the Issuer as assessed by the Pre-Issuance Review, and (ii) in compliance with the ICMA Green Bond Principles (2025), and the Green Finance Framework of the Issuer as assessed by the Second Party Opinion. The European Green Bond Factsheet, Pre-Issuance Review, Green Finance Framework and Second Party Opinion are available on the Issuer's website at: https://www.tennet-ir.eu/en/green-financing. None of these documents or web pages form part of the offer.
• Manufacturer target market (EU MiFID II product governance and UK MiFIR product governance rules): eligible counterparties, professional and retail clients (distribution channels: for eligible counterparties and professional clients all distribution channels, for retail investors all distribution channels except for execution only). No EEA PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) will be prepared.
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplement thereto are and the Final Terms, when published, will be available at: https://www.luxse.com/programme/Programme-TenneTGCo-KG/25031