Commentary & Deal Flow

IPTs: 4yr: MS+85a 8yr: MS+115a 12yr: MS+140a 20yr: MS+175a

• Issuer: TenneT GmbH & Co. KG (“TenneT Germany”, Ticker: TENNGR, Country: DE)
• Issuer LEI: 894500W0C55HJG1HFU36
• Issuer Ratings: Baa1/BBB+/BBB+ (Moody's/S&P/Fitch)
• Exp. Issue Ratings: Baa1/BBB+/A- (Moody's/S&P/Fitch)
• Format: EuGB, Reg S, Bearer, NGN, intended to be ECB eligible
• Settlement: 15-Jul-26 (T+6)
• Tenor:
• • 4 years
  • 8 years
  • 12 years
  • 20 years
• Size:
• • € Benchmark
  • € Benchmark
  • € Benchmark
  • € Benchmark
• Maturity:
• • 15-Jul-30
  • 15-Jul-34
  • 15-Jul-38
  • 15-Jul-46
• IPTs:
• • MS+85 bps area
  • MS+115 bps area
  • MS+140 bps area
  • MS+175 bps area
• Coupon: Fixed, Annual, Act/Act (ICMA), following, unadjusted
• ISIN:
• • XS3433863621
  • XS3433863977
  • XS3433864199
  • XS3433864355
• Par Call:
• • 2 months
  • 3 months
  • 3 months
  • 6 months
• Further early Redemption: Change of control put at par, tax call, clean-up call at par (75%)
• Use of proceeds: 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 April 2026. 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
• Denomination: €1k+€1k
• Law: German law
• Documentation: Issued under the base prospectus dated 13-Apr-26 as supplemented on 03-Jul-26 (the "Base Prospectus") relating to the TenneT GmbH & Co. KG’s EUR 35,000,000,000 Debt Issuance Programme (the "Programme")
• Listing: Luxembourg Stock Exchange (Regulated Market) and expected to be displayed on LGX (Luxembourg Green Exchange)
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties, professional and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a medium investment horizon for the 4yr tranche and long-term investment horizon for the 8yr, 12yr and 20yr, (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 (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
• Selling Restrictions: As per the selling restrictions in the Base Prospectus. Reg S, TEFRA D (no communication with/into the US), Canada – offers/sales into Ontario only, subject to compliance with applicable law.
• Consent Period to Use the Base Prospectus: From and including 13-Jul-26 to and including 15-Jul-26 in Luxembourg and the Passporting Jurisdictions
• Passporting Jurisdictions: Austria, Germany and The Netherlands
• Sole Sustainability Structurer: ING
• Joint Active Bookrunners: BNP Paribas, Commerzbank, Deutsche Bank, Goldman Sachs Bank Europe SE, ING (B&D), LBBW
• Marketing: URL: http://www.netroadshow.com Entry Code: TenneTGermany2026 Direct Link: www.netroadshow.com/nrs/home/#!/?show=becff5c8
• 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
• Timing: Books open, today's business