Commentary & Deal Flow

Reoffer: 10yr: OAT+25bp / 99.113 / 4.110%
Benchmark: 10yr: Ref Bonds FRTR 1.25% 25-May-36 & FRTR 3.70% 25-Nov-36 / HR 114%

Final Books: In excess of €2.6bn (incl. €225m JLM)

Launched: 10yr: €800m @ OAT+25bp - Books in excess of €2.6bn (incl. €225m JLM)
Spread set at: 10yr: OAT+25bp - Books in excess of €2.1bn (incl. €225m JLM)
Guidance: 10yr: OAT+27a

• Issuer: Action Logement Services
• Ticker: ALSFR
• Issuer Ratings: Aa3 (negative) / A+ (stable) by Moody’s/Fitch
• Format: Senior, Unsecured, Reg S Bearer Dematerialized, Sustainable Bonds
• Coupon: 4% Fixed, Annual, ACT/ACT ICMA, Unadjusted Following
• Tenor: 10yr
• Size: €800m
• Settlement Date: 16-Jul-26 (T+5)
• Maturity Date: 16-Jul-36
• Reoffer: Interpolated OATs (MID) + 25bps / 99.113 / 4.110
• Ref. Bonds: FRTR 1.25% 25-May-36 (Price: 79.004% / Yield: 3.847%) / HR: 114% & FRTR 3.70% 25-Nov-36 (Price: 98.362% / Yield: 3.893%)
• Denominations: €100k + €100k
• Documentation: Issuer’s Sustainable EMTN programme
• Listing: Luxembourg-EuroMTF & Paris-Euronext Growth
• Settlement: Euroclear France
• Governing Law: French
• Lead Managers: Barclays, BNPP, Natixis, Natwest, SG(B&D)
• ISIN code: FR0014019WJ9
• Timing: Priced. TOE: 12:55 UKT / 13:55 CET | FTT immediately
• Target Market: Eligible Counterparties and Professional clients (all distribution channels)
• Advertisement: The final Prospectus, when published, will be available at https://www.bourse.lu/issuer/ActionLogeServ/97084
• Investor Presentation: https://groupe.actionlogement.fr/sites/default/files/2026-07/2026%2007%20-%20Pr%C3%A9sentation%20investisseurs%20-%20EN_VF.pdf
• Sustainable Bond Program Framework: https://groupe.actionlogement.fr/sites/default/files/2025-09/02-2025%2007%20ALS%20Sustainability%20Bond%20Framework_VF.pdf
• SPO: https://groupe.actionlogement.fr/sites/default/files/2025-09/03-EN_EthiFinance_SPO_ALS_VF_04-07-2025.pdf