Commentary & Deal Flow

IPTs: 5NC2: 8.000%a

• Issuer: Aktor SA Holding Company Technical And Energy Projects
• LEI: 213800SNEJL2ZM642D98
• Business: A leading Greek infrastructure platform active across Constructions, Concessions, LNG and Renewables
• Issuer/Guarantor Rating: Unrated
• Issue Rating (expected): Unrated
• Status (Notes): Senior, unsecured notes
• Distribution: Reg S CAT1
• Denomination: €100,000 and integral multiples of €1,000
• Format: Global Notes without registration rights
• Currency: EUR
• Aggregate Principal Amount: 300 million
• IPTs: 8.000% area
• Pricing date: 27-Jul-26
• Settlement Date (T+5): 03-Aug-26
• Maturity Date: 03-Aug-31
• Tenor: 5NC2
• Optional Redemption: Prior to the end of non-call period in 2028: Equity Claw at par +100% of coupon (up to 40% of Notes with net cash proceeds from certain equity offerings; at least 50% to remain outstanding)Commencing at the end of non-call period in 2028: Par +50% of couponCommencing on 2029: Par +25% of couponCommencing on 2030 and thereafter: 100.000%
• Coupon Structure: Fixed, Semi-annual
• Use of Proceeds: General corporate purposes, including funding of Strategic Business Plan
• Documentation: Offering Memorandum dated 27-Jul-26
• Governing law: New York Law
• Listing: Vienna Stock Exchange MTF
• Clearing System: Euroclear and/or Clearstream
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties, professional clients and high net worth retail investors
• Sole Global Coordinator and Joint Lead Manager: UBS Investment Bank
• Joint Lead Managers: BofA Securities, Goldman Sachs Bank Europe SE, Nomura, CrediaBank, Optima bank, Piraeus Bank and UBS Investment Bank
• Co-Lead Managers: Ambrosia Capital
• Marketing Materials: A dedicated Investor Presentation and the Preliminary Offering Memorandum is available on NetRoadshow:www.netroadshow.com/nrs/home/#!/?show=fa42d0cd
• Timing: Today’s business
• Change of Control Put: Yes | 101%
• Negative Pledge: Yes
• Debt Covenant (incurrence) based): Yes | Net Debt / EBITDA at 5x
• Dividends/Share Buybacks Covenant: Yes
• Affiliate Transactions Covenants: Yes
• Asset Disposal Covenant: Yes
• Reporting covenant: Yes
• Notes: Investor calls started 23-Jul. On 20-Jul-26 Aktor issued new ordinary shares with expected proceeds of €650m. HQ: Paiania, Greece.