Commentary & Deal Flow

Tranche 1 (3yr): Final Books in excess of €950m. Peak book above €1.9bn (pre-rec, at guidance)

Launched: 3yr: €300m @ MS+78bp - Books above €1.9bn (pre-rec, at guidance)
Spread set at: 3yr: MS+78bp - Books above €1.9bn (pre-rec, at guidance)
Guidance: 3yr: MS+85a - Books above €1.9bn (pre-rec)
IPTs: 3yr: MS+115a

• Issuer: Castellum AB
• Issuer LEI: 549300GU5OHTR1T5IY68
• Issuer Rating: Baa2, Stable Outlook (Moody’s)
• Issue Rating: Baa2 (Moody’s) (exp.)
• Status: Senior Unsecured
• Form: Reg S, Bearer, New Global Notes
• Trade Date: 26-Aug-26
• Settlement Date: 3-Sep-26 (T+5)
• Maturity Date: 3-Sep-29 (3-years)
• Size: €300m
• Coupon: FXD, Ann., Act/Act (ICMA)
• Reference Benchmark: DBR 0% Aug-29 (HR: 105%)
• Hedge Deadline: 14:35 UKT / 15:35 CEST, pricing thereafter
• Documentation: Castellum AB’s €3,000,000,000 EMTN Programme dated 3-Jul-26, as supplemented on 24-Aug-26 (as so supplemented, the “Base Prospectus”)
• Governing Law: English Law
• Clearing: Euroclear and Clearstream
• Business Days: T2 (Additional Financial Centre(s): London)
• Listing: Euronext Dublin, Regulated Market
• Denominations: €100k + 1k
• Call Options: 1-month Par Call, Make-whole Call (partial), Tax Call (at par), Clean-Up Call (75%)
• CoC: Yes (at par, as stipulated in the Base Prospectus)
• Neg. Pledge: Yes, in relation to Relevant Indebtedness (as stipulated in the Base Prospectus)
• Fin. Covenants:
  • Consolidated Solvency Ratio shall not exceed 65% (incurrence)
  • Secured Solvency Ratio shall not exceed 45% (incurrence)
  • Consolidated Coverage Ratio shall not be less than 1.5x (maintenance) (please refer to the definitions in the Base Prospectus)
• UoP: General corporate purposes
• Sell. Restrictions: As per the Base Prospectus (Reg S, Compliance Category 2; TEFRA D)
• JLMs: BNP Paribas (B&D), Danske Bank, Nordea, Svenska Handelsbanken, Swedbank
• ISIN / CC: XS3485509262 / 348550926
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) or FCA Product Disclosure Sourcebook (DISC) disclosure document has been prepared as the bonds are not available to retail in EEA or the UK
• Schedule: Books open, today’s business
• Books Subject: Allocations and pricing this afternoon
• Marketing: URL:https://dealroadshow.finsight.com, Entry Code: PAMPAS26 Direct Link:https://dealroadshow.finsight.com/e/PAMPAS26
• 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 Supplements are available and the Final Terms, when published, will be available on the website of Euronext Dublin at:https://www.euronext.com/en/markets/dublin