Commentary & Deal Flow

Guidance: 8yr: MS+90a (+/-3 WPIR) - Books >€2.25bn

IPTs: 8yr: MS+120a

• Issuer: Bureau Veritas SA (Ticker: BVIFP / Country: FR)
• LEI: 969500TPU5T3HA5D1F11
• Issuer Rating: A3 stable by Moody’s
• Exp. Rating: A3 by Moody’s
• Format: Senior, Unsecured, Reg S (Cat2) Bearer Dematerialised Notes
• Settlement: 09-Sep-26 (T+5)
• Maturity: 09-Sep-34 (8-year)
• Size: €700m
• Guidance: MS+90a (+/-3 WPIR)
• Books Subject: 12.20 UKT
• Coupon: [ ], Fixed, Annual, Act/Act ICMA
• Denoms: €100,000 + €100,000
• ISIN: FR001401ARS3
• Docs: EMTN Programme / French Law / Euronext Paris / CoC / Clean-Up Call @ 75% / 3mth Par Call / MWC (B+[x]bps)
• Selling Restrictions: As per Base Prospectus dated 11-May-26
• Sales to Canada: Offers/sales into Ontario/Alberta/British Columbia only, subject to compliance with applicable law
• UoP: General Corporate Purposes including refinancing of upcoming maturities
• Global Coordinators: BofA Securities (B&D) / HSBC / Société Générale
• Active Bookrunners: Barclays / Commerzbank / NatWest / UniCredit
• Target Market: Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No Sales to EEA and UK Retail. No PRIIPs KID has been prepared as not available to EEA and UK Retail.
• Advertisement Language: The Base Prospectus dated 11-May-26 and any supplements are available on the website of the AMF (http://www.amf-france.org) and on the website of the Issuer (https://group.bureauveritas.com/investors/financial-information/debt-information). The Final Terms, when available, will be published on the website of the Issuer (https://group.bureauveritas.com/investors/financial-information/debt-information).
• Schedule: Books open, today's business