Commentary & Deal Flow

• Price Progression:
  • Priced: 5.75% at 99.558 to yield 5.875%. +259.3bp vs 0% DBR 15-February-2031
  • Final terms: 5.875%
  • Price talk: 6% area (+/-12.5bp) WPIR
  • IPT: 6.25% area
• Spread to Benchmark: +259.3bp
• Benchmark: 0% DBR 15-February-2031
• Issuer: ZF Europe Finance B.V.
• Ticker: ZFFNGR
• Size: EUR750m
• Format: Senior Unsecured, Reg S Bearer, NGN
• Security: Senior Unsecured Notes
• Expected Issue Ratings: Ba2 by Moody's / BB- by S&P
• Maturity: 21-March-2031 (4y)
• Optional Redemption: Make-whole Call (MWC B+40bp), 3m Par Call, Tax Call, Clean-up Call (75%)
• Change of Control: CoC
• Denominations: 100kx100k
• Reg S ISIN: XS3504736029
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: German
• Global Coordinators & Active Bookrunners: Barclays, ING, J.P. Morgan (B&D), SMBC
• Settles: 21-September-2026
• Trade Date: 14-September-2026
• UOP: General corporate purposes, refinancing existing indebtedness and financing the Tender Offer of the outstanding EUR 2.5% October 2027 note of ZF Europe Finance B.V. and the 2% May 2027, 2.25% May 2028 and 3.75% September 2028 notes of ZF Finance GmbH
• HQ: Friedrichshafen, GermanyFriedrichshafen, Germany
  Marketing:
• Books closed: EUR1.9bn+ at guidance (up from EUR1.75bn pre-rec)
• FTT: 17:00 UKT
• ToE: 16:48 UKT

DealRoadshow: https://dealroadshow.finsight.com/e/ZF2026 (Entry Code: ZF2026)