Commentary & Deal Flow

• Issuer: Energia Group ROI FinanceCo DAC
• Ticker: ENRGRP
• Tranche Size: EUR850m
• Format: Reg S / 144A, No Reg Rights
• Security: Senior Secured Notes
• Price Progression:
  • Priced: 5.5% at 100. +212bp vs DBR 2.5% 15-November-2032
  • Final terms: 5.5%
  • Price talk: 5.5%-5.75%
  • IPT: High 5s
• Spread to Benchmark: +212bp
• Benchmark: DBR 2.5% 15-November-2032
• Issue Ratings: Ba1/NR/BBB- (stable/--/stable)
• Maturity: 01-October-2032 (6y)
• Optional Redemption: NC2 (01-October-2028) (MWC B+50bp)
  • 01-October-2028: 102.75
  • 01-October-2029: 101.375
  • 01-October-2030: 100
• Equity claw: 2y 40% at 105.5
• Special call: 10% per year, the first 2 years at 103
• Change of Control: CoC at 101
• Payment dates: 15-March / 15-September, starting 15-March-2027.
• Denominations: 100kx1k
• Reg S Common Code: 351119438
• Reg S ISIN: XS3511194386
• 144A Common Code: 351119446
• 144A ISIN: XS3511194469
• Listing: The International Stock Exchange
• Law: New York Law
• Joint Physical Bookrunners: JPM (B&D), MS, GSI
• Joint Global Coordinators and Bookrunners: JPM, MS, GSI, DB
• Bookrunners: Barc, BoA, Lloyds, NatWest, SG
• Settles: 28-September-2026 (T+8)
• Trade Date: 16-September-2026
• UOP: Refinance existing EUR600m 6.875% sr sec notes due 31-July-2028 (callable at 101.719) and EUR250m bridge facility incurred to fund the acquisition of Energia by Ardian from I-Squared Capital.
• Equity sponsor: Ardian Infrastructure Fund (Ardian Group).
• Biz: Energia Group is a leading integrated energy transition utility active in the Republic of Ireland (RoI) and Northern Ireland (NI). The Company has a portfolio of operational onshore wind farms and renewable PPAs across the Island of Ireland. In addition Energia Group generates electricity from system critical CCGTs in Dublin, operates an emergency gas generation facility in Dublin and a battery storage facility in Belfast. Energia Group supplies electricity & gas to homes and businesses across Ireland in both the RoI and NI. The Group also has a contracted pipeline of growth centered on a data center that is currently in construction and an associated pipeline of renewable (onshore wind and solar) generation projects.
• HQ: Dublin, Ireland
  Marketing:
• Investor Call: Monday, 14-September-2026 at 10:30 UKT
• Fixed income investor meetings: Monday, 14-September-2026 and Tuesday, 15-September-2026
• Books closed: 13:00 UKT 16-September-2026

GIC Registration Link: https://www.netroadshow.com/events/login/1PeTHmojK3u1pUun99moD1WtGNbH0GDT05Aln
Participant Access Code: 875259
Alternatively, please use the following dial-in details:
United Kingdom (Local): +44 20 3936 2999
United Kingdom (Toll-Free): +44 808 189 0158

TOE: 4:52pm UKT 16-Sept

Free to trade: 17th September 2026 @ 7:30am UKT