Commentary & Deal Flow

Reoffer: 5.7yr: MS+90bp / 99.228 / 4.411%
Benchmark: 5.7yr: DBR 0 15-Feb-32 @ 83.75 / B+107.3bp / HR 112%

Tranche 1 (5.7yr): Final Books >€820m. Peak book >€1.25bn

Launched: 5.7yr: €500m @ MS+90bp - Books >€1.25bn
IPTs: 5.7yr: MS+115a

• Issuer: Carrefour S.A. (Ticker: CAFP, Country: FR)
• Issuer LEI Code: 549300B8P6MUJ1YWTS08
• Issuer Rating: BBB (outlook stable) by S&P
• Exp. Issue Rating: BBB by S&P
• Format: Senior, unsecured, Reg S (Cat2) Bearer Dematerialised Form
• Settlement Date: 25-Sep-26 (T+5)
• Maturity: 25-May-32 (5.7-year)
• Issue Size: €500m
• Coupon: 4.25% Fixed (Annual, Act/Act, ICMA), Short first coupon (May-27)
• Business Day Convention / Business Centres: Following, unadjusted / T2
• Re-offer: MS+90 / 99.228 / 4.411%
• Reference Benchmark: 107.3bps vs DBR 0 15-Feb-32 (@83.75 / 3.338%) HR: 112%
• MWC: B+20
• Documentation: EMTN / French Law / Euronext Paris / MWC / No Change of Control / Clean-Up Call 75% / 3m Par Call / €100k+100k
• ISIN Code: FR001401B544
• Use of Proceeds: General Corporate Purposes, including the refinancing of existing debt
• Global Coordinators: BNP Paribas, Crédit Agricole CIB, Goldman Sachs Bank Europe SE (B&D), HSBC, IMI-Intesa Sanpaolo, Santander
• Clearing System: Euroclear France
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (“KID”) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in EEA or the United Kingdom.
• Selling Restrictions: As documented in the EMTN Programme
• Advertisement: The issuer’s Base Prospectus and its supplement will be available at www.amf-france.org and/or on the website ofthe issuer https://www.carrefour.com/en/finance/debt-and-rating and the Final Terms when published will be availableat www.amf-france.org
• Timing: TOE 14:19 UKT / FTT 14:45 UKT