Commentary & Deal Flow

ESB Finance DAC, guaranteed by Electricity Supply Board, (ticker: "ESBIRE", country: IE) rated A2/A+ by Moody's/S&P, has mandated BBVA and ING as Joint Sustainability Coordinators and BBVA, Goodbody, ING, MUFG, Societe Generale as Joint Bookrunners to arrange a series of fixed income investor calls commencing on 21-Sep-26. An investor presentation with voiceover has been made available on Deal Roadshow. BBVA will be coordinating logistics.

An expected €500m WNG, Reg S, bearer, fixed rate, inaugural EuGB senior unsecured Long 10yr (Jan-37) € offering will follow, subject to market conditions.

• Expected Issue Ratings: A2/A+ (Moody's/S&P)
• Programme: The notes, if issued, will be offered under ESB’s €8bn EMTN Programme Offering Circular dated 28-Aug-26 as supplemented on 18-Sep-26. The Offering Circular, any Supplements and the Final Terms are or will be available, when published, at https://www.ise.ie/Market-Data-Announcements/Debt
• European Green Bonds: The Notes are designated as "European Green Bonds" or "EuGB" in accordance with Regulation (EU) 2023/2631 (the "EU Green Bond Regulation"). An amount equal to the net proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance the project(s) described in the Issuer's European Green Bond Factsheet dated 25-Aug-26. The Notes are issued (i) in accordance with the EU Green Bond Regulation, and the European Green Bond Factsheet of the Issuer as assessed by the Pre-Issuance Review, and (ii) in compliance with the ICMA Green Bond Principles (2025), and the Green Finance Framework of the Issuer as assessed by the Second Party Opinion. The European Green Bond Factsheet, Pre-Issuance Review, Green Finance Framework and Second Party Opinion are available on the Issuer's website at: https://esb.ie/investors/green-financing
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or UK PRIIPS KID/CCI product summary key information document (KID) has been prepared as not available to retail in the EEA or the UK. Relevant stabilisation regulation (including FCA / ICMA) applies.