Commentary & Deal Flow

Tranche 1 (Long 10yr): Final book €2.2bn. Peak book €2.75bn+ Pre Rec

Launched: Long 10yr: €500m @ MS+92bp - Books €2.5bn+ Pre Rec at the tight end of guidance
Guidance: Long 10yr: MS+95a (+/- 3bp WPIR) - Books €2.75bn+ Pre Rec
IPTs: Long 10yr: MS+125a

• Issuer: ESB Finance DAC (Ticker: ESBIRE, Country: IE)
• Guarantor: Electricity Supply Board (Country: IE)
• Issuer LEI: 635400VCPRSU89DLMZ57
• Guarantor LEI: 635400UFHDIQCDZ6JK11
• Guarantor Rating: A2 (stable) by Moody’s / A+ (stable) by S&P
• Expected Issue Rating: A2/A+ (Moody's/S&P)
• Format: EuGB, Senior Unsecured, Bearer, NGN, Temporary Global Note exchangeable for a Permanent Global Note
• Law/Listing: English Law / Euronext Dublin (Global Exchange Market)
• US Selling Restrictions: Reg S, Cat 2; TEFRA D
• Trade Date: 22-Sep-26
• Settlement Date: 29-Sep-26 (T+5)
• Maturity: 29-Jan-37
• Size: €500m
• Coupon: Fixed, Annual, ACT/ACT (ICMA), Short First
• Day Count Convention: Following, unadjusted
• ISIN: XS3519772308
• Clearing: Euroclear / Clearstream Luxembourg
• Early Redemption: 3m Par Call, MWC, Clean-up Call (75%), CoC Put at par
• Docs: Under the Issuer’s EUR 8 billion EMTN Programme Offering Circular dated 28-Aug-26 as supplemented on 18-Sep-26
• Denoms: €100k + €1k
• UoP: The Notes are European Green Bonds and an amount equal to the net proceeds of the issuance of the Notes will be applied by the Issuer to finance or refinance in whole or in part the projects described in the Issuer’s European Green Bond Factsheet (dated 25-Aug-26) incorporated by reference in the Offering Circular and available on the issuer’s website at https://cdn.esb.ie/media/docs/default-source/investor-relations-documents/esb-european-green-bond-factsheet---2026.pdf?sfvrsn=1f6b12cd_1
• 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 retail in EEA or the United Kingdom. No EU PRIIPs KID or UK DISC disclosure document will be prepared.
• Joint Sustainability Coordinators: BBVA, ING
• Active Bookrunners: BBVA, Goodbody, ING (B&D), MUFG, Societe Generale
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129. The Offering Circular, the Supplement thereto dated 18-Sep-26 are available, and the Final Terms, when published, will be available, at – https://www.ise.ie/Market-Data-Announcements/Debt/
• Marketing: Investor Presentation: https://dealroadshow.finsight.com/e/ESB2026
• Schedule: Books open, today’s business
• Books Subject: 12:10 UKT / 13:10 CET
• Hedge deadline: 14.20 UKT / 15.20 CET
• Benchmark: DBR 4 04-Jan-37 / HR 93%