Commentary & Deal Flow

Tranche 1 (4.5yr): Final Books > €745m. Peak book > €975m

Launched: 4.5yr: €500m @ MS+210bp - Books > €975m
IPTs: 4.5yr: MS+225a

• Issuer: SES (Ticker: SESGFP, Country: LU)
• Guarantor: SES Americom, Inc.
• Issuer/Guarantor LEI: 5493008JPA4HYMH1HX51 / 529900CXBBQLCMXKBJ24
• Issuer Ratings: Ba1 (stable) by Moody's / BBB- (stable) by Fitch
• Expected Issue Rating: Ba1 by Moody's / BBB- by Fitch
• Format: Senior, unsecured, Reg S (Cat 2), Registered, NSS
• Settlement: 06-Oct-26 (T+5)
• Size: €500m
• Maturity: 4.5 yr (06-Apr-31)
• Spread Set: MS+210
• Coupon: Fixed, Annual, short first coupon, Act/Act ICMA, Following, unadjusted
• ISIN: XS3526679868
• Documentation: Issued under the EMTN Programme dated 10-Apr-26 as supplemented by the prospectus supplement dated 23-Sep-26 (together, the "Prospectus")
• Governing Law: English law
• Early Redemption: 3m Par Call / Tax Call / Clean-up Call (75%) / MWC / CoC
• Denomination: € 100k+1k
• Listing: Luxembourg Stock Exchange, regulated market
• Selling Restrictions: The United States, the EEA (including France and the Republic of Italy), the United Kingdom, Switzerland, Canada, Japan and Singapore. See "Subscription and Sale" of the Prospectus. Category 2 offering restrictions have been implemented for the purposes of Regulation S under the Securities Act.
• UoP: The net proceeds from the issue of the Notes will be applied by the Issuer towards the cash tender offer for its outstanding € 500,000,000 fixed rate notes issued in 2019 (ISIN XS2075811781), which the Issuer has launched concurrently with the issue of the Notes. Any remaining net proceeds will be used for the general corporate purposes of the Group, including the refinancing of other existing indebtedness.
• Clearing System: Euroclear/Clearstream, Luxembourg
• Target Market: Manufacturer target market (MiFID II product governance and UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document or UK disclosure document has been prepared as the Notes are not available to retail investors in EEA or the United Kingdom.
• Joint Global Coordinators: BNP Paribas (B&D), ING, LBBW, Mizuho
• Joint Bookrunners: BNP Paribas, Commerzbank, Goldman Sachs International, ING, IMI-Intesa Sanpaolo, KBC, LBBW, Mizuho
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129. It is not a prospectus. The Prospectus is, and the Final Terms, when published, will be, available on the website of the Luxembourg Stock Exchange at: www.luxse.com.
• Marketing: DealRoadshow+Voice-over:FINAL LINK: https://dealroadshow.finsight.com/login/investor/e/SES2026(Recommended)ORVisit https://dealroadshow.finsight.com/enter the entry code: SES2026 (not case-sensitive)
• Books Subject: 12.45 UKT / 13.45 CET
• Timing: Books open, today's business
• HR: 104% vs DBR 2.4 15-Nov-30
• Hedge Deadline: 14:40 UKT / 15:40 CET