Commentary & Deal Flow

Reoffer: 12yr: MS+98bp / 99.477 / 4.683%
Benchmark: 12yr: DBR 1 15-May-38 @ 74.76 / B+96.9bp / HR 114%

12yr: Final Books in excess of €1.7bn at reoffer. Peak book above €2bn (pre-rec, good at guidance)
Hedge Ratio: 114% vs DBR 1 15-May-38
Hedge Deadline: 14.30 UKT / 15.30 CET
Launched: 12yr: €500m @ MS+98bp - Books above €1.9bn (pre-rec, good at guidance)
Spread set at: 12yr: MS+98bp
Guidance: 12yr: MS+100a (+/-2 WPIR)
IPTs: 12yr: MS+130a

• Issuer: Stedin Holding N.V.
• Ticker: STEDIN
• Country: NL
• Issuer LEI: 724500R5IP6TFKTNRU48
• Issuer Rating: A-, stable outlook (S&P)
• Expected Issue Rating: A- (S&P)
• Format: Senior, Unsecured, Reg S Bearer, New Global Note, Green
• Pricing date: 29-Sep-26
• Settlement: 06-Oct-26 (T+5)
• Currency & size: €500m
• Tenor: 12yr
• Maturity: 06-Oct-38
• Reoffer: MS+98bp // 99.477 // 4.683%
• Benchmark: DBR 1 15-May-38 + 96.9bp / HR 114% / DBR at 74.76
• Coupon: 4.625% Fixed; Annual; Actual/Actual (ICMA)
• ISIN: XS3524258426
• Common Code: 352425842
• Early Redemption: Tax Call at Par; MWC B+15bps; 3m Par Call; Clean-up Call (75%) at Par;
• Documentation: To be documented under the Issuer’s EUR 8bn EMTN Programme dated 10-Sep-26
• Denominations: €100,000 x €1,000
• Listing: Euronext Amsterdam
• Law: Dutch Law
• Marketing: URL: https://dealroadshow.finsight.comEntry Code: STEDIN26Direct Link: https://dealroadshow.finsight.com/e/STEDIN26
• Use of Proceeds: To finance and/or refinance, in whole or in part, Eligible Green Assets as outlined in the Issuer’s Green Finance Framework dated Sep-25
• Joint Active Bookrunners: ABN AMRO, ING, Rabobank (B&D), SEB
• Selling Restrictions: As per the Issuer’s EUR 8bn Euro Medium Term Note Programme dated 10-Sep-26 (Reg S Cat. 2; TEFRA D, EEA (no sales to retail), United Kingdom (no sales to retail), Japan, The Netherlands)
• Target Market: Manufacturer target market (MIFID II/UK MiFIR productgovernance) is eligible counterparties and professional investorsonly (all distribution channels). No EU PRIIPs key informationdocument (KID) or UK PRIIPs CCI product summary has beenprepared as the notes will not be made available to retailinvestors in the EEA or the UK
• Advertisement: The Base Prospectus dated 10-Sep-26, is available on the website of the AFM (https://www.afm.nl). The Final Terms, when available, will be published on the Issuer’s website at https://www.stedingroep.nl/eng/investor-relations. The Green Finance Framework and Second Party Opinion are also available on https://www.stedingroep.nl/eng/investor-relations. Neither the Green Finance Framework nor the Second Party Opinion form part of the Offering Materials
• Timing: Priced TOE 15:35 CET / 14:35 UKT // FTT 16:00 CET / 15:00 UKT