Commentary & Deal Flow

Reoffer: 8yr: MS+97bp / 100 / 4.48%
Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 94.73 / B+110.3bp / HR 101%

8yr: Final Books €3.2bn+. Peak book €3.3bn+

Launched: 8yr: €500m @ MS+97bp - Books €3.3 bn+
IPTs: 8yr: MS+130/135bp

• Issuer: Eurogrid GmbH (Ticker: EUROGR, Country: Germany)
• Issuer LEI: 967600Q53854Z2NBCC81
• Issuer Ratings: BBB (stable outlook) by S&P and Baa2 unsolicited (stable outlook) by Moody's
• Expected Issue Ratings: BBB by S&P
• Guarantors: 50Hertz Transmission GmbH (LEI: 529900N6V96MBOIRXV55) and 50Hertz Offshore GmbH (LEI: 8755005LVIN8ES5KAA34)
• Format: Senior, Unsecured European Green Bond, Reg S CAT2 Bearer NGN (TEFRA D)
• Settlement: 29-Oct-26 (T+8)
• Tenor: 8-years
• Size: €500m
• Maturity: 29-Oct-34
• Coupon: 4.48%, Fixed (Annual, Act/Act ICMA)
• Reoffer: MS+97bp
• Price / yield: 100 / 4.48%
• Bund ref: +110.3bps vs DBR 2.6% 15-Aug-34 (bid @ 94.73; HR: 101%)
• ISIN: XS3542776037
• Par Call: 3 months
• Listing: Luxembourg Stock Exchange (Regulated Market)
• Documentation: DIP as per 13-May-26 and supplemented on 31-Jul-26 / German Law / Clean-up Call (80%) / MWC (B + 20 bps) / Tax Call
• Denomination: €100,000 x €100,000
• Selling Restrictions: Regulation S and as set out in Eurogrid's Debt Issuance Programme dated 13-May-26 and supplemented on 31-Jul-26 (U.S., EEA, UK, Japan, Singapore and Canada)
• UOP: The Notes are designated as "European Green Bond" or "EuGB" in accordance with Regulation (EU) 2023/2631 of the European Parliament and of the Council. An amount equivalent to the gross proceeds of the issuance of Notes will be applied to finance, refinance and/or invest in eligible activities in line with Eurogrid's European Green Bond Factsheet (included in Eurogrid's Green Financing Framework) dated Sep-25. The European Green Bond Factsheet along with the pre-issuance review by Sustainable Fitch are available on the Issuer's website at: https://www.eurogrid.com/en-us/Investor-Relations/Green-Financing
• Target Market: Manufacturer target market (MiFID II product governance / UK MiFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels). For the avoidance of doubt, there will be no sales to retail investors under any jurisdiction in primary market. No EU PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been prepared as the notes will not be made available to retail investors in the EEA or the UK
• Joint Bookrunners: Crédit Agricole CIB, NatWest, SocGen, UniCredit (B&D)
• Advertisement: This communication is not an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements and the final terms, when published, will be available at https://www.luxse.com/programme/Programme-Eurogrid/14143
• Timing: PRICED. TOE:16:35 CET. FTT: 17:15 CET
• Books Subject: 11.55 UKT 12.55 CET
• Hedge Deadline: 15.25 UKT / 16.25 CET
• Disclaimer: None of the Joint Bookrunners makes any representation, warranty or undertaking, express or implied, as to whether the securities will satisfy any present or future investor expectations or requirements with respect to environmental, sustainability or green criteria. None of the Joint Lead Managers is responsible for any assessment of the eligibility criteria, any verification of whether the eligible green projects meet the eligibility criteria, or the monitoring of the use of proceeds. The Green Financing Framework does not form part of the Base Prospectus or the Final Terms.