Commentary & Deal Flow

+++Updates with details of the expected bond deal+++

Holding d'Infrastructures des Metiers de l'Environnement SAS (HIME - Saur) (SAUR), a leading sustainable water pure player, (ticker: "SAUR", country: FR) rated BB+/BB (S&P/Fitch), has mandated BNP Paribas, Credit Agricole CIB, HSBC, Morgan Stanley and Natixis as Global Coordinators and Joint Bookrunners to arrange a series of fixed income investor calls to be scheduled on 27-Oct. An electronic investor presentation will be made available.

An expected €500m exp., Reg S bearer, fixed rate annual pay Blue Senior Unsecured Long 5yr (Jan 2032) (NCL, MW, 3mo par call, 75% clean up call, CoC at par) € offering by HIME SAS, rated NR/BB+/BB, Denoms: 100x1, English law, List Dublin, will follow, subject to market conditions. Via BNP/CA/HSBC/MS/Natixis jt glocos/Rabo/SocGen jt books.

• Type: Fixed Rate
• Maturity: Jan-32
• FCA/ICMA Stabilisation: Applies
• Target Market: Manufacturer target market (EU MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or the UK.
• Use of Proceeds: The Issuer intends to use an amount equivalent to the net proceeds from the issuance of the Notes to finance and/or refinance, in whole or in part, new or existing Eligible Blue Projects in accordance with its Green and Blue Financing Framework. The net proceeds from the issuance of the Notes will be applied, in whole or in part, to (i) fund a tender offer on its €500,000,000 0.750% Sustainability Linked Senior Notes due Sep-28 (ISIN XS2385390724) (the Existing 2028 Notes) or otherwise refinance the Existing 2028 Notes; (ii) to pay costs, fees and expenses in connection with the tender offer on the Existing 2028 Notes; and (iii) for general corporate purposes.
• ESG Coordinators: Credit Agricole and Natixis
• Tender Offer: Saur has also announced today a Tender offer on its Existing 2028 Notes up to an amount not to exceed €300,000,000, such amount as may be increased or decreased by Saur in its sole and absolute discretion, subject to the conditions set out in a Tender Offer Memorandum dated 27-Oct-26. The Tender offer will expire on 4-Nov-26.
• Dealer Managers: BNP Paribas, Credit Agricole CIB, HSBC, Morgan Stanley and Natixis are acting as Dealer Managers on the Tender offer. This announcement and the Tender Offer Memorandum are not for distribution, directly or indirectly, in or into or to any person located or resident in the United States.
• Equity sponsors: EQT (approx 49%)/CVC (approx 24%)/PGGM (approx 24%)
• Biz: a leading global water management company, that provides full water life cycle infrastructure and services. HQ: Issy Les Moulineaux, France
• Roadshow schedule:

The issuer will be represented by:

Alice Schmauch – Chief Financial Officer

Anne Matsuda – Climate, Nature and CSR policies Manager

1x1 / Small Group Call Schedule (45 mins each)

Tuesday 27, October 2026:

• Call #1 : 12:00 – 12:45 UKT / 13:00 – 13:45 CET

• Call #2 : 13:00 – 13:45 UKT / 14:00 – 14:45 CET

• Call #3 : 14:00 – 14:45 UKT / 15:00 – 15:45 CET

• Call #4 : 15:00 – 15:45 UKT / 16:00 – 16:45 CET

• Call #5 : 16:00 – 16:45 UKT / 17:00 – 17:45 CET

NetRoadshow presentation including a voiceover has been made available at:

URL: www.netroadshow.com

Entry Code: SAUR26

Direct Link: www.netroadshow.com/nrs/home/#!/?show=8c5aac5f

Natixis will be coordinating Roadshow logistics.