Commentary & Deal Flow

Reoffer: 2yr: 3mE+75bp / 100 Long 7yr: MS+145bp / 99.314 / 4.868%
Benchmark: Long 7yr: DBR 2.2 15-Feb-34 @ 93.22 / B+161.0bp (HR: 97%)

Tranche 1 (2yr FRN): Final Books > €600m. Peak book c.€650m
Tranche 2 (Long 7yr): Final Books > €850m. Peak book c.€1.1bn

Launched:
2yr: €300m @ 3mE+75bp - Books c.€650m
Long 7yr: €500m @ MS+145bp - Books c.€1.1bn
IPTs: 2yr: 3mE+95a Long 7yr: MS+165a

• Issuer: Edenred SE
• Ticker: EDENFP
• Country: FR
• LEI Code: 9695006LOD5B2D7Y0N70
• Issuer Ratings: A- (by S&P, stable)
• Expected Issue Ratings: A- (by S&P)
• Status of the Notes: Senior Unsecured
• Form of Notes: Reg S (Cat2) Bearer Dematerialized
• Trade Date: 27-Oct-26
• Settlement Date: 03-Nov-26 (T+5)
• Issue Type:
  • 2yr: 2-Year FRN
  • Long 7yr: 7.25-Year FXD
• Maturity Date:
  • 2yr: 03-Nov-28
  • Long 7yr: 03-Feb-34
• Issue Size:
  • 2yr: €300m
  • Long 7yr: €500m
• Re-offer:
  • 2yr: 3mE+75bp / 100
  • Long 7yr: MS+145bp / 99.314 / 4.868%
• Benchmark: 161.0bp vs DBR 2.2 15-Feb-34 @ 93.22 / 3.258% (HR: 97%)
• Coupon:
  • 2yr: 3mE+75bp, Floating, Quarterly, ACT/360
  • Long 7yr: 4.75%, Fixed, Annual, ACT/ACT (ICMA), Short First
• ISIN:
  • 2yr: FR001401BUS5
  • Long 7yr: FR001401BUT3
• Par Call:
  • 2yr: -
  • Long 7yr: Yes, 3-month
• TOE:
  • 2yr: 14:41 UKT
  • Long 7yr: 14:39 UKT
• MWC: B+25bp
• Use of Proceeds: General corporate purposes including the refinancing of upcoming bond redemptions
• Documentation: EMTN Programme dated 14-Nov-25 (as supplemented on 07-Jan-26 and 21-Oct-26) / Euronext Paris / €100,000 + €100,000 / French Law / Clean-Up call @75% (except for the FRN tranche) / Change of Control (Put) / MWC (except for the FRN tranche)
• Clearing Systems: Euroclear, Clearstream
• Selling Restrictions: As per EMTN Programme
• Global Coordinators: BNP Paribas, J.P. Morgan (B&D), Societe Generale
• Active Bookrunners: BofA Securities, Citi, HSBC, ING, Santander
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook have been prepared as not available to retail in EEA or the United Kingdom, respectively.
• Advertisement: The Base Prospectus, the Supplements along with the Final Terms, when published, will be available on the website of the AMF (www.amf-france.org) and on the Issuers website (www.edenred.com)
• Timing: FTT: 15:00 UKT