• Asset-backed securities (ABS) transaction backed by a blended portfolio of approximately 11,500 residential solar and heat pump loans to German homeowners
• 'Golden Ray 3' marks the third successful public issuance for Enpal and further expands access to institutional capital for Europe's energy transition
• 99% of invested funds are European; increasing traction with US investors
• Tighter pricing achieved across multiple tranches compared to the previous issuances, reflecting continued investor confidence
• M&G Investments (M&G), Enpal’s long term securitisation funding partner, will retain the most junior Class G and R notes in the securitisation
• Citi acted as Arranger. Barclays, Bank of America, Citi and Crédit Agricole CIB acted as joint lead managers

Berlin, 29 July 2026 – Enpal, Germany’s leading Energy Tech company, and M&G today announced the successful closing of Golden Ray 3, the third issuance under Enpal's pioneering public securitisation programme.

The transaction totals €367 million and is backed by a portfolio of approximately 11,500 residential solar and heat pump loans originated by Enpal for German house owners. Building on the success of Golden Ray 2, the latest issuance further demonstrates the scalability and resilience of residential clean energy financing while expanding Enpal and M&G's public market funding platform.

Golden Ray3 is rated by Moody's, Scope and DBRS and, like its predecessors, is issued as a Green Bond. The transaction is also certified as Simple, Transparent and Standardised (STS).

* A minimum 5% of the Class A Notes to Class E Notes and G Notes will be retained by Enpal BV as Risk Retention Holder

**Estimated assuming 22.5% CPR for the first 6 months, 10% CPR thereafter, redemption on the FORD, 0% defaults, 0% delinquencies (see Prospectus for the full list of assumptions)

***Pre-Placed with funds managed or advised by M&G Investment Management Limited

"Golden Ray has become the leading public securitisation platforms for residential clean energy assets in Europe. Our goal was to become a regular issuer and after three successful issuances, we can say that we definitely achieved this goal. We are proud, that with our third issuance, we were able to further improve pricing across the capital structure. This enables us to finance the energy transition at increasing scale while continuously reducing our cost of capital," says Gregor Burkart, Senior Vice President Asset Financing at Enpal.

“Golden Ray 3 represents a further evolution of our public securitisation platform with Enpal. Following the success of Golden Ray 2 in December last year, we have grown the transaction size whilst continuing to observe very healthy investor interest and coverage levels across the capital structure, including first time participation from several new accounts. This further demonstrates the growing appetite among institutional investors for exposure to clean energy financing solutions and as part of our partnership with Enpal, we’re proud to play a role in helping to deliver this positive change,” says Paul Fenlon, Portfolio Manager at M&G.

Golden Ray3 represents another milestone in establishing residential solar and heat pump loans as a recognised institutional asset class. Compared to the previous transaction, several tranches priced tighter, reflecting increasing investor confidence in the performance of Enpal's platform and the underlying asset class.

The transaction was arranged by Citi, with Barclays, Bank of America and Crédit Agricole acting as joint lead managers. The Golden Ray programme adheres to the ICMA Green Bond Principles. The notes are publicly traded and cleared on the Luxembourg Stock Exchange.

‍AboutEnpal

Enpal is Europe's leading energy technology company with the mission to make Europe energy independent. Serving more than 130,000 customers, Enpal provides an integrated energy solution combining solar panels, battery storage, EV chargers, smart meters, and heat pumps. At the core is Enpal.One+, the company's AI-powered energy platform, which connects tens of thousands of batteries to optimize electricity consumption and trading on whole sale energymarkets. Founded in Berlin in 2017, Enpal has grown to become Europe's leading residential solar installer, Germany's market leader in residential heat pumps, and the country's largest independent smart metering operator. Enpal is backed by leading international technology and impact investors, including TPG Rise Climate, The Westly Group, Activate Capital, and SoftBank Vision Fund II.

‍AboutM&G Investments

M&G Investments is part of M&G plc, asavings and investments company with £371.4 billion of assets under management (as at 31 March 2026). M&G plc has customers in the UK, Europe, the Americas and Asia, including individual savers and investors, life insurance policy holders and pension scheme members. For nearly nine decades M&G Investments has been helping its customers to prosper by putting investments to work, which inturn creates jobs, homes and vital infrastructure in the real economy. Its investment solutions span equities, fixed income, multi asset, cash, private debt, infrastructure and real estate. M&G plcrecognises the importance of responsible investing, is a signatory (both as an asset manager and owner) to the UN-supported Principles for Responsible Investment (PRI), and is targeting net zero emissions by 2050, across our investment portfolios and operations. For more information, please visit:www.mandg.com