VGP : Sustainable Bond Allocation Report 2025

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Sustainable Bond Allocation Report 2025 31st of March 2026 Sustainable Bond Allocation Report 2025 Content 01 General Information page 2 Sustainable Bonds Summary Sustainable Finance Framework EU Taxonomy Fact sheet Risk Management 02 Allocation Reporting page 4 Overview 03 Impact reporting page 5 Sustainable Buildings Energy efficiency Renewable energy Clean transportation Sustainable Water 04 Bonds Specific Reports page 10 Bond 2026, BE0002611896 Bond 2029, BE6327721237 Bond 2027, BE6332786449 Bond 2030, BE6332787454 Bond 2031, BE6362152199 01 General Information Sustainable Bonds Summary As of 31 December 2025, VGP has issued the following five Bonds. The bond #5 is the only bond issued under the sustainable finance framework as published in March 2025. Bonds #2-4 were issued under the previous green finance framework as published in 2021. # Original Amount (€) Amount outstanding (€) as of 31. 12. 2025 Total proceeds allocated (€) % of amount outstanding Issue (date) Maturity (date) Coupon (%) ISIN code 1 190,000,000 190,000,000 211,562,685 111% 19. 09. 2018 19. 03. 2026 3.5 BE0002611896 2 600,000,000 579,900,000 643,145,370 111% 08. 04. 2021 08. 04. 2029 1.5 BE6327721237 3 500,000,000 320,100,000 395,695,828 124% 17. 01. 2022 17. 01. 2027 1.625 BE6332786449 4 500,000,000 500,000,000 606,424,034 121% 17. 01. 2022 17. 01. 2030 2.25 BE6332787454 5 576,000,000 576,000,000 668,744,652 116% 02. 04. 2025 31. 01. 1931 4.25 BE6362152199 Please note that for all tables in this document the order of the bonds as highlighted above is followed. So when speaking of bond #5, it refers to the 2031 bond of € 576 million outstanding. In previous years, VGP fully allocated the outstanding green bonds (#2,#3,#4) under the prevailing green bond framework. With the publication of the revised framework in March 2025, the allocation of all bonds currently with issued capital outstanding have been published under this revised framework (including the bond which was issued in 2018). Please note that this allocation report is based on the balance sheet data as of 31 December 2025 and the financial and operational performance data for the full year 2025. VGP issued a bond on 9 January 2026 with a nominal amount of € 600 million, paying a coupon of 4 per cent p.a. and maturing on 16 January 2032. An amount equal to the net proceeds from the issuance of the Bonds will be used to finance and/or refinance a portfolio of eligible assets in accordance with the VGP Sustainable Finance Framework and as such will be reported in the allocation report 2026 (to be published early 2027). Sustainable Finance Framework Sustainable Finance is considered one of the main enabling levers of VGP's financing plan. To reinforce the link between the Group's financial and sustainable strategy, VGP issued a Green Finance Framework in 2021. The framework was then updated in March 2025 1 . S&P has issued a Second Party Opinion (SPO) confirming the solidity of the Sustainable Finance Framework, attesting its alignment with the ICMA and LMA principles. The agency has assigned a "Light Green" rating. 2 The framework covers the following five categories of Eligible Projects contributing to several Sustainable Development Goals: The Sustainable Finance Framework is available on VGP website: vgp-sustainable-finance-framework.pdf The S&P Second Party Opinion (SPO) as issued over the 2025 allocation report is available on the VGP website and can be found under the Debt section on the VGP Investors website. EU Taxonomy Fact sheet These Green Bonds support and strengthen the implementation of VGP's sustainability strategy focused on Energy Transition and Circular Economy, pursuing the climate change mitigation environmental objective as referred to in Article 9 of Regulation (EU) 2020/852. VGP has taken into account the technical screening criteria ("TSC") for substantial contribution to the six environmental objectives of the EU Commission stemming from the Delegated Acts of the EU Taxonomy Regulation to draft the eligibility criteria for Eligible Green Projects defined below when applicable. Furthermore, VGP commits to providing in each allocation reporting the share of the amount equivalent to the net proceeds that have been allocated to projects fully aligned with the EU Taxonomy Regulation (including the TSC for substantial contribution, the Do No Significant Harm ("DNSH") criteria and the Minimum Social Safeguards ("MSS"). EU Taxonomy Tables Please refer to separate excel sheets available on the VGP Investors website 1 for the detailed allocation of the proceeds for each group of projects in accordance with EU Taxonomy. Risk Management Regarding VGP's risk management strategy for its projects, it is deeply embedded in the compa-ny's business processes through its Risk Management and internal controls system. The risk management and control systems have been set up to achieve the following objectives: achievement of operational goals and strategy; operational excellence; reliability of and timely financial reporting, and; compliance with applicable laws and regulations. Please note that the comprehensive list of the material risks the Group faces and the related mitigation measures are included in: the 2024 Annual Report 2 the 2025 Annual Report available upon publication on the VGP IR website 3 , and in the most recent Information Memorandum 4 Allocation tables excel sheet VGP_NV_AR_2024_en_print.indb Not yet published on the date of the publication of this allocation report VGP-Information-Memorandum-14012026.pdf 02 Allocation Reporting Overview There is in total € 2.166 billion of bond issuance considered in this report spread over 5 bonds - see sustainable bonds summary section In total € 2.406 billion of eligible proceeds have been allocated to the bonds, each of them achieving individually an allocation of >100% of the amount outstanding as of 31/12/2025: # Original Amount (€) Amount outstanding (€) as of 31.12. 2025 Total proceeds allocated (€) 1 190,000,000 190,000,000 211,562,685 2 600,000,000 579,900,000 643,145,370 3 500,000,000 320,100,000 395,695,828 4 500,000,000 500,000,000 606,424,034 5 576,000,000 576,000,000 668,744,652 2,166,000,000 2,525,572,569 These proceeds have been allocated to the five categories as identified in the Sustainable Finance Framework 2025. The aforementioned allocation is split along these five categories in the following way: In respect of EU Taxonomy have all bonds been allocated to at least 100% of the net proceeds to EU Taxonomy aligned projects: Use of proceeds category (€) 1 2 3 4 5 New Construction - 7.1 - 176,389,808 52,666,368 327,782,216 579,968,174 In Use - 7.7 211,562,685 466,755,562 342,942,652 275,472,206 67,206,899 Total EU Taxonomy aligned 211,562,685 643,145,370 395,609,020 603,254,422 647,175,074 Non EU Taxonomy aligned - - 86,808 3,169,612 21,569,579 Total 211,562,685 643,145,370 395,695,828 606,424,034 668,744,652 In respect of the overall capital expenditure, 95% of the projects under construction as of Dec 2025, are aligned to be verified for EU Taxonomy New Construction - 7.1. This means these projects comply with the previous land use, biodiversity DNSH, and materials circularity principles, as well as the climate risk mitigation requirements embedded in the EU Taxonomy New Construction requirements. In respect of the type of expenditure allocated to the various bonds. The proceeds have contributed to finance the Group EU taxonomy aligned and eligible capital and operating expenditures. Please see the table below for details. EU Taxonomy alignment - Type of expenditure in reporting year 1 2 3 4 5 Total aligned Capex expenditure this reporting year financed through this bond issue (€) 425,395 2,010,750 1,332,272 7,377,465 404,706,255 Total aligned Capex expenditure this reporting year (€) 622,662,204 622,662,204 622,662,204 622,662,204 622,662,204 % of aligned amount financed through the Bond out of the total aligned amount 0% 0% 0% 1% 65% Evidently, the bond issued in March 2025 contributed most to financing of the Capital Expenditure in the course of 2025 (65%). The remainder of the bonds has been allocated to assets which were realized prior to 2025 and labelled as 'refinancing': Use of proceeds category (€) 1 2 3 4 5 Renewable Energy - 11,372,196 37,656,502 60,127,981 68,554,030 Energy Efficiency - 3,874,047 693,780 2 835,995 6,187,246 Sustainable Water and Waste Management 81,648 1,766,310 200,466 661,608 442,743 Sustainable Buildings 211,481,038 626,097,034 356,787,426 542,727,275 593,294,008 Clean Transportation - 35,783 357,654 71,175 266,626 Total 211,562,685 643,145,370 395,695,828 606,424,034 668,744,652 Total portfolio - Financing vs Refinancing (€) 1 2 3 4 5 Financing 425,395 2,010,750 1,332,272 7,377,465 404,706,255 Refinancing 211,137,290 640,380,062 356,707,055 550,235,097 232,656,396 Total 211,562,685 642,390,812 358,039,326 557,612,562 637,362,651

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