The affirmation follows Scope’s assessment of AEI’s bond restructuring proposal whose execution would not constitute a Selective Default. Significant default risk remains in case noteholders reject the proposal, likely leading to a default.

France’s intrinsic resilience underpins our four-notch rating differential with Italy, as similar funding conditions contrast with different budgetary dynamics and governance challenges, although rating convergence is now more likely in the years ahead.

The Outlook revision reflects the expectation that the company’s financial risk profile will deteriorate amid a new investment-heavy phase beginning in 2026.

The rating reflects the group’s well diversified business model, solid fundamentals, and capital optimisation in line with the adjusted CET1 ratio target.

The EUR 302.9m underlying portfolio of solar and heat pump system loan receivables was originated to homeowners by Enpal B.V. and Enpal Heat GmbH.

The rating reflects sustained and improved earnings capacity, and solid and stable financial metrics. Continued weak economic performance in Germany represents the main challenge, although the group has navigated this challenge well so far.

Scope has corrected the bond rating for LT0000134439 to B from B-, assigned on 2 July 2025, due to an administrative error.

The Outlook revision to Stable reflects Scope’s expectation of rising leverage driven by moderating commodity prices but also by the impact of the fire at the Danube refinery in October 2025.

This publication does not constitute a rating action.

Profitability is set to remain strong in 2026. Moderate loan growth, steady fee expansion and stable costs will support profits. But we are projecting an increase in provisions as default rates normalise, while economic and other risks remain high.