1 / 16
FINAL VERSION APPROVED BY THE ISSUER
FINAL TERMS FOR NOTES
The Issuer accepts responsibility for this unsigned document in P DF format dated on the date mentioned below that is the final version of the Final Terms relating to the Secur ities described herein.
FINAL TERMS DATED 27 JULY 2026
BNP Paribas Issuance B.V.
(incorporated in The Netherlands)
(as Issuer)
Legal entity identifier (LEI): 7245009UXRIGIRYOBR48
BNP Paribas
(incorporated in France)
(as Guarantor)
Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5P83 Issue of EUR 80,000,000 "Index Linked Securities" due 2 October 2036
ISIN Code: FR0014019S90
under the Note, Warrant and Certificate Programme of BNP Paribas Issuance B.V., BNP Paribas and BNP Paribas Fortis Funding The Base Prospectus received approval no. 26 -151 on 21 May 2026
BNP Paribas Financial Markets S.N.C.
(as Manager)
Any person making or intending to make an offer of the Securities may only do so:
(a) in those Non -exempt Offer Jurisdictions mentioned in Paragraph 50 of Part A below, provided such person is a Manager or an Authorised Offeror (as such term is defin ed in the Base Prospectus) and that the offer is made du ring the Offer Period specified in t hat paragraph and that any conditions relevant to the use of the Base Prospectus are complied with; or
(b) otherwise in circumstances in which no obligation arises for the Issuer, the Guarantor or any Manager to publish a prospectus pursuant to Article 3 of the Prospectus Regula tion or to supplement a prospectus pursuant to Article 23 of the Prospectus Regulat ion, in each case, in relation to such offer.
None of the Issuer, the Guarantor or any Manager has authori sed, nor do they authorise, the making of any offer of Secu rities in any other circumstances.
Investors should note that if a supplement to or an updated versi on of the Base Prospectus referred to below is published at any time during the Offer Period (as defined below), such suppl ement or updated base prospectus as the case may be, will be publish ed and made available in accordance with the arrangements app lied to the original publication of these Final Terms. Any investors who have indicated acceptances of the Offer (as defined below) prior to the date of publication of such supplement or updated version of the Base Prospectus, as the case may be, (the " Publication Date "), have the right within three working days of the Publication Date to withdraw their acceptance s.
2 / 16
PART A – CONTRACTUAL TERMS
Terms used herein shall be deemed to be defined as su ch for the purposes of the Conditions set forth in the Base Pr ospectus dated 21 May 2026, each Supplement to the Base Prospectus published and approved on or before the date of these F inal Terms and any other Supplement to the Base Prospectus which may have been publ ished and approved before the issue of any additional amount of Securities (the " Supplements ") (provided that to the extent any such Supplement (i) is published and approved after the date of these Final Terms and (ii) provides for any change to the Conditions of the Securities such changes shall have no effect with respect to the Conditions of the Securities to which these Final Terms relate) which togeth er constitute a base prospectus for the purposes of Regulation (EU) 2017/1129, as amended (the " Prospectus Regulation ") (the " Base Prospectus "). This document constitutes the Final Terms of the Secu rities described herein for the purposes of the Prospectus Regulation and must be read in conjunc tion with the Base Prospectus to obtain all the relevant informa tion. A summary of the Securities is annexed to these Final Term s. The Base Prospectus and, any Supplement(s) to the Base Prospectus and these Final Terms are available for viewing at 1, R ue Laffitte, 75009, Paris, France and https://rates -
globalmarkets.bnpparibas.com/documents/legaldocs/resource index.htm .
References herein to numbered Conditions are to the terms and co nditions of the relevant series of Securities and words and expressions defined in such terms and conditions shall bear the same meaning in these Final Terms in so far as th ey relate to such s eries of Securities, save as where otherwise expressly provid ed.
1. Issuer:
BNP Paribas Issuance B.V.
2. Guarantor:
BNP Paribas.
3. Trade Date, Series Number and
Tranche Number:
(a) Trade Date:
2 July 2026 (b) Series Number:
EI2049JES
(c) Tranche Number:
1 4. Issue Date, Interest Commencement Date and Maturity Date:
(a) Issue Date:
27 July 2026 (b) Maturity Date:
2 October 2036
Business Day Convention for Maturity Date: Following 5. Aggregate Nominal Amount and
Issue Price:
(a) Aggregate Nominal Amount – Series:
EUR 80,000,000
(b) Aggregate Nominal Amount – Tranche:
EUR 80,000,000
(c) Issue Price of Tranche:
100 per cent. of the Aggregate Nominal Amount of the appli cable Tranche.
6. Type of Securities:
(a) Notes
(b) Redemption/Payment Basis:
Index Linked Redemption
(c) Interest Basis:
Non-interest bearing
(d) The provisions of Annex 2 (Additional Terms and Condit ions for Index Securities) shall apply.
Tax Gross -up: Condition 6.3 ( No Gross -up) applicable
3 / 16 7. Form of Securities:
Dematerialised bearer form ( au porteur ).
Talons for future Coupons or Receipts to be attached to definitive Notes (and dates on which such Talons mature):
No.
Identification information of Holders as provided by Condition 1 in relation to French Law Securities: Applicable.
8. Business Days/Payment Days:
(a) Additional Business
Centre(s) (Condition
3.12):
The applicable Additional Business Centre for the purpos es of the definition of "Business Day" in Condition 3.12 is T2.
(b) Financial Centre(s) or other special provisions relating to Payment Days for the purposes of
Condition 4(a):
T2.
9. Settlement:
Settlement will be by way of cash payment (Cash Settled Securities ).
10. Specified Denomination and
Calculation Amount:
(a) Specified
Denomination(s):
EUR 1,000
(b) Calculation Amount:
EUR 1,000
11. Variation of Settlement:
Not applicable.
12. Final and Early Redemption
Amount:
(a) Final Redemption
Amount:
Final Payout.
(b) Final Payout:
SPS Payouts:
Auto -Callable Products
Autocall Standard Securities:
Calculation Amount multiplied by:
(A) if FR Barrier Value is greater than or equal to the Final Redemption Condition Level, 100% + FR Exit Rate; or
(B) if FR Barrier Value is less than the Final Redemption Conditi on Level and no Knock -in Event has occurred, 100% + Coupon Airbag Percentage; or
(C) if FR Barrier Value is less than the Final Redemption Conditi on Level and a Knock -in Event has occurred, Min (100%, Final Redemption Value).
Strike Price Closing Value: Applicable.
Where:
Coupon Airbag Percentage means 0.00 per cent.
4 / 16 Final Redemption Condition Level means 90 per cent.
Final Redemption Value means the Underlying Reference Value.
FR Barrier Value means, in respect of a SPS FR Barrier Valuation Date, the Underlying Reference Value.
FR Exit Rate means the FR Rate.
FR Rate means 100 per cent.
SPS FR Barrier Valuation Date means the Valuation Date.
SPS Redemption Valuation Date means the Valuation Date.
SPS Valuation Date means the SPS Redemption Valuation Date, the SPS FR Barrier Valuation Date or the Strike Date, as applicable .
Strike Date means 18 September 2026
Underlying Reference has the meaning given to such term in item 25(a).
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day.
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price V alue for such Underlying Reference on the Strike Date.
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Refer ence Closing Price Value for such Underlying Reference in resp ect of such SPS Valuation Date (ii) divided by the Underlying Referenc e Strike Price.
Valuation Date means the Redemption Valuation Date.
(c) Early Redemption
Amount:
Market Value less Costs.
13. Relevant Asset(s):
Not applicable.
14. Entitlement:
Not applicable.
15. Exchange Rates:
(a) Exchange Rate:
Not applicable.
(b) Specified Exchange
Rate/Settlement
Currency Exchange
Rate:
Specified Exchange Rate: Not applicable.
Settlement Currency Exchange Rate: Not applicable.
16. Specified Currency and Settlement
Currency:
(a) Specified Currency:
EUR as defined in the definition of "Relevant Currency" in Cond ition 13 (Definitions).
(b) Settlement Currency:
EUR as defined in the definition of "Relevant Currency" in Cond ition 13 (Definitions).
17. Syndication:
The Securities will be distributed on a non -syndicated basis.
5 / 16 18. Minimum Trading Size:
EUR 1,000
19. Principal Security Agent:
BNP Paribas Financial Markets S.N.C.
20. Registrar:
Not applicable.
21. Calculation Agent:
BNP Paribas Financial Markets S.N.C.
Address (for the purpose of the Noteholder Account Informati on Notice):
20 boulevard des Italiens 75009 Paris, France 22. Governing law:
French Law
23. Masse provisions (Condition 18):
Full Masse shall apply
Name and address of the Representative:
SELARL MCM AVOCAT
10 Boulevard Malesherbes, 75008 Paris, France Tel: +33 1 53 43 36 00 Fax: +33 1 53 43 36 01 E-mail: rmo@avocat -mcm.com
Name and address of the alternate Representative:
Maître Philippe MAISONNEUVE
Avocat
10 Boulevard Malesherbes, 75008 Paris, France Tel: +33 1 53 43 36 00 Fax: +33 1 53 43 36 01
The nomination of the Representative shall not be effective where there is only one Holder of the Securities. If the Securities are hel d by more than one Holder at any time prior to redemption, then the role of the Representative becomes effective from suc h time and remuneration of EUR 275 per year shall become payable.
PRODUCT SPECIFIC PROVISIONS FOR REDEMPTION
24. Hybrid Linked Redemption Notes:
Not applicable.
25. Index Linked Redemption Notes:
Applicable.
(a) Index/Basket of
Indices/Index
Sponsor(s):
Morningstar Transatlantic Multi -Sector Select 30 Decrement 50 Point GR EUR (the "Index" or "Underlying Reference" ).
The relevant Index Sponsor is Morningstar .
Screen Page: Bloomberg Code: MTQUAD Index.
The Morningstar Transatlantic Multi -Sector Select 30 Decrement 50 Point GR EUR is a Multi -Exchange Index.
(b) Index Currency:
EUR
(c) Exchange(s):
The relevant Exchange is as set out in the Conditions.
(d) Related Exchange(s):
All Exchanges
(e) Exchange Business Day:
Single Index Basis
Exchange/ Related Exchange: Applicable (f) Scheduled Trading Day:
Single Index Basis
Exchange/ Related Exchange: Applicable
6 / 16
(g) Weighting:
Not applicable
(h) Settlement Price:
Official closing level (i) Specified Maximum Days
of Disruption:
Eight (8) Scheduled Trading Days.
(j) Valuation Time:
As per the Conditions (k) Redemption Valuation
Date:
18 September 2036 (l) Redemption on Occurrence of an Index
Adjustment Event:
Delayed Redemption on Occurrence of an Index Adjustment Eve nt: Not
applicable
(m) Index Correction Period:
As per Conditions (n) Additional provisions applicable to Custom
Indices:
Not applicable
(o) Additional provisions applicable to Futures
Price Valuation:
Not applicable
26. Share Linked Redemption Notes/ETI Share Linked Redemption Notes:
Not Applicable.
27. ETI Linked Redemption Notes:
Not applicable.
28. Debt Linked Redemption Notes:
Not applicable.
29. Commodity Linked Redemption
Notes:
Not applicable.
30. Inflation Index Linked Redemption
Notes:
Not applicable.
31. Currency Linked Redemption Notes:
Not applicable.
32. Fund Linked Redemption Notes:
Not applicable.
33. Futures Linked Redemption Notes:
Not applicable.
34. Credit Securities:
Not applicable.
35. Underlying Interest Rate Linked
Redemption Notes:
Not applicable.
36. Partly Paid Notes:
The Securities are not Partly Paid Notes.
37. Instalment Notes:
Not applicable.
38. Illegality (Condition 10.1) and Force Majeure (Condition 10.2):
Illegality: redemption in accordance with Security Conditio n 10.1(d).
Force Majeure: redemption in accordance with Security Con dition 10.2(b).
39. Additional, Optional Additional and CNY Payment Disruption Events:
(a) Additional Disruption Events and Optional
Additional Disruption
Events:
(a) Additional Disruption Events: Applicable.
(b) The following Optional Additional Disruption Events app ly to the
Securities:
Administrator/Benchmark Event
(c) Redemption:
Delayed Redemption on Occurrence of an Additional Disruptio n Event and/or Optional Additional Disruption Event: Not applic able.
7 / 16 (b) CNY Payment Disruption
Event:
Not applicable.
40. Knock -in Event:
Applicable.
"less than".
(a) SPS Knock -in Valuation:
Applicable.
Strike Price Closing Value: Applicable.
Where:
Knock -in Value means the Underlying Reference Value.
SPS Valuation Date means the Knock -in Determination Day.
Strike Date means 18 September 2026.
Underlying Reference has the meaning given to such term in item 25(a) above.
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day.
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for s uch Underlying Reference on the Strike Date.
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Refere nce Closing Price Value for such Underlying Reference in res pect of such SPS Valuation Date (ii) divided by the Underlying Reference Strike Pr ice.
(b) Level:
Not applicable.
(c) Knock -in Level/Knock -in Range Level/Knock -in Bottom Level/Knock -in
Top Level/Individual
Underlying Reference
Knock -in Level:
Knock -in Level: 50 per cent.
(d) Knock -in Period
Beginning Date:
Not applicable.
(e) Knock -in Period Beginning Date Day
Convention:
Not applicable.
(f) Knock -in Determination
Period:
Not applicable.
(g) Knock -in Determination
Day(s):
Redemption Valuation Date.
(h) Knock -in Period Ending
Date:
Not applicable.
(i) Knock -in Period Ending Date Day Convention:
Not applicable.
(j) Knock -in Valuation Time:
Valuation Time.
(k) Knock -in Observation
Price Source:
Not applicable.
8 / 16
(l) Disruption
Consequences:
Applicable.
41. Knock -out Event:
Not applicable.
ISSUER CALL OPTION, NOTEHOLDER PUT OPTION AND AUTOMATIC EARLY REDEMPTION
42. Issuer Call Option:
Not applicable.
43. Noteholder Put Option:
Not applicable.
44. Automatic Early Redemption:
Applicable.
(a) Automatic Early
Redemption Event:
Standard Automatic Early Redemption – Automatic Early Redemption
Event 1:
"greater than or equal to".
(b) Automatic Early
Redemption Payout:
SPS Automatic Early Redemption Payout:
NA x (AER Redemption Percentage + AER Exit Rate)
Where:
AER Exit Rate means, in respect of a SPS ER Valuation Date, the AER Rate.
AER Redemption Percentage means 107.50 per cent.
NA means the Calculation Amount.
Settlement Price Date means the Valuation Date.
SPS ER Valuation Date means the Settlement Price Date.
Valuation Date means the relevant Automatic Early Redemption Valuation Date.
(c) Automatic Early
Redemption Date(s):
Each date in the column headed " Automatic Early Redemption Date n" in the table in item 44(h) below.
(d) Automatic Early Redemption Level 1:
90 per cent.
(e) Automatic Early
Redemption Percentage:
Not applicable.
(f) AER Rate:
n x 2.50 per cent.
Where:
n means, in respect of the related Automatic Early Redemption Valu ation Date n and the related Automatic Early Redemption Date n, the number in the column headed "n" in the table below.
(g) AER Exit Rate:
The AER Rate as set out in item 44(f) above.
(h) Automatic Early
Redemption Valuation
Date(s)/Period(s):
Each date in the column headed " Automatic Early Redemption Valuation Date n" in the table below.
9 / 16 n Automatic Early
Redemption Valuation
Date n Automatic Early Redemption Date n 1 20 September 2027 4 October 2027 2 20 December 2027 3 January 2028 3 20 March 2028 3 April 2028 4 20 June 2028 4 July 2028 5 18 September 2028 2 October 2028 6 18 December 2028 2 January 2029 7 19 March 2029 3 April 2029 8 18 June 2029 2 July 2029 9 18 September 2029 2 October 2029 10 18 December 2029 2 January 2030 11 18 March 2030 1 April 2030 12 18 June 2030 2 July 2030 13 18 September 2030 2 October 2030 14 18 December 2030 2 January 2031 15 18 March 2031 1 April 2031 16 18 June 2031 2 July 2031 17 18 September 2031 2 October 2031 18 18 December 2031 2 January 2032 19 18 March 2032 1 April 2032 20 21 June 2032 5 July 2032 21 20 September 2032 4 October 2032 22 20 December 2032 3 January 2033 23 18 March 2033 1 April 2033 24 21 June 2033 5 July 2033 25 19 September 2033 3 October 2033 26 19 December 2033 2 January 2034 27 20 March 2034 3 April 2034 28 20 June 2034 4 July 2034 29 18 September 2034 2 October 2034 30 18 December 2034 2 January 2035 31 19 March 2035 2 April 2035 32 18 June 2035 2 July 2035 33 18 September 2035 2 October 2035 34 18 December 2035 2 January 2036 35 18 March 2036 1 April 2036 36 18 June 2036 2 July 2036
(i) Automatic Early
Redemption Valuation
Time:
Not applicable.
(j) Observation Price
Source:
Index Sponsor as specified in item 25(a).
(k) Underlying Reference
Level 1:
Official close.
(l) Underlying Reference
Level 2:
Not applicable.
(m) SPS AER Valuation:
Applicable:
SPS AER Value 1: Underlying Reference Value.
Strike Price Closing Value: Applicable.
Where:
10 / 16
Automatic Early Redemption Valuation Date means each date specified as an Automatic Early Redemption Valuation Date n in the table in item 44(h).
SPS Valuation Date means each Automatic Early Redemption Valuation Date.
Strike Date means 18 September 2026.
Underlying Reference has the meaning given to such term in item 25(a).
Underlying Reference Closing Price Value means, in respect of a SPS Valuation Date, the Closing Level in respect of such day.
Underlying Reference Strike Price means, in respect of an Underlying Reference, the Underlying Reference Closing Price Value for s uch Underlying Reference on the Strike Date.
Underlying Reference Value means, in respect of an Underlying Reference and a SPS Valuation Date, (i) the Underlying Refere nce Closing Price Value for such Underlying Reference in res pect of such SPS Valuation Date (ii) divided by the Underlying Reference Strike Pr ice.
(n) AER Event 1
Underlying(s):
As set out in item 25(a) above.
(o) AER Event 2
Underlying(s):
Not applicable.
(p) AER Event 1 Basket:
Not applicable.
(q) AER Event 2 Basket:
Not applicable.
(r) Target Automatic Early
Redemption Percentage:
Not applicable.
GENERAL PROVISIONS FOR VALUATION(S)
45. Strike Date, Strike Price, Averaging Date(s), Observation Period and
Observation Date(s):
(a) Strike Date:
18 September 2026
Strike Price: Not applicable.
(b) Averaging:
Averaging does not apply to the Securities.
(c) Observation Dates:
Not applicable.
(d) Observation Period:
Not applicable.
46. PROVISIONS RELATING TO
INTEREST (IF ANY) PAYABLE
(a) Interest:
Not applicable.
(b) Fixed Rate Provisions:
Not applicable.
(c) Floating Rate Provisions:
Not applicable.
(d) Zero Coupon Provisions:
Not applicable.
11 / 16
PRODUCT SPECIFIC PROVISIONS FOR LINKED INTEREST (IF APPLICABLE)
47. Linked Interest Notes:
Not applicable.
DISTRIBUTION
48. U.S. Selling Restrictions:
Reg. S Compliance Category 2; TEFRA not applicable.
49. Additional U.S. Federal income tax
considerations:
The Securities are not Specified Securities for the purp ose of Section 871(m) of the U.S. Internal Revenue Code of 1986.
50. Non-exempt Offer:
Applicable.
(i) Non-exempt Offer
Jurisdictions:
France
(ii) Offer Period:
The period from and including 27 July 2026 until and including 18 September 2026 (" Offer End Date ").
(iii) Financial intermediaries granted specific consent to use the Base
Prospectus in
accordance with the Conditions in it:
None.
(iv) General Consent:
Applicable
(v) Other Authorised Offeror
Terms:
Not applicable.
51. Prohibition of Sales:
Not applicable.
(i) Prohibition of Sales to EEA Retail Investors:
Not applicable.
(ii) Prohibition of Sales to UK Retail Investors:
Not applicable.
(iii) Prohibition of Sales to EEA Non Natural
Persons (where
Securities are held in a
retail account):
Not applicable.
(iv) Prohibition of Sales to UK Non Natural Persons (where Securities are held in a retail account):
Not applicable.
PROVISIONS RELATING TO COLLATERAL AND SECURITY
52. Secured Securities other than Nominal Value Repack Securities:
Not applicable.
53. Nominal Value Repack Securities:
Not applicable.
54. Actively Managed Securities:
Not applicable.
Responsibility
The Issuer accepts responsibility for the information co ntained in these Final Terms. To the best of the knowledg e of the Iss uer (who has taken all reasonable care to ensure that such is th e case), the information contained herein is in accordance with the facts and does not omit anything likely to affect the import of s uch information.
12 / 16
PART B - OTHER INFORMATION
1. LISTING AND ADMISSION TO TRADING
Application has been made to list the Securities on the Official List of the Luxembourg Stock Exchange and to admit the Securities for trading on the Luxembourg Stock Exchange's re gulated market.
Estimate of total expenses related to admission to trading: EUR 6,0 50.00.
2. RATINGS
Ratings:
The Notes have not been rated.
3. INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE OFFER
Save as discussed in the " Potential Conflicts of Interest " paragraph in the " Risks" section in the Base Prospectus, so far as the Issuer is aware, no person involved in the offer of the Securi ties has an interest material to the offer.
Investors should be informed that the Authorised Offerors wi ll receive from the Issuer, placement fees implicit in the Issue Price of the Securities equal to a maximum amount of 1 per cent. per annum of the Nominal Amount per Security. All placement fees will be paid out upfront.
4. REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES
(i) Reasons for the offer:
See "Use of Proceeds" in the Base Prospectus.
(ii) Estimated net proceeds:
EUR 80,000,000.00
(iii) Estimated total expenses:
See item 1 of this Part B above.
5. PERFORMANCE OF INDEX AND OTHER INFORMATION CONCERNING THE UNDERLYING REFERENCE OR
REFERENCE RATE
(i). Index source:
Index Website Bloomberg
Screen Page
Morningstar Transatlantic
Multi -Sector Select 30 Decrement 50 Point GR
EUR www.morningstar.co
m MTQUAD
Index
(i). Index disclaimer:
Index Disclaimer
Neither the Issuer nor the Guarantor shall have any liability for a ny act or failure to act by an Index Sponsor in connection with the calculation, adjustment or maintenance of an Index. Except as disclosed prior to the Issue Date, neither the Issuer, the Guarantor nor their affiliates has any affiliation with or control over an Index or Index Sponsor or any control over the computation, composition or dissemination of an Inde x. Although the Calculation Agent will obtain information concerning a n Index from publicly available sources it believes reliable, it wil l not independently verify this information. Accordingly, no representation, warr anty or undertaking (express or implied) is made and no resp onsibility is accepted by the Issuer, the Guarantor, their affiliates or the Calculation Agent as to the accuracy, completeness and timeliness of information concerning an Index.
Morningstar Transatlantic Multi -Sector Select 30 Decrement 50 Point
GR EUR
The issue of the Securities is not sponsored, endorsed, sol d, or promoted by any index to which the return on the Securities is link ed (an "Index", including any successor index) or any index sponsor of an Index to which the return on the Securities is lin ked (an "Index Sponsor") and no Index Sponsor makes any representation whatsoever, whether expres s or implied, either as to the results to be obtained from the u se of an Index
13 / 16 and/or the levels at which an Index stands at any particul ar time on any particular date or otherwise. No Index or Index Sponsor shal l be liable (whether in negligence or otherwise) to any person for any error in an Index and an Index Sponsor is under no o bligation to advise any person of any error therein. No Index Sponsor is making any rep resentation whatsoever, whether express or implied, as to the advisabilit y of purchasing or assuming any risk in connection with the Securities. Neither the Issuer nor t he Guarantor shall have any liability for any act or fai lure to act by an Index Sponsor in connection with the calculation, a djustment or maintenance of an Index. Except as disclosed prior to the Issue Date, neither the Issuer, the Guarantor nor their affi liates has any affiliation with or control over an Index or Index Sponsor or any contro l over the computation, composition or dissemination of an Index. Alth ough the Calculation Agent will obtain information concerning an Ind ex from publicly available sour ces it believes reliable, it will not independently verif y this information. Accordingly, no representation, warranty or unde rtaking (express or implied) is made and no responsibility is accepted by the Issuer, the Guarantor, their affiliates or the Calcul ation Agent as to the accuracy, completeness and timeliness of information con cerning an Index.
(i). OPERATIONAL INFORMATION
(i) ISIN:
FR0014019S90
(ii) Common Code:
343921675
(iii) Valoren:
158040052
(iv) CFI:
DEMVRM
(v) FISN:
BNPPIBV/VARI NT NKG 20361002 IDX
(vi) Any clearing system(s) other than Euroclear and
Clearstream, Luxembourg
and Euroclear France approved by the Issuer and the Principal Paying Agent and the relevant identification
number(s):
Not applicable.
(vii) Delivery:
Delivery against payment.
(viii) Additional Paying Agent(s) (if
any):
Not applicable.
(ix) Intended to be held in a manner which would allow
Eurosystem eligibility:
No. Whilst the designation is specified as "no" at the da te of these Final Terms, should the Eurosystem eligibility criteria be amended in the future such that the Securities are capable of meeting them the Securities may then be deposited with one of the ICSDs as common safekeeper. Note that this does not necessarily mean that the Securities will then be recognised as eligible collateral for Eurosystem mone tary policy and intra -
day credit operations by the Eurosystem at any time duri ng their life. Such recognition will depend upon the ECB being satisfied that Eur osystem eligibility criteria have been met.
(i). TERMS AND CONDITIONS OF THE NON -EXEMPT OFFER
Offer Price: The Issuer has offered the Securities to the Managers at th e initial issue price of 100 per cent.
Conditions to which the offer is subject: Offers of the Securities are conditional on their issue a nd on any additional conditions set out in the standard terms of business of the Authorised Offerors, notified to investors by such relevant Authorised Off eror.
The Issuer reserves the right to modify the total nominal amount of the Notes to which investors can subscribe, curtail the offer of the Securities or withdraw the offer of the Securities and/or, if the Securiti es have not yet
14 / 16 been issued, cancel the issuance of the Securities for a ny reason at any time on or prior to the Offer End Date (as defined below) a nd advise the Distributor accordingly. For the avoidance of doubt, if any appl ication has been made by a potential investor and the Issuer exercises such a right to withdraw the offer, each such potential investor shall not b e entitled to subscribe or otherwise acquire the Securities.
The Issuer reserves the right to extend the Offer Period. The Issuer will inform of the extension of the Offer Period by means of a n otice to be published on the following webpage:
https://eqdpo.bnpparibas.com/FR0014019S90
Description of the application process: Application to subscribe for the Notes can be made in Fr ance at the offices of the relevant Authorised Offeror. The distribution of the Notes will be carried out in accordance with Authorised Offeror’s usu al procedures notified to investors by such Authori sed Offeror.
Prospective investors will not be required to enter into any contractual arrangements directly with the Issuer in relation to the subsc ription for the Notes.
Details of the minimum and/or maximum amount of the application: The minimum amount of application is the Specified Denomina tion.
Maximum subscription amount per investor:
80,000 x Specified Denomination
The maximum amount of application of Notes will be subjec t only to availability at the time of the application.
There are no pre -identified allotment criteria. The Authorised Offerors will adopt allotment criteria that ensure equal treatment of prosp ective investors. All of the Notes requested through the Authorise d Offerors during the Offer Period will be assigned up to the maximum amount of the Offer.
In the event that during the Offer Period the requests excee d the total amount of the offer destined to prospective investors the Is suer, in accordance with the Authorised Offerors, will proceed to e arly terminate the Offer Period and will immediately susp end the acceptance of further requests.
Description of possibility to reduce subscriptions and manner for refunding amounts paid in excess by applicants: Not applicable Details of the method and time limits for paying up and delivering the Securities: The Securities will be issued on the Issue Date against payment to the Issuer of the net subscription moneys. Investors will be notified by the relevant Authorised Offeror of their allocations of Secur ities and the settlement arrangements in respect thereo f.
Manner and date in which results of the offers are to be made public: Publication on the following website:
https://eqdpo.bnpparibas.com/FR0014019S90
Procedure for exercise of any right of pre -
emption, negotiability of subscription rights and treatment of subscription rights not exercised: Not applicable Process for notification to applicants of the amount allotted and the indication whether dealing may begin before notification is made: No dealings in the Securities on a regulated market for th e purposes of the Markets in Financial Instruments Directive 2014/65/EU ma y take place prior to the Issue Date.
Amount of any expenses and taxes charged to the subscriber or purchaser: The Issuer is not aware of any expenses and taxes specific ally charged to the subscriber.
(i). INTERMEDIARIES WITH A FIRM COMMITMENT TO ACT
15 / 16 Name and address of the entities which have a firm commitment to act as intermediaries in secondary trading, providing liquidity through bid and offer rates and a description of the main terms of their commitment: BNP Paribas Financial Markets S.N.C.
20 boulevard des Italiens
75009 Paris
France
Daily liquidity: subject to normal market conditions prev ailing, Holders may purchase or resell securities (subject to the current o utstanding amount of securities) at their market value and with a spread betwee n the bid and offer prices no greater than 1% , on any business day during the life of the securities.
(i). PLACING AND UNDERWRITING
Name and address of the co -ordinator(s) of the global offer and of single parts of the offer and to the extent known to the Issuer, of the placers in the various countries where the offer takes place: None.
Name and address of any paying agents and depository agents in each country (in addition to the Principal Paying Agent): Not applicable Entities agreeing to underwrite the issue on a firm commitment basis, and entities agreeing to place the issue without a firm commitment or under "best efforts" arrangements: No underwriting commitment is undertaken by the Authorised Offer ors.
When the underwriting agreement has been or will be reached: Not applicable
(i). EU BENCHMARKS REGULATION
EU Benchmarks Regulation: Article 29(2) statement on benchmarks: Applicable: Amounts payable under the Securities are calculated by reference to the relevant Benchmark which is provided by the relevant Administrator, as specified in the table below.
As at the date of these Final Terms, the relevant Administra tor is “Not Included” / “Included”, as the case may be, in the regist er of Administrators and Benchmarks (the “ EU BMR Register ”) established and maintained by the European Securities and Markets Authority (“ ESMA ”) pursuant to article 36 of the Benchmarks Regulation (Regulation (EU) 20 16/1011, as amended) (the “ EU Benchmarks Regulation ”), as specified in the table below.
As far as the Issuer is aware, the transitional provisions i n the EU Benchmarks Regulation apply, such that the relevant Administra tor is not currently required to obtain authorisation/registration, p rovided that it has submitted an application for authori sation, registration, recognition or endorsement (as applicable) and unless and until suc h application has failed or been refused, as specified in the table below.
Benchmark Administrator Register
Morningstar Transatlantic
Multi -Sector Select 30 Decrement 50 Point GR EUR Morningstar Included
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ANNEX - ISSUE SPECIFIC SUMMARY
Summary
Section A - Introduction and Warnings
Warnings
This summary should be read as an introduction to the Base Prospectus and the applicable Final Terms.
Any decision to invest in any Securities should be based on a consideration of the Base Prospectus as a whole, including any documents incorporated by reference and the applicable Final Terms.
Investors may be exposed to a partial or total loss of their inv estment.
Where a claim relating to information contained in the Base Prospect us and the applicable Final Terms is brought before a cou rt in a Member State of the European Economic Area, the plaintiff may, under the national legislation of the Member State where the claim is brought, be required to bear the costs of translating the Base Prospectus and the applicable Final Terms before the legal proceedings are initiated.
Civil liability in any such Member State attaches to the Iss uer or the Guarantor solely on the basis of this summary, includ ing any translation hereof, but only if it is misleading, inaccurate or inconsistent when read together with t he other parts of the Base Prospectus and the applicable Final Terms or it does not prov ide, when read together with the other parts of the Base Prospectus and the appli cable Final Terms, key information in order to aid investor s when considering whether to invest in the Securi ties.
You are about to purchase a product that is not simple and may be di fficult to understand.
Name and international securities identification number (ISIN) of the securities
EUR "M Ambition 17" Notes linked to Morningstar Transatlantic M ulti-Sector Select 30 Decrement 50 Point GR EUR Index - The securities are Notes. International Securities Identification Number (" ISIN"): FR0014019S90.
Identity and contact details of the issuer
BNP Paribas Issuance B.V. (the " Issuer "), Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands (telephone number: +31(0)88 738 0000). The legal entity identifier of the Issuer is 7245009UXRIGIRYOBR48.
Identity and contact details of the offeror and / or person asking for admission to trading
Person asking for admission to trading : BNP Paribas Issuance B .V. (the “Issuer”), Parnassusweg 789, 1082 LZ Amsterdam, the N etherlands (telephone number:
+31(0)88 738 0000).
Identity and contact details of the competent authority approving the p rospectus
Autorité des Marchés Financiers (" AMF "), 17, place de la Bourse, 75082 Paris Cedex 02, France - +33(0) 1 53 45 60 00 - www.amf-france.org
Date of approval of the prospectus
The Base Prospectus has been approved on 21 May 2026 under the approval nu mber 26 -151 by the AMF, as supplemented from time to time.
Section B - Key information on the issuer
Who is the issuer of the securities?
Domicile / legal form / LEI / law under which the issuer operates / coun try of incorporation
BNPP B.V. was incorporated in the Netherlands as a private company with limited liability under Dutch law having its regi stered office at Parnassusweg 789, 1082 LZ Amsterdam, the Netherlands. Legal entity identifier (LEI): 724 5009UXRIGIRYOBR48.
BNPP B.V.'s long term credit rating is A+ with a stable outlook (S&P Global Ratings Europe Limited) and BNPP B.V.'s s hort ter m credit rating is A -1 (S&P Global Ratings Europe Limited).
Principal activities
The principal activity of the Issuer is to issue and/or acquire financial instruments of any nature and to enter into related agreements for the account of various entities within the BNPP Group.
The assets of BNPP B.V. consist of the obligations of other BNP P Group entities. Holders of securities issued by BNPP B.V . will, subject to the provisions of the Guarantee issued by BNPP, be exposed to the ability of BNPP Group entities to perform their ob ligations towards BNPP B.V.
Major shareholders
BNP Paribas holds 100 per cent. of the share capital of BNPP B.V.
Identity of the issuer's key managing directors
The Managing Directors of BNP Paribas Issuance B.V. are Edwin H erskovic/Cyril Le Merrer/Folkert van Asma/Hugo Peek/Matthew Y andle.
Identity of the issuer's statutory auditors
Deloitte Accountants B.V. are the auditors of the Issuer. Deloitt e Accountants B.V. is an independent registered audit firm i n the Netherlands. The relevant auditors of Deloitte Accountants B.V. who have signed the independent auditor’s reports incorporate d by reference into the Base Prospectus are members of the Royal Neth erlands Institute of Chartered Accountants ( Koninklijke Nederlandse Beroepsorganisatie van Accountants ).
What is the key financial information regarding the issuer?
Key financial information
Income statement
Year Year -1 In € 31/12/2025 31/12/2024 Operating profit/loss 224,204 167,327
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Balance sheet
Year Year -1 In € 31/12/2025 31/12/2024 Net financial debt (long term debt plus short term debt minus cash) 164,334,371,318 124,241,216,005 Current ratio (current assets/current liabilities) 1 1 Debt to equity ratio (total liabilities/total shareholder equity) 29,275 22,860 Interest cover ratio (operating income/interest expense) n.a n.a Cash flow statement Year Year -1 In € 31/12/2025 31/12/2024 Net Cash flows from operating activities -2,184,469 -471,573 Net Cash flows from financing activities 0 4,500,000 Net Cash flows from investing activities 0 0
Qualifications in the audit report
Not applicable, there are no qualifications in any audit report o n the historical financial information included in the Base Prospectus.
What are the key risks that are specific to the issuer?
Not applicable. BNPP B.V. is an operating company. The creditwor thiness of BNPP B.V. depends on the creditworthiness of BNPP.
Section C - Key Information on the securities
What are the main features of the securities?
Type, class and ISIN
EUR "M Ambition 17" Notes linked to Morningstar Transatlantic M ulti-Sector Select 30 Decrement 50 Point GR EUR Index - The securities are Notes. International Securities Identification Number (" ISIN"): FR0014019S90.
Currency / denomination / par value / number of securities issued / ter m of the securities
The currency of the Securities is Euro ("EUR"). The Securities have a par value of EUR 1,000. 80,000 Securities will be issue d. The Securities will be redeemed on 2 October 2036.
Rights attached to the securities
Negative pledge - The terms of the Securities will not contain a negative pledge pr ovision.
Events of Default - The terms of the Securities will contain events of default including non-payment, non -performance or non -observance of the Issuer's or Guarantor's obligations in respect of the Securities; the insolvency or wi nding up of the Issuer or Guarantor.
Governing law - The Securities are governed by French law.
The objective of this product is to provide you with a return based o n the performance of an underlying index.
Unless the product has been redeemed early, the following provisions would apply.
On the Redemption Date you will receive in respect of each note:
1. If the Final Reference Price is greater than or equal to 90% of the Initial Reference Price: a payment in cash equal to 20 0% of the Notional Amount.
2. If the Final Reference Price is less than 90% of the Initial Reference Price:
a. If a Barrier Event has not occurred: a payment in cash equal to the Notional Amount.
b. If a Barrier Event has occurred: a payment in cash equal to t he Notional Amount decreased by the Performance of the Underl ying. In this case you will suffer a partial or total loss of the Notional Amount.
Automatic Early Redemption: If, on any Autocall Valuation Date, the closing price of the Under lying is greater than or equal to 90% of the Initial Refere nce Price, the product will be redeemed on the corresponding Early Redemption Dat e. You will receive for each note a payment in ca sh equal to the Notional Amount plus a premium based on the relevant Exit Rate
Where:
A Barrier Event shall be deemed to occur if the Final Referenc e Price is below the Barrier.
The Performance of an Underlying is the difference between its Final Reference Price and its Initial Reference Price, divided by its Initial Reference Price, expressed in absolute value.
The Initial Reference Price is the closing price of the Underly ing on the Strike Date.
The Final Reference Price is the closing price of the Underlyi ng on the Redemption Valuation Date.
Strike Date 18 September 2026 Issue Price 100% Issue Date 27 July 2026 Product Currency EUR Redemption Valuation Date 18 September 2036 Notional Amount (per note) EUR 1,000 Redemption Date (maturity) 02 October 2036
Barrier 50% of the Initial Reference Price Autocall Valuation Date(s) See Annex Early Redemption Date(s) See Annex Exit Rate(s) See Annex
Underlying Bloomberg Code Morningstar Transatlantic Multi -Sector Select 30 Decrement 50 Point GR EUR MTQUAD
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ANNEX
Automatic Early Redemption
Autocall Valuation Date(s) Early Redemption Date(s) Exit Rate(s) 20 September 2027 04 October 2027 10% of the Notional Amount 20 December 2027 03 January 2028 12.50% of the Notional Amount 20 March 2028 03 April 2028 15% of the Notional Amount 20 June 2028 04 July 2028 17.50% of the Notional Amount 18 September 2028 02 October 2028 20% of the Notional Amount 18 December 2028 02 January 2029 22.50% of the Notional Amount 19 March 2029 03 April 2029 25% of the Notional Amount 18 June 2029 02 July 2029 27.50% of the Notional Amount 18 September 2029 02 October 2029 30% of the Notional Amount 18 December 2029 02 January 2030 32.50% of the Notional Amount 18 March 2030 01 April 2030 35% of the Notional Amount 18 June 2030 02 July 2030 37.50% of the Notional Amount 18 September 2030 02 October 2030 40% of the Notional Amount 18 December 2030 02 January 2031 42.50% of the Notional Amount 18 March 2031 01 April 2031 45% of the Notional Amount 18 June 2031 02 July 2031 47.50% of the Notional Amount 18 September 2031 02 October 2031 50% of the Notional Amount 18 December 2031 02 January 2032 52.50% of the Notional Amount 18 March 2032 01 April 2032 55% of the Notional Amount 21 June 2032 05 July 2032 57.50% of the Notional Amount 20 September 2032 04 October 2032 60% of the Notional Amount 20 December 2032 03 January 2033 62.50% of the Notional Amount 18 March 2033 01 April 2033 65% of the Notional Amount 21 June 2033 05 July 2033 67.50% of the Notional Amount 19 September 2033 03 October 2033 70% of the Notional Amount 19 December 2033 02 January 2034 72.50% of the Notional Amount 20 March 2034 03 April 2034 75% of the Notional Amount 20 June 2034 04 July 2034 77.50% of the Notional Amount 18 September 2034 02 October 2034 80% of the Notional Amount 18 December 2034 02 January 2035 82.50% of the Notional Amount 19 March 2035 02 April 2035 85% of the Notional Amount 18 June 2035 02 July 2035 87.50% of the Notional Amount 18 September 2035 02 October 2035 90% of the Notional Amount 18 December 2035 02 January 2036 92.50% of the Notional Amount 18 March 2036 01 April 2036 95% of the Notional Amount 18 June 2036 02 July 2036 97.50% of the Notional Amount
Meetings - The terms of the Securities will contain provisions for calling meetings of holders of such Securities to consider matters af fecting their interests generally.
These provisions permit defined majorities to bind all holders, including holders who did not attend and vote at the relevant meeting and holders who voted in a manne r contrary to the majority.
Representative of holders - The Holders will, in respect of all Tranches in any Series, be grouped automatically for the defence of their common interest s in a masse (the "Masse"). The Masse will act in part through a representative (the "Representative") an d in part through a ge neral meeting of the Holders (the "General Meeting") or decisions taken by written resolution (a "Written Resolution").
The names and addresses of the initial Representative of the Masse and its alternate are:
Name and address of the Representative: SELARL MCM AVOCAT - 10 Boulevard Malesherbes, 75008 Paris, France - Tel: +33 1 53 43 36 00 - Fax: +33 1 53 43 36 01
- Contact : rmo@avocat -mcm.com Name and address of the alternate Representative: Maître Philippe MAI SONNEUVE, Avocat - 10 Boulevard Malesherbes, 75008 Paris, France
Seniority of the securities
The Securities are unsubordinated and unsecured obligations of the Is suer and rank pari passu among themselves.
Restrictions on the free transferability of the securities
There are no restrictions on the free transferability of the Secu rities.
Dividend or payout policy
Not Applicable
Where will the securities be traded?
Admission to trading
Application will be made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the Luxembourg Stoc k Exchange (Regulated Market).
Is there a guarantee attached to the securities?
Nature and scope of the guarantee
The obligations under the guarantee are senior preferred obligations (wit hin the meaning of Article L.613 -30-3-I-3° of the French Code monétaire et financier) and unsecured obligations of BNPP and will rank pari passu with all its other present and future senior preferred and unsecured obligations subject to such exception s as may from time to time be mandatory under French law.
4 / 5 In the event of a bail -in of BNPP but not BNPP B.V., the obligations and/or amounts owed by BNPP under the guarantee shall be reduced to reflect any such modification or reduction applied to liabilities of BNPP resulting from the appl ication of a bail -in of BNPP by any relevant regulator (including in a situation wh ere the Guarantee itself is not the subject of such bail -in).
The Guarantor unconditionally and irrevocably guarantees to each Holder that, if for any reason BNPP B.V. does not pay any su m payable by it or perform any other obligation in respect of any Securities on the date specified fo r such payment or performance the Guarantor will, in accordance with the Conditions pay that sum in the currency in which such payment is due in immediately available f unds or, as the case may be, perform or procure the performan ce of the relevant obligation on the due date for such pe rformance.
Description of the guarantor
The Securities will be unconditionally and irrevocably guaranteed by BNP Paribas ("BNPP" or the "Guarantor") pursuant to a Fr ench law deed of guarantee executed by BNPP 21 May 2026 (the "Guarantee").
The Guarantor was incorporated in France as a société anonyme under French law and licensed as a bank having its head office at 16, boulevard des Italiens - 75009 Paris, France. Legal entity identifier (LEI): R0MUWSFPU8MPRO8K5 P83.
BNPP's long -term credit ratings are A+ with a stable outlook (S&P Globa l Ratings Europe Limited), A1 with a stable outlook (Moody's De utschland GmbH) and AA - with a stable outlook (Fitch Ratings Ireland Limited) (which is the long -term rating assigned to BNPP’s senior preferred debt by Fitch) and BNPP's short -term credit ratings are A -1 (S&P Global Ratings Europe Limited), P -1 (Moody's Deutschland GmbH) and F1+ (Fitch Ratings Ireland Limite d).
BNP Paribas SA is the parent company of the BNP Paribas Gro up (together the " BNPP Group ").
BNP Paribas’ organisation is based on three operating divisions: Corporat e & Institutional Banking (CIB), Commercial, Personal Ba nking & Services (CPBS) and Investment & Protection Services (IPS).
Corporate and Institutional Banking (CIB) : Global Banking, Global Markets and Securities Services.
Commercial, Personal Banking & Services (CPBS):
- Commercial & Personal banking in the Euro -zone : Commercial & Personal Banking in France (CPBF), BNL banca commercial e (BNL bc), Commercial & Personal Banking in Italy, Commercial & Personal Banking in Belgium (CPBB ) and Commercial & Personal Banking in Luxembourg (CPBL).
- Commercial & Personal Banking outside the Euro -zone, organised around : Europe -Mediterranean, covering Commercial & Personal Banking outside the Euro -zone, in particular in Central and Eastern Europe, Türkiye and Africa.
- Specialised Businesses : BNP Paribas Personal Finance, Arval and BNP Paribas Leasing Solutions, new digital businesses (in particular Nickel, Floa, Lyf) and BNP Paribas Personal Investors.
Investment & Protection Services (IPS): Insurance (BNP Paribas Cardif), BNP Paribas Wealth Management, B NP Paribas Asset Management (strengthened in 2025 by the integration of AXA Investment Managers), BNP Paribas Rea l Estate and IPS Investments (management of the BNP Paribas Gr oup’s portfolio of unlisted and listed industrial and commercial investments).
As at 31 December 2025, the main shareholders were Société Fédérale de Participations et d'Investissement ("SFPI") a public -interest société anonyme (public limited company) acting on behalf of the Belgian government state holding 5.7 % of the share capital , BlackRock Inc. holding 7.1% of the share capital and Grand Duchy of Luxembourg holding 1.2% of the share capital.
Key financial information for the purpose of assessing the guarantor's ability to fulfil its commitments under the guarantee
Since 1 January 2023, BNP Paribas Group’s insurance entities have ap plied IFRS 17 « Insurance Contracts » and IFRS 9 « Financ ial Instruments », deferred for these entities until IFRS 17 comes into force.
Income statement
Year Year -1 Interim Comparative interim from same period in prior year In millions of € 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Revenues 51,223 48,831 14,056 12,960 Cost of risk -3,350 -2,999 -922 -766 Costs of legal risks on financial instruments -203 -202 -245 -15 Operating Income 16,296 15,437 4,179 3,922 Net income attributable to equity holders 12,225 11,688 3,217 2,951 Earnings per share (in euros) 10.29 9.57 2.73 2.44
Balance sheet
Year Year -1 Interim Comparative interim from same period in prior year In millions of € 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Total assets 2,792,981 2,704,908 2,931,529 2,802,044 Debt securities 302,391 302,237 311,766 313,163 Of which mid long term Senior Preferred 137,649* 119,370* n.a n.a Subordinated debt 35,289 32,615 33,988 32,546 Loans and receivables from customers (net) 897,358 900,141 915,780 894,201 Deposits from customers 1,075,564 1,034,857 1,093,160 1,027,112 Shareholders' equity (Group share) 125,513 128,137 129,979 130,115 Doubtful loans/ gross outstandings** 1.6% 1.6% 1.6% 1.6% Common Equity Tier 1 capital (CET1) ratio 12.6% 12.9% 12.8%
(CRR3) 12.4%
Total Capital Ratio 17% 17.1% 17.3%
(CRR3) 16.7% (CRR3)
Leverage Ratio 4.5% 4.6% 4.4% 4.4% (*) Regulatory scope (**) Impaired loans (stage 3) to customers and credit institutions, not netted of guarantees, including on -balance sheet and off -balance sheet and including debt securities measured at amortised costs or at fair value through shareholders' eq uity reported (exc luding insurance) and on gross outstanding loans to customers and cr edit institutions, on -balance sheet and off -balance sheet and including debt securities measured at amortised cost s or at fair value through shareholders' equity (exclud ing insurance) and including the effects of IFRS 5 standard application in relation to Non current assets held for sale.
Most material risk factors pertaining to the guarantor
1. A substantial increase in new provisions or a shortfall in the lev el of previously recorded provisions exposed to credit risk and counterparty risk could adversely affect the BNP Paribas Group’s results of operations and financial condit ion 2. The BNP Paribas Group’s risk management policies, procedures and metho ds may leave it exposed to unidentified or unanticipate d risks, which could lead to material
losses
5 / 5 3. The BNP Paribas Group may incur significant losses on its tradi ng and investment activities due to market fluctuations and vo latility 4. The BNP Paribas Group’s access to and cost of funding could be adve rsely affected by a resurgence of financial crises, worsen ing economic conditions, rating downgrades, increases in sovereign credit spreads or other factors 5. Adverse economic and financial conditions have in the past and may in the future significantly affect the BNP Paribas Group a nd the markets in which it operates 6. Laws and regulations in force, as well as current and future legis lative and regulatory developments, may significantly impac t the BNP Paribas Group and the financial and economic environment in which it operates.
7. Should the BNP Paribas Group fail to implement its strategic objectives or to achieve its published financial objectives, or should its results not follow stated expected trends, the trading price of its securities could be adversely affected.
What are the key risks that are specific to the securities?
Most material risk factors specific to the securities
There are also risks associated with the Securities, including :
1. Risks related to the structure of the securities:
The return on the Securities depends on the performance of the Und erlying Reference(s) and whether knock -in or knock out features apply. Auto -callable Products include automatic early redemption mechanisms. Depending on the applic able formula, if an automa tic early redemption event occurs investors may be exposed to a partial loss of their investment. Investors may be exposed to a par tial or total loss of their investment.
2. Risks related to the underlying and its disruption and adjustments:
Index Securities are linked to the performance of an underlying index (an "Index"), which may reference various asset classes such as, equities, bonds, currency exchange rates or property price data, or could reference a mi xture of asset classes. Investors in Index Securities face the risk of a broader set of circumstan ces that mean that the assets underlying the Index do not perform as expected compared to an investment in conventional debt securitie s. Accordingly, the return on an investment in Index Secu rities is more likely to be adversely affected than an investment in conventional debt securities.
Exposure to indices, adjustment events and market disruption or failure to open of an exchange may have an adverse effect on the value and liquidity of the Securities.
3. Risks related to the trading markets of the securities:
The trading price of the Securities may be affected by a number of factors including, but not limited to, the relevant price, value or level of the Underlying Reference(s), the time remaining until the scheduled redemption date of the Securiti es, the actua l or implied volatility associated with the Underlying Referenc e(s) and the correlation risk of the relevant Underlying Reference(s). The possibility t hat the value and trading price of the Securities will fluctua te (either positively or negatively) depend s on a number of factors, which investors should consider carefully before purchasing or selling Securities.
4. Legal risks:
The terms of the Securities will contain provisions for calling mee tings of holders of such Securities to consider matters af fecting their interests generally. These provisions permit defined majorities to bind all holders, including holders who did not at tend and vote at the relevant meeting and holders who voted in a m anner contrary to the majority.
Section D - Key Information on the offer of securities to the public an d/or admission to trading on a regulated market
Under which conditions and timetable can I invest in this security?
General terms, conditions and expected timetable of the offer
The securities will be offered to the public from and including J uly 27th, 2026 to and including September 18th, 2026, subject to any early closing or extension of the offer period.
Application will be made by the Issuer (or on its behalf) for the Securities to be admitted to trading on the Luxembourg Stoc k Exchange (Regulated Market).
Estimate of the total expenses of the issue and/or offer, including e stimated expenses charged to the investor by the issuer or the offeror
No expenses will be charged to the investors by the issuer.
Who is the offeror and/or the person asking for admission to trading?
Description of the offeror and / or person asking for admission to tr ading
Person asking for admission to trading : BNP Paribas Issuance B .V. (the “Issuer”), Parnassusweg 789, 1082 LZ Amsterdam, the N etherlands (telephone number:
+31(0)88 738 0000).
Why is this prospectus being produced?
Use and estimated net amount of the proceeds
The net proceeds from the issue of the Securities will become part of the general funds of the Issuer. Such proceeds may be u sed to maintain positions in options or futures contracts or other hedging instruments.
Estimated net proceeds: EUR 80,000,000
Underwriting agreement
No underwriting commitment is undertaken by the Offeror
Most material conflicts of interest pertaining to the offer or t he admission to trading
The Manager and its affiliates may also have engaged, and may in the fut ure engage, in investment banking and/or commercial b anking transactions with, and may perform other services for, the Issuer and the Guarantor and thei r respective affiliates in the o rdinary course of business.
Various entities within the BNPP Group (including the Issuer a nd Guarantor) and Affiliates undertake different roles in conne ction with the Securities, including Issuer of the Securities and Calculation Agent of the Securities and may also engage in tradin g activities (including hedging activities) relating to the Un derlying and other instruments or derivative products based on or relating to the Underlying which may give rise to potential conflicts of inter est.
BNP Paribas Financial Markets SNC, which acts as Manager and C alculation Agent is an Affiliate of the Issuer and the Guaranto r and potential conflicts of interest may exist between it and holders of the Securities, including with respect to certain determi nations and judgments that the Calculation Agent must make. The eco nomic interests of the Issuer and of BNP Paribas Financial Markets SNC as Manager and Calculation Agent are potentially adverse to Holders interests as an investor in the Securities.
Other than as mentioned above, so far as the Issuer is aware, no person involved in the issue of the Securities has an intere st material to the offer, including conflicting interests.
Résumé du Prospectus
Section A - Introduction et Avertissements
Avertissements
Le présent résumé doit être lu comme une introduction au Prospectus de Base et aux Conditions Définitives applicables.
Toute décision d'investir dans les Titres concernés doit être fond ée sur un examen exhaustif du Prospectus de Base dans son ensemble, y com pris tous documents incorporés par référence et les Conditions Définitives applicables .
Les investisseurs peuvent être exposés à une perte partielle ou to tale de leur investissement.
Lorsqu'une action concernant l'information contenue dans le Prospec tus de Base et les Conditions Définitives applicables est intentée devant un tribunal d'un Etat Membre de l'Espace Economique Européen, l'investisseur plaignant peut, s elon la législation nationale de l'État Membre où l'action est intentée, avoir à supporter les frais de traduction de ce Prospectus de Base et des Conditions Défini tives applicables avant le début de la procédure judiciaire.
La responsabilité civile sera recherchée dans cet Etat Membre aupr ès de l'Emetteur ou du Garant (le cas échéant) sur la seule base d u présent résumé, y compris sa traduction, mais seulement si le contenu du résumé est jugé trom peur, inexact ou contradictoire par rapport aux autres parties du P rospectus de Base et des Conditions Définitives applicables, ou, s'il ne fournit pas, lu en combinaiso n avec les autres parties du Prospectus de Base et des Conditions Définitives applicables, les informations clés permettant d'aider les investisseurs lorsqu'ils envisagent d'investir dans ces Titres.
Vous êtes sur le point d'acheter un produit qui n'est pas simple et peut être difficile à comprendre.
Nom et codes internationaux d'identification des valeurs mobilières (code IS IN)
EUR "M Ambition 17" Notes linked to Morningstar Transatlantic Mult i-Sector Select 30 Decrement 50 Point GR EUR Index - Les Titres s ont des Notes. Numéro International d’Identification des Valeurs Mobilières (" ISIN"): FR0014019S90.
Identité et coordonnées de l'émetteur
BNP Paribas Issuance B.V. (l' Emetteur ), Parnassusweg 789, 1082 LZ Amsterdam, Pays-Bas (numéro de télépho ne : +31(0)88 738 0000). L'identifiant d'entité juridique (IEJ) de l'Emetteur est 7245009UXRIGIRYOBR48.
Identité et coordonnées de l'offreur et/ou de la personne qui sollicite l' admission à la négociation
Personne qui sollicite l'admission à la négociation : BNP Pariba s Issuance B.V. (l'“Emetteur”), Parnassusweg 789, 1082 LZ Ams terdam, Pays-Bas (tel: +31(0)88 738 0000).
Identité et coordonnées de l'autorité compétente approuvant le prospectus
Autorité des Marchés Financiers (l'« AMF »), 17, place de la Bourse, 75082 Paris Cedex 02, France - Tél. : 01 53 45 60 00 - www.amf-france.org
Date d'approbation du prospectus
Ce Prospectus a été approuvé le 21 mai 2026 sous le numéro d’approbati on n°26 -151 par l’AMF, tel que modifié ou complété à tout moment..
Section B - Informations clés sur l'émetteur
Qui est l'émetteur des valeurs mobilières ?
Siège social/ Forme juridique/ IEJ/ Législation/ Pays d'immatriculation
BNPP B.V. a été constitué aux Pays-Bas sous la forme d'une so ciété non cotée en bourse à responsabilité limitée de droit néerl andais, et son siège social est situé Parnassusweg 789, 1082 LZ Amsterdam, Pays-Bas. L'identifiant d'en tité juridique (IEJ) de l'Emetteur est 7245009UXRIGIRYOBR48.
La notation de crédit à long terme de BNPP B.V. est A + avec un e perspective stable (S&P Global Ratings Europe Limited) et l a notation à court terme de BNPP B.V.
est : A-1 (S&P Global Ratings Europe Limited).
Principales activités
BNPP B.V. a pour activité principale d'émettre et/ou d'acquérir des instruments financiers de toute nature et de conclure des c ontrats à cet effet pour le compte de différentes entités au sein du Groupe BNPP.
Les actifs de BNPP B.V. sont constitués des obligations d'autr es entités du Groupe BNPP. Les détenteurs de titres émis par B NPP B.V.sont, sous réserve des dispositions de la Garantie émise par BNPP, exposés à la capacité des entités du Groupe BNPP à remplir leurs obligations envers BNPP B.V.
Principaux actionnaires
BNP Paribas détient 100% du capital social de BNPP B.V.
Identité de ses principaux dirigeants
Les dirigeants ( Managing Director s) de BNP Paribas Issuance B.V. sont Edwin Herskovic/Cyri l Le Merrer/Folkert van Asma/Hugo Peek/Matthew Yandle.
Identité des contrôleurs légaux des comptes
Deloitte Accountants B.V. sont les auditeurs de l'Emetteur. Del oitte Accountants B.V. est un cabinet d'audit agréé indépendant aux Pays-Bas. Les auditeurs concernés de Deloitte Accountants B.V. qui ont signé les rapports d’audit indé pendant incorporés par référence dans le prospectus de ba se sont membres de l'Institut royal néerlandais des comptables agréés ( Koninklijke Nederlandse Beroepsorganisatie van Accountants ).
Quelles sont les informations financières clés concernant l'émetteur ?
Informations financières clés
Compte de résultat
Année Année-1
En € 31/12/2025 31/12/2024 Bénéfice/perte d'exploitation 224 204 167 327
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Bilan
Année Année-1
En € 31/12/2025 31/12/2024 Endettement financier net (dette à long terme plus dette à court terme moins trésorerie) 164 334 371 318 124 241 216 005 Ratio courant (actif courant/passif courant) 1 1 Ratio dette sur capitaux propres (total du passif/total des capitaux propres) 29 275 22 860 Ratio de couverture des intérêts (résultat d'exploitation/charge d'intérêts) n.a n.a État des flux de trésorerie
Année Année-1
En € 31/12/2025 31/12/2024 Flux de trésorerie net provenant des activités d'exploitation -2 184 469 -471 573 Flux de trésorerie net provenant des activités de financement 0 4 500 000 Flux de trésorerie net provenant des activités d'investissement 0 0
Réserves formulées dans le rapport d'audit
Sans objet, il n'existe aucune réserve dans les rapports d'audit s ur les informations financières historiques contenues dans le Pros pectus.
Quels sont les risques spécifiques à l'émetteur ?
Sans objet. BNPP B.V.est une société d'exploitation. La solvabil ité de BNPP B.V dépend de la solvabilité de BNPP.
Section C - Informations clés sur les valeurs mobilières
Quelles sont les principales caractéristiques des valeurs mobilières ?
Nature, catégorie et code ISIN
EUR "M Ambition 17" Notes linked to Morningstar Transatlantic Mult i-Sector Select 30 Decrement 50 Point GR EUR Index - Les Titres s ont des Notes. Numéro International d’Identification des Valeurs Mobilières (" ISIN"): FR0014019S90.
Devise / dénomination / valeur nominale / nombre de valeurs mobilières émi ses / échéance
Les Titres sont libellés en Euro ("EUR"). Les Titres ont une valeur nominale de EUR 1 000. 80 000 Titres seront émis. Les Titres seront remboursés le 2 octobre 2036.
Droits attachés aux valeurs mobilières
Maintien de l’Emprunt à son Rang - Les modalités des Titres ne contiendront aucune clause de maintien de l’emprunt à son rang.
Cas de Défaut - Les modalités des Obligations prévoiront des cas de défaut, y compris le défaut de paiement, le défaut d’exécution ou le non -respect des obligations de l’Emetteur ou du Garant en vertu des Titres ; l’insolvabilité ou la liquidation de l’Emetteur ou du G arant.
Loi applicable - Les Titres seront régis par le droit français.
Ce produit est indexé sur la performance d'un indice sous-jacent.
À moins que le produit n'ait été remboursé de manière anticipée, les disp ositions suivantes s'appliqueront.
À la Date de remboursement, vous recevrez, par EMTN :
1. Si le Prix de référence final est supérieur(e) ou égal (e) à 90% du Prix de référence initial: un montant équivalent à 200% de la Valeur nominale.
2. Si le Prix de référence final est inférieur(e) à 90% du Prix de référence initial :
a. Si aucun Franchissement de Barrière n'est survenu : un montant équivalent à la Valeur nominale.
b. Si un Franchissement de Barrière est survenu : un montant équivalent à la Valeur nominale, diminué de la Performance du Sous-jacent. Vous subirez donc une perte partielle ou totale de la Valeur nominale.
Remboursement anticipé automatique : Si, à une Date d'évaluation de r emboursement anticipé automatique, le cours de clôture du Sous-jacent est supérieur(e) ou égal(e) à 90% du Prix de référence initial, le produit sera r emboursé à la date correspondante. Vous recevrez, par EMTN un montant équivalent à la Valeur nominale, plus une prime qui dépend du Taux de sortie applicable.
Où:
Un Franchissement de Barrière intervient si le Prix de référen ce final est inférieur(e) à la Barrière.
La Performance d'un Sous -jacent correspond à la différence entre son Prix de référence final et son Prix de référence initial, divisée par son Prix de réf érence initial, exprimée en valeur absolue.
Le Prix de référence initial correspond au cours de clôture du S ous-jacent à la Date de constatation initiale.
Le Prix de référence final correspond au cours de clôture du Sous -jacent à la Date de constatation finale.
Date de constatation initiale 18 septembre 2026 Prix d’émission 100% Date d’émission 27 juillet 2026 Devise du produit EUR Date de constatation finale 18 septembre 2036 Valeur nominale (par EMTN) 1 000 EUR Date de remboursement (échéance) 2 octobre 2036
Barrière 50% du Prix de référence initial Date(s) d'évaluation de
remboursement anticipé
automatique Voir Annexe Date(s) de remboursement anticipé automatique Voir Annexe Taux de sortie Voir Annexe
Sous-jacent Code Bloomberg Morningstar Transatlantic Multi -Sector Select 30 Decrement 50 Point GR EUR MTQUAD
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ANNEXE
Remboursement anticipé automatique
Date(s) d'évaluation de remboursement anticipé automatique Date(s) de remboursement anticipé automatique Taux de sortie 20 septembre 2027 4 octobre 2027 10% de la Valeur Nominale Courante 20 décembre 2027 3 janvier 2028 12,50% de la Valeur Nominale Courante 20 mars 2028 3 avril 2028 15% de la Valeur Nominale Courante 20 juin 2028 4 juillet 2028 17,50% de la Valeur Nominale Courante 18 septembre 2028 2 octobre 2028 20% de la Valeur Nominale Courante 18 décembre 2028 2 janvier 2029 22,50% de la Valeur Nominale Courante 19 mars 2029 3 avril 2029 25% de la Valeur Nominale Courante 18 juin 2029 2 juillet 2029 27,50% de la Valeur Nominale Courante 18 septembre 2029 2 octobre 2029 30% de la Valeur Nominale Courante 18 décembre 2029 2 janvier 2030 32,50% de la Valeur Nominale Courante 18 mars 2030 1 avril 2030 35% de la Valeur Nominale Courante 18 juin 2030 2 juillet 2030 37,50% de la Valeur Nominale Courante 18 septembre 2030 2 octobre 2030 40% de la Valeur Nominale Courante 18 décembre 2030 2 janvier 2031 42,50% de la Valeur Nominale Courante 18 mars 2031 1 avril 2031 45% de la Valeur Nominale Courante 18 juin 2031 2 juillet 2031 47,50% de la Valeur Nominale Courante 18 septembre 2031 2 octobre 2031 50% de la Valeur Nominale Courante 18 décembre 2031 2 janvier 2032 52,50% de la Valeur Nominale Courante 18 mars 2032 1 avril 2032 55% de la Valeur Nominale Courante 21 juin 2032 5 juillet 2032 57,50% de la Valeur Nominale Courante 20 septembre 2032 4 octobre 2032 60% de la Valeur Nominale Courante 20 décembre 2032 3 janvier 2033 62,50% de la Valeur Nominale Courante 18 mars 2033 1 avril 2033 65% de la Valeur Nominale Courante 21 juin 2033 5 juillet 2033 67,50% de la Valeur Nominale Courante 19 septembre 2033 3 octobre 2033 70% de la Valeur Nominale Courante 19 décembre 2033 2 janvier 2034 72,50% de la Valeur Nominale Courante 20 mars 2034 3 avril 2034 75% de la Valeur Nominale Courante 20 juin 2034 4 juillet 2034 77,50% de la Valeur Nominale Courante 18 septembre 2034 2 octobre 2034 80% de la Valeur Nominale Courante 18 décembre 2034 2 janvier 2035 82,50% de la Valeur Nominale Courante 19 mars 2035 2 avril 2035 85% de la Valeur Nominale Courante 18 juin 2035 2 juillet 2035 87,50% de la Valeur Nominale Courante 18 septembre 2035 2 octobre 2035 90% de la Valeur Nominale Courante 18 décembre 2035 2 janvier 2036 92,50% de la Valeur Nominale Courante 18 mars 2036 1 avril 2036 95% de la Valeur Nominale Courante 18 juin 2036 2 juillet 2036 97,50% de la Valeur Nominale Courante
Assemblées Générales - Les modalités des Titres contiendront des dispositions relati ves à la convocation d'assemblées générales des titulaires de ces Ti tres, afin d'examiner des questions affectant leurs intérêts en général. Ces dispositions permettront à des majorités définies de lier tous les titulaires, y compris ceux qui n'auront pas assisté et voté à l'assemblée concernée et ceux qui auront voté d'une manière contraire à celle de la majorité.
Représentant des Titulaires de Titres - Les Titulaires, pour toutes les Tranches d'une Souche, seront automa tiquement regroupés dans une masse (la "Masse") pour la défense de leurs intérêts communs. La Masse agira en partie par l'intermédiaire d'un représentant (le "Représentant") et en partie par l'intermédiaire d'une assemblée générale des Titulaires (l'"Assemblée Générale") ou par des décisions p rises par résolution écrite (la "Résolution Ecrite").
Les noms et adresses du Représentant initial de la Masse et de son suppléant sont:
Nom et adresse du Représentant: SELARL MCM AVOCAT - 10, Boulevar d Malesherbes, 75008 Paris, France - Tel: +33 1 53 43 36 00 - Fax: + 33 1 53 43 36 01 -
Contact : rmo@avocat-mcm.com Nom et adresse du Représentant suppléant: Maître Philippe MAISONN EUVE, Avocat - 10, Boulevard Malesherbes, 75008 Paris, France
Rang de créance des valeurs mobilières
Les Titres sont des obligations non subordonnées et non assorties de sûretés de l'Emetteur et viennent au même rang entre eux.
Restrictions au libre transfert des valeurs mobilières
Il n’y a aucune restriction à la libre négociabilité des titres .
Politique de dividende ou de distribution
Sans objet.
Où les valeurs mobilières seront-elles négociées ?
Admission à la négociation
Une demande sera présentée par l’Émetteur (ou pour son compte) en v ue de faire admettre les Titres à la négociation sur Luxem bourg Stock Exchange (Marché réglementé).
Les valeurs mobilières font-elles l'objet d'une garantie ?
Nature et de la portée de la garantie
4 / 6 Les obligations en vertu de [l'acte de garantie/la garantie] sont des obligations senior préférées (au sens de l'article L.613-30-3-I- 3° du Code monétaire et financier) et non assorties de sûretés de BNPP et viendront au même rang que t outes ses autres obligations présentes et futures senior préférée s et non assorties de sûretés, soumises à des exceptions qui peuvent au cours du temps être obligat oires en vertu du droit français.
Dans le cas où BNPP fait l'objet d'un renflouement interne, mais sans que BNPP B.V. n'en fasse l'objet, les obligations et/ou mont ants dus par BNPP, au titre de la garantie devront être réduits afin de prendre en compte toutes les modifications ou réductions appliquées aux dettes de BNPP résul tant de l'application du renflouement interne de BNPP par toute autorité de régulation compétente (y compr is dans le cas où la garantie elle-même ne fait pas l'objet d'un tel renflouement interne).
Le Garant garantit inconditionnellement et irrévocablement à chaque Titulaire de titres que si, pour une raison quelconque, BNPP B.V. ne paie pas une somme payable par elle ou n’exécute pas une autre obligation relative à une Garantie à l a date spécifiée p our ce paiement ou cette exécution, le Garant, conformément aux Cond itions, paiera cette somme dans la devise dans laquelle ce paiement est dû en fonds immédiatement disponibles ou, selon le cas, exécu tera ou fera exécuter l’obligation concernée à la date d’échéance de cette exécution.
Description du garant
Les Titres seront inconditionnellement et irrévocablement garantis par BNP Paribas ("BNPP" ou le "Garant") en vertu d'une garantie de droi t français signée par BNPP le 21 mai 2026 (la "Garantie").Le Garant a été constitué en France sous la forme d'une société anonyme de droit français et agréée en qu alité de banque, dont le siège social est situé 16, boulevard des Italiens – 75009 Paris, France. Identifiant d'entité juridique (IEJ) : R0MUW SFPU8MPRO8K5P83.
Les notations de crédit à long terme de BNPP sont : A+ avec une pe rspective stable (S&P Global Ratings Europe Limited), A1 avec une perspective stable (Moody's Deutschland GmbH) et AA- avec une perspective stable (Fitch Rat ings Ireland Limited) (qui est la notation long-terme attribuée à la dette senior préférée de BNPP par Fitch) , et les notations de crédit à court terme de BNPP sont : A- 1 (S&P Global Ratings Europe Limited), P-1 (Moody's Deutschland GmbH) et F1+ (Fitch Ratings Ireland Limited).
BNP Paribas SA est la société mère du Groupe BNP Paribas (e nsemble le " Groupe BNPP ").
L'organisation de BNP Paribas repose sur trois pôles opérationnels : Corporate & Institutional Banking (CIB), Commercial, Personal Banking & Services (CPBS) et Investment & Protection Services (IPS).
Corporate and Institutional Banking (CIB) : Global Banking, Global Markets et Securities Services.
Commercial, Personal Banking & Services (CPBS):
- les banques commerciales de la zone euro : Banque Commerciale en France (BCEF), BNL banca commerciale (B NL bc), Banque Commerciale en Italie, Banque Commerciale en Belgique (BCB) et Banque Commerciale au Luxembourg (BC L).
- les banques commerciales hors zone euro, qui s’organisent autour de : Europe Méditerranée, couvrant les banques commerciales hors zon e euro, notamment en Europe centrale, en Europe de l’Est, en Turquie et en Afrique.
- les services financiers : BNP Paribas Personal Finance, Arval et BNP Paribas Leasing S olutions, les nouveaux métiers digitaux (en particulier Nickel, Fl oa, Lyf) et BNP Paribas Personal Investors.
Investment & Protection Services (IPS) : l'Assurance (BNP P aribas Cardif), BNP Paribas Wealth Management, BNP Paribas Ass et Management (renforcé en 2025 par l'intégration d'AXA Investment Managers), BNP Paribas Real Es tate et IPS Investments (la gestion du portefeuille de participat ions industrielles et commerciales non cotées et cotées du Groupe BNP Paribas).
Au 31 décembre 2025, les principaux actionnaires étaient la Société Fédéral e de Participations et d'Investissement ("SFPI"), société anonym e d'intérêt public agissant pour le compte de l'Etat belge, qui détient 5,7% du capital social, BlackRock Inc. qui détient 7,1% du capital social et le Grand-Du ché de Luxembourg qui détient 1,2% du capital social.
Informations financières clés pertinentes afin d'évaluer la capacité d u garant à remplir ses engagements au titre de la garantie
Depuis le 1er janvier 2023, les entités d'assurance du Groupe BNP Par ibas appliquent IFRS 17 " Contrats d'assurance " et IFRS 9 " Inst ruments financiers ", différés pour ces entités jusqu'à l'entrée en vigueur d'IFRS 17.
Compte de résultat
Année Année-1 Intermédiair e Valeur intermédiaire pour la même période de l’année
précédente pour
comparaison
En millions d'€ 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Produit Net Bancaire 51 223 48 831 14 056 12 960 Coût du risque -3 350 -2 999 -922 -766 Coûts des risques juridiques sur instruments financiers -203 -202 -245 -15 Résultat d’exploitation 16 296 15 437 4 179 3 922 Résultat net, part du Groupe 12 225 11 688 3 217 2 951 Résultat par action 10,29 9,57 2,73 2,44
Bilan
Année Année-1 Intermédiair e Valeur intermédiaire pour la même période de l’année
précédente pour
comparaison
En millions d'€ 31/12/2025 31/12/2024 31/03/2026 31/03/2025 Total des actifs 2 792 981 2 704 908 2 931 529 2 802 044 Dettes représentées par un titre 302 391 302 237 311 766 313 163 Dont dettes senior préférées à moyen long terme 137 649* 119 370* n.a n.a Dettes subordonnées 35 289 32 615 33 988 32 546 Prêts et créances sur la clientèle 897 358 900 141 915 780 894 201 Dettes envers la clientèle 1 075 564 1 034 857 1 093 160 1 027 112 Capitaux propres (part du Groupe) 125 513 128 137 129 979 130 115 Créances douteuses / encours bruts** 1,6% 1,6% 1,6% 1,6% Ratio Common Equity Tier 1 (CET1) 12,6% 12,9% 12.8%
(CRR3) 12,4%
Ratio de fonds propres total 17% 17,1% 17.3%
(CRR3) 16.7% (CRR3)
Ratio de levier 4,5% 4,6% 4,4% 4,4% (*) Périmètre prudentiel (**) Encours dépréciés (stage 3), bilan et hors bilan, non nettés des ga ranties reçues, sur la clientèle et les établissements de crédit , y compris les titres de dette au coût amorti et les titres de dette en valeur de marché par capitaux pr opres (hors assurance) sur les encours bruts sur la clientèle et les établissements de crédit, bilan et hors
5 / 6 bilan, y compris titres au coût amorti et les titres de dette en valeur de marché par capitaux propres (hors assurance) et y comp ris les effets de l'application de la norme IFRS 5 en relation avec les actifs non courants détenus en vue de leur cession.
Principaux facteurs de risque liés au garant
1. Toute augmentation substantielle des provisions ou tout engagement ins uffisamment provisionné au titre du risque de crédit et de contr epartie pourrait peser sur les résultats et sur la situation financière du Groupe BNP Paribas.
2. Les politiques, procédures et méthodes de gestion du risque mises en œuvre par le Groupe BNP Paribas pourraient l’exposer à d es risques non identifiés ou imprévus, susceptibles d’occasionner des pertes significatives.
3. Les fluctuations de marché et la volatilité exposent le Groupe B NP Paribas au risque de pertes substantielles dans le cadre de ses activités de marché et d’investissement.
4. L’accès du Groupe BNP Paribas au financement et les coûts de ce f inancement pourraient être affectés de manière défavorable e n cas de résurgence des crises financières, de détérioration des conditions économiques, de dégradati on de notation, d’accroissement des spreads de crédit des États ou d’autres facteurs 5. Un contexte économique et financier défavorable a pu par le passé, e t pourrait à l'avenir, affecter significativement le Groupe BNP Paribas et les marchés sur lesquels il opère.
6. Des mesures législatives et règlementaires en vigueur, ainsi que de s évolutions législatives et règlementaires en cours ou à venir, pourraient affecter de manière significative le Groupe BNP Paribas ainsi que l'environnement f inancier et économique dans lequel il opère.
7. Si le Groupe BNP Paribas ne parvenait pas à réaliser ses objecti fs stratégiques, ou si ses résultats ne suivaient pas les tendan ces prévues, le cours de ses instruments financiers pourrait en être défavorablement affecté.
Quels sont les principaux risques spécifiques aux valeurs mobilières ?
Principaux facteurs de risque spécifiques aux valeurs mobilières
Il existe également des risques associés aux Titres, y compris :
1. Risques relatifs à la structure des Titres: .
Le rendement de ces Titres dépend de la performance du ou des Sous-Jacen ts de Référence et de l'application ou non des mécanismes de bar rière activante ou désactivante. Les Produits Auto-callable comprennent des mécanismes de remboursement anticipé automatique. En fonction de la formule appl icable, si un évènement de remboursement anticipé automatique se réalise, les investisseurs pe uvent être exposés à une perte partielle de leur investissement. Le s investisseurs peuvent être exposés à une perte partielle ou totale de leur investissement.
2. Risques relatifs au Sous-Jacent ainsi qu'à ses Perturbations et Ajustements:
Les Titres Indice sont liés à la performance d’un indice sous -jacent (un « Indice »), qui peut faire référence à diverses classes d’actifs comme des actions, des obligations, des taux de change ou des données de prix de biens, ou peuvent faire r éférence à une combinaison de classes d’actifs. Les investisseurs dans des Titres Indice sont exposés au risque d’un large ensemble de circonstances ce qui fait que la performance des actifs sous -jacents de l’Indice n’est pas celle attendue en comparaison avec un inv estissement dans des titres de créance classiques. Par conséquen t, la probabilité que le rendement d’un investissement dans d es Titres Indice soit affecté négativement est plus élevée que pour un investissement dans des titr es de créance classiques.
L'exposition à un ou plusieurs indices, un cas d'ajustement et de per turbation du marché ou le défaut d'ouverture d'une bourse peuvent avoir un effet défavorable sur la valeur et la liquidité des Titres 3. Risques liés aux marchés des Titres:
Le cours des Titres peut être affecté par un certain nombre de fa cteurs dont, notamment, le prix, la valeur ou le niveau de la ou des Références Sous-jacentes, le temps restant jusqu’à la date de remboursement prévue des Titres, la volatil ité réelle ou imp licite associée à la ou aux Références Sous-jacentes et le risqu e de corrélation de la ou des Références Sous-jacentes concernées. La possibilité que la valeur et le cours des Titres fluctuent (de manière positive c omme négative) dépen d d’un certain nombre de facteurs, que les investisseurs doivent examiner attentivement avan t d’acheter ou de vendre des Titres.
4. Risques juridiques:
Les modalités des Titres contiendront des dispositions relatives à la convocation d'assemblées générales des titulaires de ces Titres, afin d'examiner des questions affectant leurs intérêts en général. Ces dispositions permettront à des majorités définies de lier tous les titulaires, y compris c eux qui n'auront pas assisté et voté à l'assemblée concernée et ceux qui auront voté d'une manière contrair e à celle de la majorité.
Section D - Informations clés sur l'offre au public de valeur s mobilières et/ou l'admission à la négociation sur un
marché réglementé
À quelles conditions et selon quel calendrier puis-je investir dans cette valeur mobil ière ?
Conditions générales et calendrier prévisionnel de l'offre
Les titres seront proposés au public à compter du 27 juillet 2026 inclus jusqu’au 18 septembre 2026, sous réserve de toute clôture anticipée ou de t oute extension de la durée de l’offre.
Une demande sera présentée par l’Émetteur (ou pour son compte) en v ue de faire admettre les Titres à la négociation sur Luxem bourg Stock Exchange (Marché Règlementé).
Estimation des dépenses totales liées à l'émission et/ou à l'offre, y compris une estimation des dépenses facturées à l'investisseur par l 'émetteur ou
l'offreur
Aucune dépense ne sera facturée aux investisseurs.
Qui est l'offreur et/ou la personne qui sollicite l'admission à la négociation ?
Description de l'offreur et/ou la personne qui sollicite l'admission à la négociation
Personne qui sollicite l'admission à la négociation : BNP Pariba s Issuance B.V. (l'“Emetteur”), Parnassusweg 789, 1082 LZ Ams terdam, Pays-Bas (tel: +31(0)88 738 0000).
Pourquoi ce prospectus est-il établi ?
Utilisation et montant net estimé du produit
Les produits nets de l'émission des Titres seront affectés aux be soins généraux de financement de l'Emetteur. Ces produits pourro nt être utilisés pour maintenir des positions sur des contrats d'options ou des contrats à terme ou d'autres instruments de couverture.
Estimation du produit net : EUR 80 000 000
Convention de prise ferme
Les Offrants ne prennent aucun engagement de souscription.
6 / 6
Principaux conflits d'intérêts liés à l'offre ou à l'admission à la négoc iation
L'Agent Placeur et ses affiliés peuvent aussi avoir été impliqué , et pourraient dans le futur être impliqué, dans des transactions de banque d'investissement ou commerciale avec, ou fournir d'autres services à, l'Emetteur et s on Garant et leurs affiliés dans le cours normal de leurs activ ités.
Diverses entités au sein du groupe BNPP (y compris l’Émetteur et le Garant) et les Sociétés affiliées assument différents r ôles en rapport avec les Titres, notamment celui d’Émetteur des Titres et d’Agent de Calcul des Titres et peuvent également s’engager dans des activités de négociation (y compris des activités de couverture) relatives au Sous- jacent et à d’autres instruments ou produits dérivés basés sur le Sous -jacent, ou liés à celui- ci, qui peuvent donner lieu à des conflits d’intérêts potentiels.
BNP Paribas Financial Markets SNC, qui agit en tant que Gestionnaire et Agent de Calcul, est une Société affiliée de l’Émetteur et du Garant, et des conflits d’intérêts potentiels peuvent exister entre elle et les titulaires de Titres, y compris en ce qui concerne certaines décisions et jugements que l’Agent de Calcul doit prendre. Les intérêts économiques de l’Émetteur et de BNP Paribas Financial Market s SNC en tant que Gestionnaire et Agent de Calcul sont p otentiellement contraires aux intérêts des Titula ires en tant qu’investisseurs dans les Titres.
Exception faite de ce qui est mentionné ci-dessus, aucune personne intervenant dans l'émission des Titres ne détient, à la connaissance de l'Emetteur, un intérêt pouvant influer sensiblement sur l'offre, y compris des intérêts confl ictuels.