This report does not constitute a rating action. STOCKHOLM (S&P Global Ratings) Oct. 29, 2026--Vattenfall AB’s planned redemption of about 50% of subordinated notes, with no replacement, will not affect our equity treatment of its remaining hybrids. S&P Global Ratings will continue to assess Vattenfall’s remaining hybrid notes, totaling about Swedish krona (SEK) 10.2 billion, as having intermediate equity content. While we typically view redemptions of hybrids without replacement negatively, we believe Vattenfall’s improved creditworthiness since its hybrid issuance in 2015, paired with its most recent 2023 issuance, mitigates this concern. We expect Vattenfall to replace all remaining hybrid maturities, maintaining a stable hybrid capital stock of SEK10.2 billion over the next few years. The company intends to use available
