Hive 2025-1 B.V.: 23 November 2025

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising equipment lease receivables originated by Beequip BV (the “Originator”) in the name of and on behalf of Beequip Equipment BV.

Beequip BV is a private company with limited liability, with its corporate seat in Rotterdam. It was founded in 2015 to provide financing solutions to small and medium sized enterprises and entrepreneurs. The financing solutions offered by Beequip are fixed-term leases including financial leases, operating leases and mortgage leases, with the predominant focus being on financial leases. The main asset classes include road transport, earth-moving and construction, cranes, containers and maritime.

As at the cut-off date, the provisional pool consisted of 3,845 contracts (1,911 obligors) where the average current principal balance is Eur130,039 and the largest is Eur4.275mln. Contrast type: Financial Lease – 93.09%, Operating Lease – 6.91%. Obligor concentration: top 1 – 2.37%, top 5 – 10.34%, top 20 – 21.88%. Obligor Country: Netherlands – 94.00%, Switzerland – 3.01%, others – 2.99%. The WA seasoning is 18.01 months.

EU & UK Risk Retention: On the Closing Date and until all of the Debt has been redeemed in full, Beequip BV as originator (the Retention Holder) will retain a material net economic interest of not less than 5% in the securitisation as required by Article 6 of Regulation (EU) 2017/2402 and SECN 5. In the case of the UK Retention Requirements, as at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest in the Class E Notes.

US Risk Retention: Beequip, as the sponsor under the final rules promulgated under Section 15G of the US Securities Exchange Act of 1934, does not intend to retain at least 5% of the “credit risk” of the “securitized assets” but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

Compare/contrast: Hermitage 2025 plc, FCT Ponant 1