Bavarian Sky S.A. (Comp German Auto Leases 10): 25 February 2026

As per the earlier transactions, the issue is backed by a portfolio of loan receivables secured on certain cars. BMW Bank is the seller of the receivables and it is one of Germany’s leading automotive banks.

Eligibility criteria (includes): is denominated and payable in Euros; has a fixed interest rate and is fully amortising; at least two due loan instalments have been fully paid; is subject to the laws of Germany; the debtor is neither an employee of BMW nor an officer of BMW.

At the cut-off date (31 January 2026) the portfolio consisted of 71,733 leases. Concentration lessee: top 1 - 0.08%, top 5 - 0.26%, Client type: commercial – 69.61%, private – 30.39%. Vehicle type (Number of contracts in percent of total): New - 98.72%, Used - 1.28%. WA seasoning is 8.15 months.

EU Risk Retention: In compliance with Article 6 paragraph (3)(d) of Regulation (EU) 2017/2402 the Seller has undertaken to retain, on an ongoing basis until the earlier of the redemption of the Notes in full and the Legal Final Maturity Date, at least 5% of the nominal amount of the "securitised exposures" by retaining a first-loss tranche in the form of over collateralisation, in its capacity as Subordinated Lender.

US Risk Retention: The Seller does not intend to retain at least 5% of the credit risk of the Notes for the purpose of satisfying the US Risk Retention rules, but intends to rely on an exemption provided for in Section _20 of the US Risk Retention rules regarding non-US transactions.

STS: The Seller intends to notify ESMA that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation.

Compare/contrast: Bavarian Sky SA (Comp German Auto Leases 9), Pony SA (German Auto Loans 2025-1), VCL 47