Alps Partners Germany ABS 2026-1 S.À R.L: 03 August 2026

Alps Partners Germany ABS 2026-1 S.à r.l is a landmark transaction for the European consumer ABS market, representing PayPal Europe’s first securitisation of German consumer receivables and the first transaction backed by PayPal’s German BNPL lending platform. The Issuer will issue the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes, the Class R Notes and the Class Z Certificates on 30 July 2026 (the Closing Date).

The Notes are being arranged and placed by BNP Paribas, Société Générale S.A. and KKR Capital Markets (Ireland) Limited acting as Joint Arrangers and Joint Lead Managers.

As at the Cut-off Date (17 July 2026) the portfolio comprised 1,593,536 loans advanced to 912,846 borrowers, highlighting the highly granular and diversified nature of the underlying receivables.

EU/UK Risk Retention: Each risk retention holder, as “originator”, will undertake to retain that, for so long as any Notes remain outstanding, will, as “originator” retain, on an ongoing basis, its applicable percentage of a material net economic interest in the transaction of not less than 5% in accordance with Article 6(1) of the EU Securitisation Regulation and SECN 5.2.1.

U.S. Risk Retention: The aggregator will satisfy the requirements of the sponsor by retaining an economic interest in the credit risk of the securitised assets, directly or through one of its majority-owned affiliates, through to the legal maturity date by retaining the Class D Notes, its interest in the Subordinated Loan and the Class Z Certificates, the aggregate fair value of which is at least 5%