Legal

Legal Notice

This Legal Notice ("Legal Notice") regulates the use of the website www.europeanequityresearch.com and any related domains operated by European Equity Research Partners, S.L. (the "Website"), in compliance with Article 10 of Law 34/2002 of 11 July on Information Society Services and Electronic Commerce (LSSI-CE), and applicable European and Spanish legislation.

1. Owner of the Website

In compliance with the duty of information set out in Article 10 of the LSSI-CE, the following identification details of the owner of the Website are made available:

  • European Equity Research Partners, S.L. — NIF B88666292
  • Registered office: Plaza General Santes, 4, bajo 2 — 46160 Llíria (Valencia), Spain
  • Office: Paseo de la Castellana, 93 — 28046 Madrid (Spain)
  • Registered at the Mercantile Registry of Valencia — Hoja V-235644 (1st inscription, 10 June 2026) — EUID ES46030.000971086
  • Contact: info@europeanequityresearch.com

(hereinafter "EERP" or the "Company") is a Spanish private company engaged in the production and distribution of issuer-sponsored equity research under the framework of the EU Listing Act (Directive (EU) 2024/2811) and the EU Code of Conduct for issuer-sponsored research, adopted by the European Commission as a Delegated Regulation on 21 May 2026 (C(2026) 3226 final) and, as at the date of this notice, under European Parliament and Council scrutiny pending publication in the Official Journal of the EU, after which it enters into force on the third day following publication.

2. Regulatory status

EERP is not authorised by the Spanish Securities Market Commission (CNMV), nor by any other financial regulator. Producing issuer-sponsored research does not, in itself, constitute a regulated investment service under MiFID II (Annex I) or Spanish securities law. EERP does not provide personal recommendations to individual clients (which would fall under investment advice — MiFID II Annex I Section A.5).

Research activities remain subject to Regulation (EU) 596/2014 on market abuse (MAR) and Delegated Regulation (EU) 2016/958 on the objective presentation of investment recommendations. Under the EU Code of Conduct for issuer-sponsored research — adopted by the European Commission in May 2026 and pending publication in the Official Journal — prior authorisation is not envisaged; the Code takes effect on its entry into force.

3. Acceptance and use

Access to and use of the Website implies the user's full and unreserved acceptance of this Legal Notice, the Privacy Policy, the Cookie Policy, and any other applicable policies. Users who do not agree with any of these terms must refrain from using the Website.

The user undertakes to use the Website and its contents in accordance with the law, public order, good faith and these terms, and shall refrain from any activity that may damage, disable, overload or impair the normal functioning of the Website, or that may infringe the rights of EERP or of third parties.

The contents of the Website, including all equity research reports, market commentary, methodological notes and corporate information, are provided for informational purposes only and do not constitute investment advice, an offer or solicitation to buy or sell securities, or a personal recommendation to any individual investor. Past performance is not indicative of future results. The Website and its contents are directed exclusively at financial professionals, institutional investors, listed issuers, investment firms, exchanges, specialised journalists, academics and researchers. They are not directed at the general public nor at retail non-professional investors.

4. Intellectual and industrial property

All contents of the Website — including but not limited to texts, research reports, financial models, photographs, graphics, designs, logos, trademarks, source code and any other materials — are the exclusive property of EERP or of third parties that have authorised their use, and are protected by national and international intellectual and industrial property legislation. The reproduction, distribution, public communication, transformation or any other form of exploitation of the contents of the Website, in whole or in part, by any means or procedure, without the prior written authorisation of EERP, is expressly prohibited. Unauthorised use may give rise to civil and criminal liability. The "EERP" name and the "European Equity Research Partners" denomination are commercial designations of European Equity Research Partners, S.L. Any use of these designations without express authorisation is prohibited.

5. Availability and accuracy

EERP makes reasonable efforts to ensure that the Website is available and functions correctly. However, EERP does not guarantee uninterrupted availability and accepts no liability for damages arising from temporary unavailability, technical errors, or interruptions caused by maintenance, force majeure, or causes beyond its control. EERP makes reasonable efforts to ensure that the information published on the Website is accurate and updated; however, the Company does not warrant the accuracy, completeness or timeliness of the information, and accepts no liability for decisions taken on the basis of the contents of the Website. Research reports are subject to scheduled quarterly updates and unscheduled flash notes following material events.

6. Third-party links

The Website may contain links to third-party websites operated by entities other than EERP. EERP does not control the contents of such third-party websites and accepts no liability for their availability, accuracy, lawfulness or any damages arising from their use.

7. Data protection

The processing of personal data collected through the Website is governed by EERP's Privacy Policy and the Cookie Policy, in compliance with Regulation (EU) 2016/679 (GDPR) and Organic Law 3/2018 on Data Protection (LOPDGDD). Users may exercise their GDPR rights as described in the Privacy Policy. The designated contact for data protection matters and for the exercise of GDPR rights is the Sole Administrator, reachable at dpo@europeanequityresearch.com.

8. Modifications

EERP reserves the right to modify this Legal Notice at any time to adapt it to legal, jurisprudential, organisational or sectoral changes. Material modifications will be communicated through the Website. The current version is always available on the Website.

9. Governing law and jurisdiction

This Legal Notice is governed by Spanish law, and in particular by Regulation (EU) 596/2014 on market abuse (MAR), Delegated Regulation (EU) 2016/958 on the objective presentation of investment recommendations, Law 34/2002 on Information Society Services and Electronic Commerce (LSSI-CE), Regulation (EU) 2016/679 (GDPR) and Organic Law 3/2018 on Data Protection (LOPDGDD). Any dispute arising from the access to or use of the Website shall be submitted to the Courts and Tribunals of Valencia (Spain), with express waiver of any other jurisdiction that may correspond to the parties, unless otherwise provided by mandatory legal provisions.

10. Contact

Queries about this Legal Notice may be addressed to info@europeanequityresearch.com or to the registered office indicated above.