Legal

Terms and Conditions of Use

These Terms and Conditions of Use (the "Terms") regulate access to, navigation on, and use of the corporate website of European Equity Research Partners, S.L. (hereinafter "EERP" or the "Company"), accessible at www.europeanequityresearch.com. Access to the website implies the express, full and unreserved acceptance of these Terms, as well as of the Legal Notice, the Privacy Policy and the Cookie Policy of EERP, in their current versions. Users who do not accept these Terms must refrain from using the website.

1. Website owner

This website is owned by European Equity Research Partners, S.L., a Spanish company with Tax ID number B88666292 and registered office at Plaza General Santes, 4, bajo 2, 46160 Llíria (Valencia), Spain, registered at the Mercantile Registry of Valencia, Hoja V-235644 (1st inscription, 10 June 2026). Additional contact information is available in the Legal Notice of the website.

2. Purpose of the website

The EERP website serves the following purposes:

  • (a) Inform professional audiences about EERP's activity, organisation, team and services as an independent equity research firm.
  • (b) Publish and distribute research pieces (issuer-sponsored research and, where applicable, non-sponsored research) prepared by EERP, in accordance with Delegated Regulation (EU) 2016/958 and the EU Code of Conduct for issuer-sponsored research.
  • (c) Make publicly available the documents of EERP's internal compliance framework (Code of Conduct, Conflicts of Interest Policy, Disclaimers, historical distribution of recommendations).
  • (d) Enable subscription to research updates and alerts related to EERP's activity.
  • (e) Address professional enquiries related to the Company's activity.

3. Access and use of the website

The EERP website is intended exclusively for professionals in the financial sector, institutional investors, analysts, listed issuers, investment firms, exchanges, specialised journalists, academics and researchers. The content published is not directed at the general public nor at retail non-professional investors. The distribution, reproduction or use of the content of the website in jurisdictions other than the European Union may be subject to specific legal or regulatory restrictions, which it is the user's responsibility to verify and respect.

(a) United States. The research and content published on this website do not constitute an offer or solicitation to buy or sell securities in the United States. EERP is not registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the content published has not been registered under the U.S. Securities Act of 1933. US persons within the meaning of Regulation S of the U.S. Securities Act should consult their local financial, legal and tax advisors before taking any investment decision based on the content of this website.

(b) United Kingdom. The content of this website has not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000 (FSMA). EERP is not authorised or regulated by the Financial Conduct Authority (FCA). The content is not directed at persons in the United Kingdom and should not be acted upon by any person in the United Kingdom.

(c) Hong Kong and Australia. The content of this website is not directed at, and should not be relied upon by, persons in Hong Kong or Australia. EERP is not licensed by the Securities and Futures Commission of Hong Kong nor by the Australian Securities and Investments Commission (ASIC).

(d) Switzerland, United Arab Emirates, Saudi Arabia, Kazakhstan and other jurisdictions. Where EERP research is distributed in these jurisdictions outside the European Union, such distribution is intended exclusively for qualified or professional investors as defined under the applicable local regulatory framework. Users in these jurisdictions are responsible for verifying compliance with local laws and regulations before acting on the content of this website.

(e) General. EERP services and research are not offered to, or directed at, clients resident in any jurisdiction where such offering or distribution would be contrary to local law or regulation. Persons who access this website from jurisdictions outside the European Union do so on their own initiative and are responsible for compliance with applicable local laws.

The content of the EERP website — including research reports, financial models, methodologies, corporate information and compliance documentation — is freely accessible without registration or login. EERP operates under a public infrastructure principle: every report, model and rating reaches the entire market on publication day, without paywalls or selective distribution. Users who wish to receive proactive email notifications about new publications may subscribe to EERP's newsletter by providing their email address and basic professional information. Newsletter subscription is voluntary, free of charge, and does not condition access to any content on the website. Users may unsubscribe at any time through the link included in each email or by writing to info@europeanequityresearch.com.

4. Permitted and prohibited use

Users may use the content of the website exclusively for the following purposes:

  • (a) Personal consultation for professional informational purposes.
  • (b) Citation of the content for academic, journalistic or research purposes, expressly indicating the authorship of EERP and of the analyst author, and respecting the integrity of the content cited.
  • (c) Internal distribution within the user's professional organisation, respecting the disclaimers and the integrity of the content.

The following uses of the website and its content are expressly prohibited:

  • (a) Total or partial reproduction, public distribution, modification, transformation or commercial exploitation of the content without express written authorisation from EERP.
  • (b) Use of the content for purposes other than those authorised in section 4.1.
  • (c) Use of the content to create derivative works or competing products without authorisation.
  • (d) Unauthorised automated activities (use of robots, crawlers, scrapers or analogous tools that access the content massively), except those carried out by general search engines for indexing purposes.
  • (e) Access or attempted access without authorisation to systems, contents or restricted areas of the website.
  • (f) Introduction into the website of viruses, malware or any technical element that may damage the system or content.
  • (g) Impersonation of any person or entity, or misrepresentation of professional affiliation.
  • (h) Any other conduct contrary to applicable regulations, these Terms, or good faith.

5. Intellectual and industrial property

The content published on the website (texts, graphics, analytical models, methodologies, trademarks, logos, designs, source code, photographs) is the intellectual and industrial property of EERP or, where applicable, of authorised third parties, and is protected by Spanish and international intellectual and industrial property legislation. The corporate name "European Equity Research Partners, S.L." and, where applicable, the trademarks, logos and distinctive signs used by EERP are the property of the Company. Their unauthorised use may constitute an infringement of applicable legislation. Access to the website does not grant the user any property right over the content. Citation of the content for academic, journalistic or research purposes is permitted within the terms provided by intellectual property legislation, expressly indicating the authorship of EERP and of the analyst author.

6. Nature of the content published

The content published on the website is for professional informational purposes only. It does not constitute personalised investment advice, a personalised recommendation, an offer or a solicitation to buy or sell financial instruments, under the regime of Delegated Regulation (EU) 2016/958. Investment decisions based on the content published are the exclusive responsibility of the user. The content published does not constitute tax, legal or regulatory advice. The opinions, valuations, target prices and recommendations expressed in research pieces reflect the analytical judgement of the analyst authors as of the date of each piece and may change without prior notice. Past performance does not guarantee future returns. Investments in listed securities involve risk, including the risk of total or partial loss of the capital invested. Detailed information on contractual relationships with covered issuers, conflicts of interest and other mandatory disclosures is available in the specific disclaimer of each research piece and in the Legal Notice of the website.

7. Electronic communications and newsletter

EERP may send users, with prior express consent or in accordance with the legal bases set out in the Privacy Policy: (a) alerts about new research publications related to the interests expressed by the user; and (b) a periodic corporate newsletter with information on EERP's activity. Users may withdraw their consent or exercise their right to object to commercial communications at any time, through the specific link included in each communication or by writing to info@europeanequityresearch.com. EERP complies with the requirements of Article 21 of Law 34/2002 (LSSI).

8. Use by minors

The website and its content are directed exclusively at professional users in the financial sector. EERP does not direct its services to, and does not knowingly accept use of the website by, persons under 14 years of age. Where EERP becomes aware that a minor has accessed the website or provided personal data without the consent of parents or legal guardians, such data will be deleted as soon as possible in accordance with the Privacy Policy.

9. Availability and limitation of liability

EERP will endeavour to maintain the website available and operational on a continuous basis, but does not guarantee uninterrupted availability nor the absence of technical errors. EERP reserves the right to suspend, modify or withdraw the website or any of its contents, temporarily or permanently, without prior notice. EERP does not assume liability for damages or losses arising directly or indirectly from the use of the website or its content, except in cases of wilful misconduct or gross negligence. In particular, EERP does not assume liability for: (a) service interruptions, technical errors or temporary unavailability; (b) investment decisions based on the content published; (c) content of third-party websites linked from EERP's website; and (d) use of the content in breach of these Terms.

10. Links to third-party websites

The EERP website may contain links to third-party websites (covered issuers, investment firms, regulatory authorities, information sources). EERP does not control nor assume responsibility for the content of such third-party websites. The inclusion of links does not imply endorsement, recommendation or approval of the linked content.

11. Modification of the Terms

EERP reserves the right to modify these Terms at any time, to adapt them to regulatory, jurisprudential, organisational or sectoral changes. Material modifications will be communicated through the corporate website. Continued use of the website following the publication of modifications implies acceptance of the modified Terms.

12. Termination of access

EERP reserves the right to suspend or terminate, temporarily or permanently, the access of any user to the website, without prior notice nor indemnification, in the following circumstances: (a) breach by the user of these Terms; (b) use of the website contrary to applicable regulations or good faith; (c) detection of fraudulent activity, impersonation or any other conduct that may harm EERP, other users or third parties; and (d) technical, regulatory or other reasons that advise the suspension or termination of access.

13. Applicable law and jurisdiction

These Terms are governed by Spanish law, in particular by Law 34/2002 on Information Society Services and Electronic Commerce (LSSI), by Organic Law 3/2018 on Data Protection, by Regulation (EU) 2016/679 GDPR, by Delegated Regulation (EU) 2016/958 on the objective presentation of investment recommendations, and by other applicable Spanish and European Union regulations. For the resolution of any dispute, the parties submit to the courts and tribunals of the city of Valencia (Spain), with express waiver of any other jurisdiction, without prejudice to the jurisdiction that may correspond to the user under applicable mandatory regulations.

14. Contact

Any query or clarification regarding these Terms may be addressed to info@europeanequityresearch.com or to the postal address of EERP's registered office.