Important information
This report is distributed pursuant to a Cooperation Agreement between SB1
Markets and Swedbank for the production and distribution of research on
certain European Markets (the “Research”) to clients of Swedbank
(the “Recipients”).
This report belongs to and has been prepared solely by SB1 Markets. It is
NOT a product of Swedbank and Swedbank does not make any representation with
respect to its completeness or accuracy. Accordingly, SB1 Markets has sole
control over the content of this report and Swedbank does not exercise any
control over the contents of, or views and opinions expressed in, this
report. Swedbank does not have any access to the report before it is
published.
This report has been distributed to the Recipients by SB1 Markets (as the
case may be), subject to the distribution and regional notices contained in
the report.
The investments referred to in this publication may not be suitable for all
Recipients. Recipients are urged to base their investment decisions upon
their own appropriate investigations that they deem necessary. Any loss or
other consequence arising from the use of the material contained in this
publication shall be the sole and exclusive responsibility of the investor
and neither SB1 Markets nor Swedbank accepts liability for any such loss or
consequence. In the event of any doubt about any investment, Recipients
should contact their own investment, legal and/or tax advisers to seek
advice regarding the appropriateness of investing. Some of the investments
mentioned in this publication may not be readily liquid investments.
Consequently, it may be difficult to sell or realize such investments. The
past is not necessarily a guide to future performance of an investment. The
value of investments and the income derived from them may fall as well as
rise and investors may not get back the amount invested. Some investments
discussed in this publication may have a high level of volatility. High
volatility investments may experience sudden and large falls in their value
which may cause losses. International investing includes risks related to
political and economic uncertainties of foreign countries, as well as
currency risk.
Subject to applicable law, no responsibility or liability is accepted for
any direct, indirect, or consequential loss, damage, cost, or prejudice that
may result from the use of this report or its content.
Legal and disclosure information
The investment recommendation(s) referred to in this report was (were) first
disseminated on 08.10.2025 08:11 (CET) by Swedbank AB (publ)(hereinafter
referred to Swedbank). Swedbank is under the supervision of the Swedish
Financial Supervisory Authority (Finansinspektionen).
In no instance is this report altered by the distributor before
distribution.
In Finland this report is distributed by Swedbank's branch in Helsinki,
which is under the supervision of the Finnish Financial Supervisory
Authority (Finanssivalvonta).
In Norway this report is distributed by Swedbank's branch in Oslo, which is
under the supervision of the Financial Supervisory Authority of Norway
(Finanstilsynet).
In Estonia this report is distributed by Swedbank AS, which is under the
supervision of the Estonian Financial Supervisory Authority
(Finantsinspektsioon).
In Lithuania this report is distributed by "Swedbank" AB, which is under the
supervision of the Central bank of the Republic of Lithuania
(Lietuvosbankas).
In Latvia this report is distributed by Swedbank AS, which is under the
supervision of The Financial and Capital Market Commission (Finanšu un
kapitalatirguskomisija).
In the United Kingdom this communication is for distribution only to and
directed only at "relevant persons". This communication must not be acted on
- or relied on - by persons who are not "relevant persons". Any investment
or investment activity to which this document relates is available only to
"relevant persons" and will be engaged in only with "relevant persons".
By "relevant persons" we mean persons who:
-
Have professional experience in matters relating to investments falling
within Article 19(5) of the Financial Promotions Order.
- Are persons falling within Article 49(2)(a) to (d) of the Financial
Promotion Order (“high net worth companies, unincorporated
associations etc.”).
- Are persons to whom an invitation or inducement to engage in investment
activity (within the meaning of section 21 of the Financial Services and
Markets Act 2000) - in connection with the issue or sale of any securities
- may otherwise lawfully be communicated or caused to be communicated.
Company-specific disclosures & potential conflicts of interest
In Swedbank there are internal written guidelines implemented in order to
identify, document and manage potential conflicts of interest that could
arise within Swedbank.
These guidelines include rules regarding, but not limited to: information
barriers, contacts with the research department within SB1 Markets;
participation in investment banking activities and supervision and review of
disseminated research reports.
