BRUNELLO CUCINELLI (=) : 1H26 Preview: Quiet power

Research evidence excerpt

BRUNELLO CUCINELLI (=) : 1H26 Preview: Quiet power

rmation

available on non-U.S. securities. Non-U.S. companies are generally not subject to uniform audit and reporting standards, practices, and requirements

comparable to those in the U.S. The securities of some non-U.S. companies may be less liquid and their prices more volatile than securities of

comparable U.S. companies. In addition, exchange rate movements may have an adverse effect on the value of an investment in a non-U.S. stock and

its corresponding dividend payment for U.S. investors. If a financial instrument is denominated in a currency other than the investor's home currency,

a change in exchange rates may adversely affect the price of, value of, or income derived from the financial instrument described in this report. In

addition, investors in securities such as ADRs, whose values are affected by the currency of the underlying security, effectively assume currency risk.

As an investment bank with a wide range of activities, BNPP may face conflicts of interest, which are managed under applicable legal provisions and

internal policies and guidelines. You should be aware that BNPP may engage in transactions in a manner inconsistent with the views expressed in this

document, either for its own account or for the account of its clients.

Other businesses within BNPP may have issued other publications that may or may not be consistent with the views expressed in this report.

In the normal course of its business, BNPP as well as its directors, officers and affiliates may have financial or other interests in securities issued by

the subject company/ies or the subject company itself that may include ownership of such securities (including derivatives in respect of such securities