Evolution-Choppy but on track for a stronger H2-07/18/2026

Research evidence excerpt

Evolution-Choppy but on track for a stronger H2-07/18/2026

a lot of different factors such

or report has been prepared by Pareto Securities Research as general information for private as the operational and financial conditions of the relevant company, growth prospects, change

use of investors to whom the publication or report has been distributed, but it is not intended in interest rates, the economic and political environment, foreign exchange rates, shifts in

as a personal recommendation of particular financial instruments or strategies and thus it does market sentiments etc. Where an investment or security is denominated in a different currency

not provide individually tailored investment advice, and does not take into account the individual to the investor’s currency of reference, changes in rates of exchange may have an adverse

investor’s particular financial situation, existing holdings or liabilities, investment knowledge and effect on the value, price or income of or from that investment to the investor. Past performance

experience, investment objective and horizon or risk profile and preferences. The investor must is not a guide to future performance. Estimates of future performance are based on assumptions

particularly ensure the suitability of an investment as regards his/her financial and fiscal situation that may not be realized. When investing in individual shares, the investor may lose all or part

and investment objectives. The investor bears the risk of losses in connection with an of the investments.

investment.

Conflicts of interest

Before acting on any information in this publication or report, we recommend consulting your Companies in the Pareto Securities Group, affiliates or staff of companies in the Pareto

financial advisor.