Morning Note Investment Research Document Type | Morning Note Title | GVC Gaesco (18-09-2026) Dear Adrián Perez Please find below the link to our latest research on Morning Note Open full report 18/09/2026 (8 Pages) The entire content of this message is reserved only to the original recipient; its forwarding or sharing is not allowed. The link, in any case, allows a limited number of accesses before expiring. If the link expires, you can view and download the report in the ESN research portal with your credentials. If you do not have the credentials, please contact your reference sales to get them. PLEASE NOTE THAT ALL OUR RESEARCH IS AVAILABLE ON BLOOMBERG, FUNCTION RESP ESNR LES RECORDAMOS QUE TODOS NUESTROS INFORMES ESTÁN DISPONIBLES EN LA FUNCIÓN RESP ESNR de BLOOMBERG Research Department/Dpto.

De Análisis Tel.: +34 914 367 813 The information and opinions contained in this document have been compiled by GVC Gaesco Valores S.V.S.A.U.,from sources believed to be reliable. The opinions expressed in this document are exclusive to the Research Department or the person who elaborated the document. This document is not intended to be an offer, or a solicitation to buy or sell relevant securities. GVC Gaesco Valores S.V.S.A.U.,will not take any responsibility whatsoever for losses which may derive from use of the present document or its contents, GVC Gaesco Valores S.V.S.A.U.,can occasionally have positions in some of the securities mentioned in this report, through its trading portfolio or negotiation. Additionally, there can exist a commercial relation between GVC Gaesco Valores S.V.S.A.U. and the mentioned companies. To know more about GVC Gaesco Valores S.V.S.A.U.,regarding Market Abuse or Conflicts of Interest please refer to www.gvcgaesco.es or our offices.

Toda la información contenida en este informe ha sido recopilada y elaborada de buena fe por GVC Gaesco Valores S.V.S.A.U.,de fuentes que consideramos fiables. Las opiniones expresadas en el mismo son exclusivas de nuestro departamento de análisis o de la persona que las elabora. Este documento no constituye una invitación a comprar o vender títulos. GVC Gaesco Valores S.V.S.A.U., no acepta ninguna responsabilidad del uso de este informe. GVC Gaesco Valores S.V.S.A.U.,puede tener puntualmente ciertas posiciones en algunos de los valores mencionados en este informe, a través de su cartera de trading o negociación. Adicionalmente puede existir alguna relación de tipo comercial entre GVC Gaesco Valores S.V.S.A.U..,y dichas sociedades. Para toda la información sobre Abuso de Mercado o Conflictos de Interés consultar www.gvcgaesco.es o en nuestras oficinas. Unsubscribe