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1/4 Equity Research / 17-09-26

Swiss Week Ahead – 21-09-26 to 25-09-26

Results and Figures Investor Days and Events

Nothing scheduled for next week Monday, 21-09-26 Givaudan Investor Field Trip

2/3 Swiss Week Ahead – 21-09-26 to 25-09-26 Vontobel

Disclaimer & Disclosures – Equity Research Criteria analysis 1. Analyst declaration This Vontobel Report has been produced by the organizational unit responsible for investment research (Swiss Equity Research, buy-side analysis) of Bank Vontobel AG, Gotthardstrasse 43, CH-8022 Zurich, tel. Bank Vontobel AG is subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA). The financial analysts listed on page 1 of the research report confirm that the report gives a complete and precise reflection of their opinion of the analyzed company and that they have neither directly nor indirectly received compensation for their assessment or opinion. The compensation received by them is not directly related to the investment banking volume generated between Vontobel and the analyzed company. The financial analysts own securities in the analyzed companies: None The financial analysts hold no executive functions and have no significant influence in the analyzed companies. The financial analysis was not submitted to the analyzed companies before publication or distribution 2. Disclosure of conflicts of interest As an internationally active company, Vontobel Group is subject to a number of provisions in drawing up and distributing its investment research documents. The maker and distributors of this financial analysis point out the following potential conflicts of interests: The author and its associated companies – will or are attempting to generate investment banking business with the analyzed companies within the next three months, – conduct transactions with securities of the analyzed companies from time to time – have participated in capital market transactions/the issue of securities of the following analyzed companies in the last 12 months: None – have been active as Market Maker in equities of the following analyzed companies in the last 12 months: None – have provided other publicly known investment banking services for the following companies mentioned in this report in the last 12 months: None – have received compensation for products and services outside Investment Banking from the following analyzed companies: None – hold mandatory disclosable (%) of the voting rights of the following analyzed companies: None – have executives who are members of the board of the analyzed companies: None and – have executives who are members of the board of Bank Vontobel AG or affiliated companies: None – have no significant financial interest in the analyzed companies and – have reached no agreement with the analyzed companies regarding this financial analysis. 3. Research rating history The Ratings and/or Rating Outlook of the analyzed companies were last changed as follows: 4. Global rating breakdown VT RESEARCH UNIVERSE VT RESEARCH UNIVERSE SHARE OF BANK VT CLIENTS IN RATING CATEGORY No. As % As % Buy 40 46.5 7.5 Hold 46 53.5 32.6 Reduce 0 0 0 The table above is revised at the beginning of each quarter, i.e., it currently reflects the status as of 07 July 2026. 5. Rating plotter chart The data used for the share price and/or price target chart may have to be adjusted to reflect corporate actions undertaken by the company.

Not Rated: Currently no rating assigned to company due to e.g., review of rating, advising of analyzed company in a capital market transaction or a similar reason.

For company specific disclosures, such as Research rating history or Rating plotter charts, please refer to the most recent company specific information provided by Bank Vontobel under “ and/or contact Bank Vontobel for further information. 6. Methodology/Rating system Bank Vontobel’s financial analysts apply a variety of valuation methodologies (e.g., DCF and EVA modelling, 'sum-of-the-parts', break-up and event-related analysis, peer group and market multiple comparisons) to their own financial projections for the companies they cover. Overall, our investment recommendations take into consideration an…