This analysis was carried out by TEC and distributed by BOURSORAMA on 04/13/2026 at 07:55:00.
Operating solely as a distribution channel, BOURSORAMA did not participate in any way in its preparation nor exercise any discretionary power in its selection. The information contained in this analysis has been transcribed “as is” without any declaration or warranty of any kind. The opinions or estimates expressed therein are those of the authors and do not necessarily reflect BOURSORAMA’s point of view. Subject to applicable laws, neither the information contained, nor the analyses expressed therein, can engage BOURSORAMA’s liability. The content of the analysis provided by BOURSORAMA is for informational purposes only and is not contractual. It is simply a tool for decision-making, for which the user retains absolute control.
BOURSORAMA is a French credit institution approved by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) and the Autorité des Marchés Financiers (“AMF”) as an Investment Services Provider and under the prudential supervision of the European Central Bank (“ECB”).
In accordance with current regulations, BOURSORAMA establishes and maintains an operational conflict of interest management policy and implements administrative and organizational measures to prevent, identify, and manage situations of conflicts of interest regarding investment recommendations. These rules include provisions relating to personal financial transactions to ensure that BOURSORAMA’s employees are not in a conflict of interest situation when Boursorama disseminates investment recommendations.
The reader is informed that BOURSORAMA has no conflict of interest that could affect the objectivity of the disseminated analyses. As such, the reader is informed that there is no direct link between the analyses disseminated and the variable remuneration of BOURSORAMA’s employees. Similarly, there are no financial or ownership links between BOURSORAMA and the issuers concerned, other than contractual commitments that may govern the provision of the dissemination service.
It is reminded that entities of the Société Générale group, to which BOURSORAMA belongs, may engage in transactions on the financial instruments mentioned in this analysis, hold stakes in companies issuing these financial instruments, act as market makers, advisors, brokers, or bankers of these instruments, or be represented on the board of these companies. These circumstances cannot in any way affect the objectivity of the analyses disseminated by BOURSORAMA.



