Disclosures

Last updated: 22 April 2026

About Koben Research

Koben Research is an independent quantitative equity research firm focused on Nordic small and mid-cap equities. All research is produced by David López, founder and sole analyst, based in Bilbao, Spain. David López holds a BSc in Banking and Finance and is completing the ARPM (Advanced Risk and Portfolio Management) Certification. The analytical methodology employed in Koben Research publications is a hybrid framework that combines GJR-GARCH volatility modelling, Meucci's Historical Flexible Probabilities (HFP), and Monte Carlo simulation with a t-Student distribution.

Regulatory Status

Koben Research is not a regulated entity. It is not authorised, registered or supervised by the Comisión Nacional del Mercado de Valores (CNMV) in Spain, nor by any other financial supervisory authority in the European Union or elsewhere. David López is not a licensed financial advisor, broker, dealer or portfolio manager. The publications of Koben Research constitute "investment recommendations" within the meaning of Article 3(1)(35) of Regulation (EU) No 596/2014 (Market Abuse Regulation, "MAR"), and are produced in accordance with the technical standards set out in Commission Delegated Regulation (EU) 2016/958. They do not constitute "investment research" as defined under MiFID II nor "investment advice" within the meaning of Article 4(1)(4) of Directive 2014/65/EU.

Nature of the Content

Koben Research publications present probabilistic frameworks for analysing publicly listed equities. They are intended to inform the reader's own independent analysis and do not constitute personalised investment advice, an offer, a solicitation, or a recommendation to buy, sell, or hold any financial instrument. Readers must conduct their own due diligence and, where appropriate, consult a properly authorised financial advisor before making any investment decision. All investment in financial instruments carries risk, including the risk of total loss of capital invested. Past performance is not indicative of future results. The probabilistic projections published by Koben Research are model outputs based on historical data and stated assumptions, and may differ materially from actual market outcomes.

Methodology

Each published analysis is based on:

Publicly available financial information from the issuer (annual reports, interim reports, regulatory filings, investor presentations).
Market data provided by third-party data vendors, including EODHD and Koyfin.
Sector and macroeconomic information from public sources.

Quantitative outputs are derived from a hybrid GARCH + HFP + Monte Carlo framework. Key model parameters (volatility persistence, degrees of freedom, HFP block size, time horizon) are documented within each publication or in dedicated methodological notes available on request.

Personal Interests and Conflicts of Interest

As of the date of each publication, unless otherwise expressly disclosed in the relevant note:

David López does not hold any long or short position, direct or indirect, in the financial instruments of the issuer covered.
David López has no intention to enter into any position in the covered issuer within the 30 calendar days following publication.
Koben Research has not received any compensation, in cash or in kind, from the issuer covered or any related party.
Koben Research has no commercial, contractual or service relationship with the issuer covered.
David López has no personal or family relationship with directors, executives or major shareholders of the issuer covered.
The remuneration of David López is not linked, directly or indirectly, to any specific investment recommendation or to any investment services transaction.

Where any of the above do not hold for a specific publication, a tailored disclosure will be included at the foot of that publication.

Production and Dissemination

All Koben Research publications include the date of first dissemination. Records of all published recommendations are retained for a minimum of five years in accordance with Article 4(1)(i) of Commission Delegated Regulation (EU) 2016/958. The internal policy governing the production, review and dissemination of recommendations is documented and available to professional counterparties on request.

Distribution

Koben Research publications are distributed via email newsletter and made available on kobenresearch.com. They are intended for an international readership and are written in English. They are not directed at, nor intended for distribution to or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation.

Copyright and Data Protection

All content published by Koben Research is the intellectual property of David López. Reproduction or redistribution requires prior written authorisation, except for short excerpts cited with proper attribution. Personal data of subscribers is processed in accordance with Regulation (EU) 2016/679 (GDPR).

Contact

For any questions concerning these disclosures, the methodology, or to request the internal production policy, please contact: [email protected]