This analysis was conducted by TEC and distributed by BOURSORAMA on 25/05/2026 at 08:03:00.
Acting exclusively as a distribution channel, BOURSORAMA did not participate in any way in its preparation nor exercised any discretionary power in its selection. The information contained in this analysis has been transcribed “as is”, without any declaration or guarantee of any kind. The opinions or estimates expressed therein are those of its authors and do not necessarily reflect the views of BOURSORAMA. Subject to applicable laws, neither the information contained nor the analyses expressed therein can engage the responsibility of BOURSORAMA. The content of the analysis provided by BOURSORAMA is for information purposes only and is not contractual. It is merely a tool for decision-making, for which the user retains full control.
BOURSORAMA is a French credit institution approved by the Prudential Supervisory and Resolution Authority (ACPR) and by the Financial Markets Authority (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 policy for managing conflicts of interest and implements administrative and organizational measures to prevent, identify, and manage conflicts of interest situations regarding the investment recommendations disseminated. These rules include provisions relating to personal financial transactions to ensure that BOURSORAMA employees are not in a conflict of interest situation when Boursorama disseminates investment recommendations.
The reader is informed that BOURSORAMA has no conflicts of interest that could affect the objectivity of the analyses disseminated. As such, the reader is informed that there is no direct link between the disseminated analyses and the variable remuneration of BOURSORAMA employees. Similarly, there are no financial or capital links between BOURSORAMA and the issuers concerned, apart from contractual commitments governing the provision of the distribution service.
It is recalled that entities of the Société Générale group, to which BOURSORAMA belongs, may engage in transactions in the financial instruments mentioned in this analysis, hold stakes in companies issuing these financial instruments, act as market makers, advisors, brokers, or bankers for 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.





/2026/05/25/6a13f5f0ef1fd727066626.jpg)
