Last updated: 30 September 2026

1. About These Terms

These Terms of Service ("Terms") govern your access to and use of the websites, online store, research content, digital products and subscription services provided by Hypothesis Research Limited ("Hypothesis Research", "HRL", "we", "us" or "our").

Hypothesis Research Limited is registered in England and Wales under company number 09949356.

Registered office:
124 City Road
London EC1V 2NX
United Kingdom

Email: ma@hypothesisresearch.co.uk

Hypothesis Research Limited is authorised and regulated by the Financial Conduct Authority ("FCA").

By accessing our website, creating an account, purchasing a research report, purchasing a subscription or otherwise using our services, you agree to these Terms.

If you do not agree to these Terms, you should not use our website or purchase our digital products or subscriptions.

These Terms should be read together with our Privacy Policy, Refund and Cancellation Policy, applicable research disclaimers and any additional terms displayed in connection with a particular product or subscription.

2. Our Services

Hypothesis Research provides independent investment research, market research, company research, industry research and analytical content.

Our website may provide:

• free research and market commentary;

• paid downloadable research reports;

• company and industry research;

• thematic research;

• market research;

• research insights and analytical content;

• monthly or other recurring subscriptions providing access to research content available on our website; and

• other digital research products that we may introduce from time to time.

Our products and services are supplied electronically. Unless expressly stated otherwise, no physical product will be delivered.

Availability of particular reports, subscriptions or other services may change from time to time.

3. Investment Research – Important Information

The research and information made available through our website, digital products and subscriptions are provided for information and research purposes.

Unless expressly stated otherwise, nothing provided through our website or purchased through our online store constitutes personalised investment advice.

Hypothesis Research does not take into account your individual investment objectives, financial circumstances, knowledge, experience, tax position, investment horizon or particular needs when providing generally available research products.

Research should not be construed as a personal recommendation or as a solicitation or inducement by Hypothesis Research to buy, sell, hold, subscribe for or underwrite any security or financial instrument.

You are responsible for making your own investment decisions.

If you are uncertain about an investment or the meaning or suitability of information contained in our research, you should consider obtaining appropriate independent financial, legal, tax or other professional advice.

4. Investment Risk

Investing involves risk.

The value of investments and any income generated by them may fall as well as rise, and investors may lose some or all of the amount invested.

Past performance is not a reliable indicator of future performance.

Foreign-exchange movements may adversely affect the value, price or income of investments denominated in currencies different from your own.

Some investments may be illiquid, volatile or difficult to value or sell.

Research may include forecasts, estimates, target prices, valuations, scenarios, assumptions and forward-looking statements. Such information is inherently uncertain and actual results may differ materially from forecasts, estimates or expectations.

Nothing contained in our research constitutes a guarantee of investment performance or investment returns.

5. Research Recommendations and Disclosures

Individual research reports may contain additional regulatory disclosures, analyst certifications, conflicts-of-interest disclosures, risk warnings, definitions of investment ratings and other information relevant to the particular publication.

Those disclosures form part of the research publication and should be read carefully.

Where there is a specific disclaimer or disclosure contained within a research report, that disclaimer or disclosure applies to the report in addition to these Terms.

Opinions and recommendations represent the views of Hypothesis Research and/or the relevant analyst as at the date stated in the publication and may change after publication.

Unless expressly stated otherwise, purchasing a report does not entitle you to receive an updated version of that report.

6. Eligibility and Jurisdiction

You may use our services only where doing so is lawful in the jurisdiction in which you are located.

Our research and services are not intended for distribution or use in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or would subject Hypothesis Research to additional registration or regulatory requirements that have not been satisfied.

You are responsible for ensuring that your access to and use of our research complies with laws and regulations applicable to you.

Certain research may be restricted to particular categories of investors or users. Where we identify a product as being available only to professional clients, sophisticated investors, eligible counterparties or another specified category, you must satisfy the relevant eligibility requirements before accessing that product.

We may refuse, restrict or terminate access where we reasonably believe that providing a product or service to a particular person or jurisdiction would breach applicable law, regulation or our regulatory obligations.

7. Accounts

Some products or subscription services may require you to create an account.

You agree to provide information that is accurate and reasonably complete and to keep relevant account information up to date.

You are responsible for maintaining the confidentiality and security of your account credentials.

You must not:

• share your account credentials with another person;

• allow another person to use an individual subscription;

• attempt to gain unauthorised access to another user's account;

• circumvent access controls or technical restrictions; or

• use automated means to extract content from our website except where expressly permitted by us.

You should notify us promptly if you believe your account has been accessed or used without authorisation.

We may suspend access where we reasonably believe that an account has been compromised, shared contrary to these Terms or used in breach of these Terms.

8. Orders for Digital Research Reports

Research reports offered through our online store are digital products.

By placing an order, you are making an offer to purchase the relevant product at the price displayed at checkout.

An order is accepted when we confirm acceptance of the order or make the purchased digital content available to you, whichever occurs first.

We reserve the right to reject or cancel an order where reasonably necessary, including where:

• a product has been incorrectly priced;

• there has been an obvious technical error;

• payment has not been authorised;

• we reasonably suspect fraud or unauthorised payment;

• providing the product would breach applicable law or regulation; or

• you do not satisfy eligibility restrictions applicable to the product.

If we cancel an order after payment has been received and you have not received the relevant digital product, we will refund the applicable payment.

9. Prices and Payment

Prices are displayed on the relevant product or subscription page and confirmed at checkout.

Prices may be changed at any time, but a price change will not normally affect an individual report already purchased.

Applicable taxes, including VAT where relevant, will be displayed or calculated in accordance with applicable law.

Payments may be processed by Shopify, Shopify Payments and/or other third-party payment providers.

By submitting payment information, you confirm that you are authorised to use the relevant payment method.

We do not guarantee that every payment method will be available to every customer or in every jurisdiction.

10. Digital Delivery

Purchased research reports will normally be supplied electronically, for example through:

• an electronic download;

• a secure download link;

• your customer account; or

• another electronic delivery method stated at the time of purchase.

You are responsible for ensuring that you have suitable equipment, software and internet access to receive and read the relevant digital content.

If you experience a technical problem accessing a purchased report, please contact us at ma@hypothesisresearch.co.uk.

11. Immediate Supply of Digital Content

Where you are a consumer and purchase digital content for immediate delivery, we may ask you to expressly consent to the supply of the digital content beginning immediately and to acknowledge that you will lose your statutory 14-day cancellation right once supply begins.

Where you provide that consent and acknowledgement and we begin supplying the digital content, your right to cancel because you have simply changed your mind may be lost.

Your statutory rights in relation to faulty or non-conforming digital content are not affected.

Please see our Refund and Cancellation Policy for further information.

12. Research Subscriptions

We may offer monthly or other recurring subscriptions providing access to research content available on hypothesisresearch.com.

The price, billing frequency, content and other material features of the subscription will be displayed before purchase.

A subscription may provide access to some or all research content within the subscription category during the applicable subscription period.

Unless expressly stated otherwise, purchasing a subscription does not transfer ownership of the research content to you.

13. Automatic Renewal

Where a subscription is described as automatically renewing, it will continue to renew at the stated billing interval until cancelled.

By purchasing an automatically renewing subscription, you authorise us and our payment provider to charge the applicable subscription fee using your selected payment method on each renewal date until the subscription is cancelled.

We will provide information about the subscription price and billing frequency before you subscribe.

Any changes to subscription pricing will be communicated as required by applicable law and will not be applied retrospectively to a completed billing period.

14. Cancelling a Subscription

You may cancel your subscription using the cancellation functionality available through your account or website, where available, or by contacting:

ma@hypothesisresearch.co.uk

Unless otherwise stated or required by law, cancellation will normally take effect at the end of your current paid subscription period.

You will ordinarily continue to have access to the applicable subscription content until that period expires, after which your subscription will not renew.

We do not normally provide a pro-rata refund for an already-paid subscription period solely because you decide to cancel during that period.

This does not affect your statutory rights.

Further information is contained in our Refund and Cancellation Policy.

15. Changes to Subscription Content

Research is inherently time-sensitive and our research coverage changes over time.

We may therefore add, update, replace, archive or remove individual reports, companies, sectors, industries, insights or other content available through a subscription.

A subscription provides access to the research library or subscription service described at the time of purchase; it does not guarantee that any particular company, security, sector or report will remain covered indefinitely.

We will not materially reduce the core nature of a paid subscription without taking appropriate steps in accordance with applicable law.

16. Intellectual Property

Unless expressly stated otherwise, all intellectual property rights in:

• research reports;

• articles and insights;

• text;

• financial models;

• data compilations;

• charts and tables;

• graphics;

• methodologies;

• software;

• website content;

• photographs;

• trademarks;

• logos; and

• other materials published or supplied by Hypothesis Research

belong to Hypothesis Research or its applicable licensors.

Purchasing a report or subscription does not transfer copyright or other intellectual property rights to you.

17. Licence to Use Purchased Research

Unless a different licence is expressly stated at the time of purchase, an individual purchase or subscription grants you a limited, non-exclusive, non-transferable, revocable licence for your own personal or internal professional use.

You may download and retain a purchased report for your permitted use.

Unless we have expressly agreed otherwise in writing, you must not:

• reproduce research for commercial distribution;

• redistribute a report or substantial part of it to another person;

• publish our research online;

• upload our research to a public or shared database;

• resell or sublicense research;

• systematically copy or extract our research library;

• share an individual subscription with other users;

• remove copyright, attribution or regulatory notices;

• modify research and represent the modified material as Hypothesis Research research; or

• use our content to create a competing research database or commercial research product.

Corporate, multi-user, redistribution and institutional licences may be available separately.

Please contact us if you require wider usage or redistribution rights.

18. Artificial Intelligence and Automated Extraction

Except where expressly agreed by Hypothesis Research in writing, you may not systematically download, scrape, crawl, harvest or extract our research content using automated tools.

You may not use a subscription or purchased research library to create or populate a competing commercial research service.

Any use of Hypothesis Research content for machine learning, model training, large-scale automated analysis or incorporation into a commercial artificial-intelligence dataset or product requires our prior written permission, except to the extent that such restriction is prohibited by applicable law.

19. Copyright

The information contained on our website and in our research products, including text, data, charts, tables, graphics, photographs and other materials, is protected by copyright and other intellectual property laws.

All rights are reserved.

Certain content may be made available free of charge. Unless otherwise stated, free availability does not waive our copyright or permit commercial redistribution.

Where Hypothesis Research content is lawfully quoted or referenced, appropriate attribution should be given where required.

20. Trademarks

The names, trademarks and logos displayed on our website may be registered or unregistered trademarks belonging to Hypothesis Research or third parties.

Nothing in these Terms grants you a licence to use any trademark, trade name or logo.

The Hypothesis Research name or branding may not be used in advertising, publicity, endorsement or redistribution of content without our prior written permission.

21. Accuracy and Availability of Research

Our research is based on information and sources that we believe to be reliable at the time of publication.

However, financial, corporate, economic and market information changes rapidly.

To the extent permitted by applicable law and regulation, we do not warrant or guarantee that research or website information is:

• complete;

• error-free;

• continuously current; or

• suitable for any particular investment purpose.

Research represents information, analysis and opinions available at the relevant publication date.

We may correct, update, withdraw or replace research where appropriate.

The fact that subsequent events, market prices, company results or economic developments differ from a forecast, valuation, target price, estimate or opinion contained in a report does not, by itself, mean that the research was defective when supplied.

Nothing in this section excludes statutory rights that cannot legally be excluded.

22. Website Availability

We aim to make our website and subscription services reasonably available but do not guarantee uninterrupted or error-free access.

Access may occasionally be interrupted for:

• maintenance;

• upgrades;

• security reasons;

• technical failures;

• circumstances outside our reasonable control; or

• legal or regulatory reasons.

We may modify, suspend or discontinue parts of the website or service where reasonably necessary.

23. Third-Party Information and Links

Our website and research may contain information derived from third-party sources or links to third-party websites.

A link to an external website does not constitute an endorsement by Hypothesis Research.

We do not control third-party websites and are not responsible for their availability, security, privacy practices or content.

You access third-party websites at your own risk and should review their applicable terms and privacy policies.

24. Privacy and Cookies

Our collection and use of personal information are governed by our Privacy Policy.

Our use of cookies and similar technologies is described in our applicable privacy and cookie information and through the privacy controls made available on our website.

By creating an account, purchasing a product or using our services, you acknowledge that personal information will be processed as necessary to provide those services and as otherwise described in our Privacy Policy.

25. Limitation of Liability

Nothing in these Terms excludes or limits liability where doing so would be unlawful, including liability that cannot legally be excluded or restricted under applicable consumer-protection legislation.

Subject to the above and to the fullest extent permitted by law, Hypothesis Research shall not be liable for investment losses arising merely because an investment performs differently from a forecast, valuation, target price, recommendation, estimate or opinion contained in research.

Research is provided for information purposes and does not constitute a guarantee of investment results.

Where you are acting in the course of a business, trade or profession, to the fullest extent permitted by law we will not be liable for indirect or consequential losses, loss of profit, loss of business, loss of opportunity or loss arising from reliance upon our research except where such liability cannot legally be excluded.

Nothing in these Terms affects any statutory rights available to consumers that cannot lawfully be excluded or limited.

26. Suspension and Termination

We may suspend or terminate access to an account or subscription where we reasonably believe that:

• you have materially breached these Terms;

• an individual account is being shared with unauthorised users;

• our research is being unlawfully copied or redistributed;

• fraudulent or unauthorised payment activity has occurred;

• your use creates a material security risk;

• continued provision would breach applicable law or regulation; or

• suspension is otherwise reasonably necessary to protect our rights, users or systems.

Where appropriate and reasonably practicable, we may give you an opportunity to remedy a breach before terminating paid access.

Termination does not affect rights or obligations that arose before termination.

27. Refunds and Cancellation

Refunds, consumer cancellation rights, faulty digital content, duplicate payments and subscription cancellations are governed by our Refund and Cancellation Policy and applicable law.

Nothing in these Terms or our Refund and Cancellation Policy excludes or restricts statutory consumer rights that cannot lawfully be excluded.

28. Changes to These Terms

We may update these Terms from time to time to reflect changes to our services, products, technology, legal or regulatory requirements or business practices.

The current version will be published on our website with the date of the latest revision.

Changes will not retrospectively remove rights already acquired in relation to a completed purchase.

Where changes materially affect an ongoing paid subscription, we will provide notice where required by applicable law.

29. Severability

If any provision of these Terms is found by a court or competent authority to be invalid, unlawful or unenforceable, that provision will be treated as modified to the minimum extent necessary or, where appropriate, removed.

The remaining provisions will continue in effect.

30. No Waiver

If we do not immediately enforce a right or remedy under these Terms, this does not mean that we have waived that right or remedy.

31. Governing Law and Jurisdiction

These Terms and any non-contractual obligations arising from or connected with them are governed by the laws of England and Wales.

If you are a consumer, you may also benefit from mandatory protections available under the laws applicable to you that cannot legally be excluded.

Nothing in these Terms deprives a consumer of mandatory rights concerning where proceedings may be brought.

For business customers, the courts of England and Wales shall have exclusive jurisdiction in relation to disputes arising from or connected with these Terms, unless otherwise agreed in writing.

32. Contact

Questions concerning these Terms, purchases, subscriptions or access to Hypothesis Research content should be sent to:

Hypothesis Research Limited
124 City Road
London EC1V 2NX
United Kingdom

Email: ma@hypothesisresearch.co.uk

Company number: 09949356

Hypothesis Research Limited is authorised and regulated by the Financial Conduct Authority.