Terms of Service

1. Acceptance of terms

These Terms of Service (the "Terms") are a binding agreement between you and Key Figures ("Key Figures", "we", "us"). They govern your access to and use of the website at keyfigures.com and the financial model generation service offered through it (together, the "Service").

By creating an account, or by using any part of the Service, you agree to these Terms and to our Privacy Policy at keyfigures.com/privacy. If you do not agree, do not use the Service.

2. Accounts, eligibility, and B2B use

The account provisions in this Section apply when account features become available. Until then, the Service is accessible as public marketing information and by scheduled demonstration only.

You must be at least 18 years old, or the age of majority in your jurisdiction, to create an account. The Service is provided exclusively for business, professional, and research use.

By creating an account, you represent and warrant that you are entering into these Terms in the course of a commercial, professional, or research activity within the meaning of §14 of the German Civil Code (Bürgerliches Gesetzbuch, BGB), that you are not acting as a consumer (Verbraucher) within the meaning of §13 BGB, and that consumer-protection provisions, including without limitation the right of withdrawal under §312g BGB, do not apply to your use of the Service. If you cannot make this representation, you may not create an account or use the Service.

You are responsible for providing accurate account information and for keeping your credentials secure. You are responsible for all activity that occurs under your account. Notify us at contact@keyfigures.com promptly if you suspect unauthorised access.

3. Acceptable use and prohibited conduct

You agree to use the Service only for lawful purposes and in accordance with these Terms. You agree not to:

(a) violate any applicable law or regulation;

(b) attempt to reverse engineer, decompile, or otherwise derive the source code of the Service;

(c) interfere with, disrupt, or impose an unreasonable load on the Service or the systems that deliver it, including through automated scraping, denial-of-service techniques, or abuse of rate limits;

(d) probe, scan, or test the vulnerability of the Service without our prior written consent;

(e) infringe the intellectual property, privacy, or other rights of any third party;

(f) use, redistribute, publish, or hold out Outputs of the Service as investment advice (Anlageberatung) or as investment research or financial analysis (Finanzanalyse) within the meaning of the German Securities Trading Act (Wertpapierhandelsgesetz, WpHG) and Directive 2014/65/EU (MiFID II), as a recommendation or investment recommendation within the meaning of Article 3(1)(34) or (35) of Regulation (EU) No 596/2014 (MAR), as a credit rating within the meaning of Regulation (EC) No 1060/2009, or as any other service requiring authorisation under the WpHG, the Kreditwesengesetz (KWG), or any other applicable law, unless (i) you hold all authorisations required under applicable law for the relevant service, and (ii) you clearly identify yourself, and not Key Figures, as the party responsible for the content;

(g) use the Service to build a competing product, or to train, fine-tune, evaluate, or benchmark any machine-learning model on Service Outputs, without our prior written agreement.

4. Description of the Service

Key Figures generates Excel-format financial models on demand. When you request a model for a publicly listed company, our service providers supply the historical financial and market information required to build it. You do not upload filings, documents, or other source materials to Key Figures as part of the standard generation flow. Generated models are stored within your account, and you are responsible for safeguarding any download links we provide to you.

What the Service does. The Service assembles structured financial data, calculations, and ratios derived from third-party source information into a standardised Excel template. Outputs are factual and computational in nature: they reproduce, organise, and arithmetically transform source data.

What the Service does not do. The Service does not produce, and Outputs do not constitute:

(a) investment advice (Anlageberatung) within the meaning of §2(8) No. 10 WpHG or Annex I, Section A(5) of MiFID II;

(b) investment research or financial analysis (Finanzanalyse) within the meaning of §85 WpHG, Article 36 of Commission Delegated Regulation (EU) 2017/565, or Commission Delegated Regulation (EU) 2016/958;

(c) a recommendation or investment recommendation within the meaning of Article 3(1)(34) or (35) of Regulation (EU) No 596/2014 (MAR);

(d) a credit rating within the meaning of Regulation (EC) No 1060/2009;

(e) a fairness opinion, valuation opinion, or underwriting determination; or

(f) any other service requiring authorisation under the WpHG, the KWG, or any other applicable law.

Outputs contain no buy, sell, or hold recommendations, no price targets, no fairness or valuation opinions expressed as professional opinion, and no endorsements of any company, security, strategy, or course of action. Any characterisation of Outputs as any of the foregoing is made by you, on your own responsibility, and not by Key Figures. Section 7 (Disclaimers) applies to all Outputs.

5. Intellectual property and licence to Outputs

As between you and Key Figures, and subject to the rights of third-party data sources described in Section 6, Key Figures grants you a non-exclusive, non-transferable, non-sublicensable, worldwide licence to use Outputs generated for you through the Service for your own internal analytical, research, and decision-making purposes, and for the provision of services to the clients of your organisation in the ordinary course of your business.

This licence is subject to the following restrictions, which apply even where a use would otherwise be permitted by the paragraph above:

(a) you may not redistribute, republish, sell, sublicense, or otherwise make Outputs (or the information contained in them) available to third parties as a standalone product, dataset, or data feed, whether for consideration or free of charge;

(b) you may not hold Outputs out as work product of Key Figures, as an endorsement by Key Figures, or as a regulated financial service of any kind;

(c) you may not use Outputs, or the information contained in them, to train, fine-tune, evaluate, or benchmark any machine-learning model, or to populate any external database; and

(d) any external use of Outputs (including any use that goes beyond the clients of your own organisation) remains subject to the third-party restrictions described in Section 6.

Key Figures retains all rights in the Service itself, including the website, the user interface, the underlying software, the templates, and any methodologies, know-how, or formulae used to produce the Service. Nothing in these Terms transfers ownership of those assets to you. Nothing in these Terms transfers to you any rights in the underlying source information used to produce Outputs; those rights are held by our data providers and are licensed to Key Figures, not to you.

Any feedback you send us about the Service is given on a non-exclusive, perpetual, royalty-free basis that lets us use it to improve the Service without obligation to you.

6. Third-party data sources and redistribution

Information surfaced in Outputs is sourced from third-party service providers under contractual terms between those providers and Key Figures. Your right to use that information is derivative: it extends only as far as the rights that Key Figures has obtained from the relevant provider, and no further.

You acknowledge and agree that:

(a) you obtain no direct licence from, and no direct contractual relationship with, any third-party data provider through your use of the Service;

(b) you may not redistribute, republish, sell, sublicense, or otherwise make available to any third party any information sourced from our data providers, whether alone or as part of a derived dataset, except to the limited extent expressly permitted by the licence in Section 5;

(c) you may not combine information surfaced in Outputs with other data in a way that creates a product, dataset, or data feed that competes with our data providers or with the Service itself;

(d) you will comply with any additional, specific use restrictions that Key Figures notifies to you in writing, which may be updated from time to time to reflect changes in our upstream agreements; and

(e) you are solely responsible for verifying, before any use that goes beyond internal analysis, that the use is permitted under both these Terms and any restrictions described in (d).

Our service providers are engaged by us on our own behalf to deliver the Service. You do not engage them directly through use of the Service, and these Terms do not create rights in their favour against you except to the extent required by our agreements with them.

If your use case requires redistribution rights beyond those granted here (for example, publication of Outputs or of specific third-party-sourced fields to external investors, to clients outside your organisation, or to the public), please contact contact@keyfigures.com before relying on Outputs for that purpose. Where necessary, we will seek the additional rights from our data providers or notify you that the intended use is not permitted.

7. Disclaimers and no investment advice

The Service is provided "as is" and "as available" without warranty of any kind. To the fullest extent permitted by law, Key Figures disclaims all warranties, express or implied, including the implied warranties of merchantability, fitness for a particular purpose, and non-infringement.

The Service, and all outputs generated through it, including financial models, projections, summaries, ratios, charts, commentary, and any other content produced in Excel or any other format (collectively, "Outputs"), are provided for informational, analytical, and educational purposes only. Outputs do not constitute, and you must not rely on them as:

(a) investment advice, or a recommendation, solicitation, or offer to buy, sell, or hold any security, derivative, digital asset, or other financial instrument;

(b) legal, tax, accounting, regulatory, or other professional advice;

(c) a fairness opinion, valuation opinion, credit rating, underwriting determination, or any other regulated financial opinion;

(d) a statement of fact about any company, security, market, event, or person; or

(e) an endorsement of any company, security, strategy, or course of action.

Key Figures is not a registered investment adviser, broker-dealer, securities exchange, alternative trading system, rating agency, or any other regulated financial entity, and does not hold any authorisation under the WpHG, the KWG, or any equivalent foreign legislation. No fiduciary, advisory, or professional relationship is created between you and Key Figures by your use of the Service.

Outputs are generated by automated systems using information sourced from third parties. That information may contain errors, omissions, restatements, or delays. Financial models reflect assumptions chosen by our generation logic and may be inaccurate, incomplete, or out of date at the moment you rely on them. Past performance does not guarantee future results.

Before making any investment, business, tax, legal, or other consequential decision based in whole or in part on any Output, you must independently verify the underlying information and consult a professional qualified and licensed in the relevant jurisdiction. You assume all risk arising from reliance on any Output.

8. Limitation of liability

(a) To the fullest extent permitted by applicable law, in no event will Key Figures, our officers, directors, employees, or agents be liable for any indirect, incidental, special, consequential, exemplary, or punitive damages (including lost profits, lost data, lost opportunities, lost savings, or business interruption) arising out of or in connection with the Service, whether based on warranty, contract, tort (including negligence), statute, or any other legal theory, and whether or not we have been advised of the possibility of such damages.

(b) Subject to paragraph (c), our aggregate liability arising out of or relating to these Terms or the Service, whether in contract, tort (including negligence), or otherwise, will not exceed the greater of (i) the total fees you paid us for the Service in the twelve (12) months preceding the event giving rise to the claim, or (ii) one hundred euros (EUR 100). This cap applies across all claims in the aggregate.

(c) The limitations and exclusions in paragraphs (a) and (b) do not apply to liability that cannot be limited or excluded under applicable law, including liability for intent (Vorsatz) or gross negligence (grobe Fahrlässigkeit), liability for injury to life, body, or health, liability under the German Product Liability Act (Produkthaftungsgesetz), liability under any express guarantee given by us, and liability for the breach of cardinal contractual obligations (Kardinalpflichten: obligations the fulfilment of which is essential to the proper execution of this contract and on whose observance the other party regularly relies). In the case of simple negligence in the breach of a cardinal obligation, our liability is limited to damages that are typical for this type of contract and foreseeable at the time of contract conclusion.

9. Indemnification

You will indemnify, defend, and hold harmless Key Figures and our officers, directors, employees, and agents from and against any third-party claim, and the reasonable legal fees directly attributable to defending that claim, to the extent the claim arises out of or relates to:

(a) your breach of Section 3 (Acceptable use), Section 5 (Intellectual property), or Section 6 (Third-party data sources);

(b) your use, distribution, or republication of Outputs in a manner that holds them out as a regulated financial service, as investment advice, as investment research or financial analysis, as a securities or investment recommendation, or as a credit rating;

(c) a regulatory inquiry, investigation, or enforcement action by a financial supervisory authority, including the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) or any equivalent authority in another jurisdiction, that is based on your use of the Service in breach of these Terms; or

(d) your infringement, through your use of Outputs, of the intellectual property, privacy, or publicity rights of a third party.

This indemnity is limited to third-party claims. It does not apply to damages between you and us, which are governed by Section 8 (Limitation of liability). We will give you prompt notice of any indemnified claim, reasonable cooperation in its defence at your expense, and the right to assume the defence with counsel reasonably acceptable to us. You may not settle any indemnified claim without our prior written consent if the settlement would impose any obligation on us or admit liability on our part.

10. Payment and fees

Access to the Service may be offered under free, trial, or paid plans. The fees, billing cycle, payment methods, and any usage-based charges applicable to your account are set out in the order form, online purchase flow, or subscription page in effect at the time you subscribe (the "Order Terms"). In the event of a conflict between these Terms and the Order Terms, the Order Terms prevail for matters of scope of Service, fees, and service levels.

Unless the Order Terms expressly state otherwise: (a) fees are quoted exclusive of value-added tax (VAT) and any other applicable taxes or duties, which will be added where legally required; (b) invoices are payable within fourteen (14) days of the invoice date; (c) fees already paid are non-refundable except where required by mandatory law or by Section 13 (Force majeure); and (d) we may suspend the Service for accounts that are more than thirty (30) days past due, following a written reminder with at least seven (7) days to cure.

We may change the fees applicable to a paid plan in accordance with Section 20 (Changes to these Terms); for this purpose, any change to fees is treated as a change to Main Terms.

11. Data protection

Our processing of personal data is described in our Privacy Policy at keyfigures.com/privacy.

Where you upload or otherwise cause us to process personal data for which you are the controller within the meaning of Article 4(7) of Regulation (EU) 2016/679 (GDPR), we act as your processor within the meaning of Article 4(8) GDPR. In that case, on request we will enter into a data processing agreement with you meeting the requirements of Article 28 GDPR (the "DPA"), and the DPA will govern our processing of that personal data. Our template DPA is available on request from contact@keyfigures.com.

The standard generation flow of the Service does not require you to upload personal data about your clients or any other data subjects. If you choose to do so, you represent that you have a lawful basis under the GDPR for providing that personal data to us and for the purposes for which you provide it.

12. Sanctions and export controls

You represent and warrant that:

(a) neither you, nor any person that controls, is controlled by, or is under common control with you, nor any person to whom you intend to make Outputs available, is a person or entity designated on any sanctions or restricted-party list maintained by the European Union, the United Nations, the United States (including OFAC's Specially Designated Nationals and Blocked Persons List and Sectoral Sanctions Identifications List), the United Kingdom, or Germany;

(b) you are not located or resident in, and will not use the Service from or on behalf of any person located or resident in, any jurisdiction subject to comprehensive EU or US sanctions; and

(c) you will not use the Service or Outputs in violation of applicable export-control, anti-boycott, or sanctions laws, including Regulation (EU) 2021/821, the German Foreign Trade and Payments Act (Außenwirtschaftsgesetz, AWG) and the Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung, AWV), and the United States Export Administration Regulations.

A breach of this section is a material breach of these Terms and entitles us to suspend or terminate your access to the Service with immediate effect and without liability to you.

13. Force majeure

Neither party is liable for any failure or delay in performance of its obligations (other than payment obligations) to the extent the failure or delay is caused by an event beyond its reasonable control, including acts of God, war, armed conflict, acts of terrorism, civil unrest, epidemics or pandemics, strikes or other labour disputes, power outages, internet or telecommunications failures, failures of upstream service providers (including cloud infrastructure and financial-data providers), changes in law, or acts of any governmental or regulatory authority.

The affected party will notify the other without undue delay and will use reasonable efforts to mitigate the effect of the event. If a force majeure event continues for more than ninety (90) consecutive days, either party may terminate the affected Order Terms on written notice, and we will refund any prepaid fees on a pro-rata basis for Services not yet delivered after the date of termination.

14. Limitations period

Any claim you may have against us arising out of or relating to these Terms or the Service must be brought within one (1) year after the end of the year in which the claim arose and you became, or with reasonable diligence would have become, aware of the facts giving rise to it; otherwise the claim is barred.

This section does not apply, and the statutory limitation period under §§195 ff. BGB applies instead, to claims (a) for intent (Vorsatz) or gross negligence (grobe Fahrlässigkeit), (b) under the Product Liability Act, (c) for injury to life, body, or health, (d) under any express guarantee given by us, or (e) for which a longer limitation period is required by mandatory law.

15. Termination

You may stop using the Service at any time. When account features are available, you may delete your account from the account settings; on account deletion, we will remove your account record and delete content associated with your account within a reasonable period, subject to any legal retention obligations. Until account features launch, or for specific items at any time after launch, you may request deletion of information you have voluntarily provided (for example, during a demonstration) by emailing contact@keyfigures.com.

We may suspend or terminate your access if you breach these Terms, if required by law, or if continuing to provide the Service becomes impracticable. We will make reasonable efforts to give you notice when the circumstances allow. The right of either party to terminate for good cause (außerordentliche Kündigung aus wichtigem Grund) under §314 BGB remains unaffected.

Sections 5 (Intellectual property), 6 (Third-party data sources), 7 (Disclaimers), 8 (Limitation of liability), 9 (Indemnification), 12 (Sanctions and export controls), 14 (Limitations period), 16 (Assignment), 17 (Severability), 18 (Governing law), and 19 (Dispute resolution) survive termination. For the avoidance of doubt, the licence granted in Section 5 continues to apply to Outputs generated before the effective date of termination, subject to the restrictions in Sections 5 and 6.

16. Assignment

You may not assign, transfer, or delegate these Terms or any rights or obligations under them, by operation of law or otherwise, without our prior written consent; any attempted assignment without such consent is void. We may assign these Terms, in whole or in part, to (a) an affiliate, (b) a successor in connection with a merger, acquisition, reorganisation, or sale of all or substantially all of our assets, or (c) any successor in a change of our legal form (Rechtsformwechsel or Umwandlung), in each case without your consent. Subject to the foregoing, these Terms bind and benefit the parties and their permitted successors and assigns.

17. Severability

If any provision of these Terms is held to be invalid, illegal, or unenforceable, the remaining provisions remain in full force and effect. The invalid or unenforceable provision will be replaced, to the extent permitted by law, by a valid and enforceable provision that most closely reflects the original commercial intent of the parties. The same applies to any gap in these Terms.

18. Governing law

These Terms are governed by the laws of the Federal Republic of Germany, excluding its conflict-of-laws principles and excluding the United Nations Convention on Contracts for the International Sale of Goods (CISG).

The exclusive place of jurisdiction for all disputes arising out of or in connection with these Terms or the Service is Munich, Germany. Both parties confirm that they are entering into these Terms in their capacity as merchants (Kaufleute), legal persons under public law, or special funds under public law within the meaning of §38(1) of the German Code of Civil Procedure (Zivilprozessordnung, ZPO), so that the requirements for a valid choice of forum are satisfied. Nothing in this section prevents either party from seeking injunctive or equitable relief in a court of competent jurisdiction to protect intellectual property or confidential information.

19. Dispute resolution

If you have a concern about the Service, please contact contact@keyfigures.com first. We will make a good-faith effort to resolve the issue informally before either party initiates a formal proceeding.

If informal resolution is not successful within sixty (60) days, either party may bring an action in the courts identified in Section 18 (Governing law).

In accordance with §36 of the German Act on Alternative Dispute Resolution in Consumer Matters (Verbraucherstreitbeilegungsgesetz, VSBG), Key Figures is neither obliged nor willing to participate in dispute-resolution proceedings before a consumer arbitration board, as the Service is provided exclusively to businesses within the meaning of Section 2.

20. Changes to these Terms

(a) Categories of changes. For the purposes of this section:

"Main Terms" means provisions of these Terms that concern (i) the scope, nature, or price of the Service, (ii) your core rights or obligations, including your rights in Outputs under Section 5, your obligations under Sections 3 and 6, and any limitation or exclusion of liability in Section 8 or indemnity in Section 9, or (iii) the choice of law, jurisdiction, or dispute resolution under Sections 18 and 19.

"Ancillary Terms" means all other provisions of these Terms, including operational, technical, administrative, and clarificatory provisions that do not materially disadvantage you.

(b) Changes to Main Terms. We may propose changes to the Main Terms by giving you at least six (6) weeks' advance notice in text form (Textform, §126b BGB), including by email to the address associated with your account. The notice will identify the changes, the date they are proposed to take effect, and your right to object as set out in this paragraph. If you do not object in text form before the proposed effective date, the changes take effect on that date and apply to your continued use of the Service. If you do object in text form before the proposed effective date, the proposed changes do not apply to you; in that case, we may terminate your account and these Terms with effect from the proposed effective date by notice in text form to you, and we will refund any prepaid fees on a pro-rata basis for Services not yet delivered. If we do not exercise that termination right, these Terms continue between you and us on their existing, pre-change terms.

(c) Changes to Ancillary Terms. We may make changes to Ancillary Terms by giving you reasonable advance notice in text form or by notice in the Service. Your continued use of the Service after the effective date constitutes acceptance of the changed Ancillary Terms.

(d) Changes required by law. Changes required to comply with mandatory law, a court order, or a binding regulatory instruction may be made with shorter notice, or without advance notice where required by the relevant measure, in each case only to the extent necessary to comply. Such changes are notified to you promptly after they take effect.

(e) No unilateral discretion beyond §307 BGB. Nothing in this section gives us the right to change any provision in a way that would be unreasonable under §307 BGB or any successor provision. Changes that shift the balance of the contract materially to your disadvantage, or that affect a cardinal obligation in a manner not foreseeable at the time of contract conclusion, always require your express agreement.

(f) Revision mark. We will revise the "Last updated" date at the top of this page whenever these Terms change.

21. Contact and imprint

Questions about these Terms can be sent to contact@keyfigures.com.

The Service is operated by Key Figures GmbH i.G. (in Gründung), with registered seat in Munich, represented by its managing director Pavel Pivovarov. The information required under §5 of the German Digital Services Act (Digitale-Dienste-Gesetz, DDG) is published at keyfigures.com/imprint.

Upon entry of the company in the commercial register at the Amtsgericht München, the legal form will change from "GmbH i.G." to "GmbH" by operation of law, without any amendment to these Terms being required, and the imprint page will be updated accordingly.