Confirmation on Licensed EPM Users versus Recipient Emails of a PDF in NR (Standard)

Summary:

Licensed EPM Users versus Recipient Emails of a PDF in NR (Standard)

Content (please ensure you mask any confidential information):

Business Case:
I am considering using NR (Standard) and have a dubout about license restrictions.
There are between 20 and 300 segments (account and cost center unique combinations).
It is necessary to generate and send the same report (book), in PDF to between 20 and 300 owners of different segments/emails (bursting).

Suppose the client has only 10 licenses and they are Standard (the minimum product).

Question: do the emails (between 20 and 300), that will receive the PDF related to their segment require licensing as if they were EPM users (even if they will not log into EPM)?