Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • ASML Holding | Mistral in talks to raise at EUR 20bn valuation • ING Group | reduces its stake in TMBThanachart Bank • E-commerce & Logistics | Netherlands aligns EU-China parcel tax with Brussels approach</li></ul>

In this edition: • ASML Holding | Mistral in talks to raise at EUR 20bn valuation • ING Group | reduces its stake in TMBThanachart Bank • E-commerce & Logistics | Netherlands aligns EU-China parcel tax with Brussels approach

What's New(s) in Amsterdam - 15 June (ASML Holding | ING Group | E-commerce & logistics)

<ul><li>In this edition: • Adyen | acquires Orb and reiterates FY26 outlook • Ahold Delhaize / HAL Trust | Kaufland Marketplace expansion into the Netherlands • ING | reportedly interested in buying a 20% stake in Belfius • KPN | 50 Plus Mobile approaching targeted scale and pursuing convergence • E-commerce & Logistics | Joybuy to open its platform for third party sellers</li></ul>

In this edition: • Adyen | acquires Orb and reiterates FY26 outlook • Ahold Delhaize / HAL Trust | Kaufland Marketplace expansion into the Netherlands • ING | reportedly interested in buying a 20% stake in Belfius • KPN | 50 Plus Mobile approaching targeted scale and pursuing convergence • E-commerce & Logistics | Joybuy to open its platform for third party sellers

Universal Music Group NV / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square plans to divest its stake • Unilever | Fernández robustly defends the deal with McCormick despite upheaval • Dutch housing market | ‘code yellow’ based on early signals TU’s housing market monitor • E-commerce & Logistics | DHL study shows rising share of OOH deliveries</li></ul>

In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square plans to divest its stake • Unilever | Fernández robustly defends the deal with McCormick despite upheaval • Dutch housing market | ‘code yellow’ based on early signals TU’s housing market monitor • E-commerce & Logistics | DHL study shows rising share of OOH deliveries

Universal Music Group NV - What's News in Amsterdam

Axalta Coating Systems / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | new remuneration proposals provoke criticism; Axalta rejected offer too • PostNL | FY25 net loss on the USO at EUR 35m is higher than initially expected • PostNL | new tariffs for urgent (D+1) deliveries after migration to D+2 for USO mail • Bnode | agreement on new CLA for bpost • E-commerce & Logistics | EC imposes EUR 200m fine on Temu</li></ul>

In this edition: • AkzoNobel | new remuneration proposals provoke criticism; Axalta rejected offer too • PostNL | FY25 net loss on the USO at EUR 35m is higher than initially expected • PostNL | new tariffs for urgent (D+1) deliveries after migration to D+2 for USO mail • Bnode | agreement on new CLA for bpost • E-commerce & Logistics | EC imposes EUR 200m fine on Temu

AXTA US - What's News in Amsterdam - 29 May (AkzoNobel | PostNL | Bnode | E-commerce & Logistics)

<ul><li>In this edition: • AkzoNobel | rejected offer from Nippon Paints and Sherwin Wiliams • E-commerce & Logistics | potential EC investigation JD.com/Ceconomy deal</li></ul>

In this edition: • AkzoNobel | rejected offer from Nippon Paints and Sherwin Wiliams • E-commerce & Logistics | potential EC investigation JD.com/Ceconomy deal

Zalando SE - What's News in Amsterdam - 27 May (AkzoNobel | E-commerce & Logistics)

Poland

Allegro.eu SA operates shopping e-commerce platform. The Company offers products in categories such as automotive, fashion, home and garden, electronics, books and collectibles, and health and beauty. Allegro.eu serves customers in Europe.

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Allegro.eu (ALE PW)

What's New(s) in Amsterdam - 15 June (ASML Holding | ING Group | E-commerce & logistics)

In this edition: • ASML Holding | Mistral in talks to raise at EUR 20bn valuation • ING Group | reduces its stake in TMBThanachart Bank...

The IDEA!

HAL Trust - What's News in Amsterdam

In this edition: • Adyen | acquires Orb and reiterates FY26 outlook • Ahold Delhaize / HAL Trust | Kaufland Marketplace expansion into the...

The IDEA!

Universal Music Group NV - What's News in Amsterdam

In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square...

The IDEA!

AXTA US - What's News in Amsterdam - 29 May (AkzoNobel | PostNL | Bnode | E-commerce & Logistics)

In this edition: • AkzoNobel | new remuneration proposals provoke criticism; Axalta rejected offer too • PostNL | FY25 net loss on the USO at EUR...

The IDEA!

Zalando SE - What's News in Amsterdam - 27 May (AkzoNobel | E-commerce & Logistics)

In this edition: • AkzoNobel | rejected offer from Nippon Paints and Sherwin Wiliams • E-commerce & Logistics | potential EC investigation...

The IDEA!

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