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: • Universal Music Group | acquisition of Downtown Music likely to be blocked • Arcadis | enters into new 5-year framework agreement with Shell • PostNL | ACM raises concerns on proposed amendments Postal Act • E-commerce & Logistics | strong increase in peak season parcel volumes expected • Havas | denies being in talks with WPP on a possible takeover</li></ul>

In this edition: • Universal Music Group | acquisition of Downtown Music likely to be blocked • Arcadis | enters into new 5-year framework agreement with Shell • PostNL | ACM raises concerns on proposed amendments Postal Act • E-commerce & Logistics | strong increase in peak season parcel volumes expected • Havas | denies being in talks with WPP on a possible takeover

What's News in Amsterdam - 19 November (UMG | Arcadis | PostNL | Havas | E-commerce & Logistics)

<ul><li>In this edition: • ING | less than expected drop in earnings; new EUR 1.6bn share buyback • dsm-firmenich (‘DSFIR’) | results broadly in line; lowers FY25 guidance • Arcadis | 25Q3 results lagging market consensus (even helped by lower depreciation rate) • General Elections | D66 emerges as big winner; hard to predict new coalition</li></ul>

In this edition: • ING | less than expected drop in earnings; new EUR 1.6bn share buyback • dsm-firmenich (‘DSFIR’) | results broadly in line; lowers FY25 guidance • Arcadis | 25Q3 results lagging market consensus (even helped by lower depreciation rate) • General Elections | D66 emerges as big winner; hard to predict new coalition

What's News in Amsterdam - 30 October (dsm-firmenich | ING | Arcadis | General Elections)

<ul><li>In this edition: • dsm-firmenich | results broadly in line with expectations; adj. EBITDA guidance lowered • ING | clear beat of market expectations; ups FY25 guidance • Arcadis | results in line with consensus, however, not strong – mid-term organic revenue growth not realistic anymore • Fagron | reiterates FY25 outlook; enters new geographies through bolt-on acquisitions • Vopak | FY25 guidance modestly increased • AMG Critical Materials | increases its FY25 adjusted EBITDA outlook driven by antimony</li></ul>

In this edition: • dsm-firmenich | results broadly in line with expectations; adj. EBITDA guidance lowered • ING | clear beat of market expectations; ups FY25 guidance • Arcadis | results in line with consensus, however, not strong – mid-term organic revenue growth not realistic anymore • Fagron | reiterates FY25 outlook; enters new geographies through bolt-on acquisitions • Vopak | FY25 guidance modestly increased • AMG Critical Materials | increases its FY25 adjusted EBITDA outlook driven by antimony

<ul><li>In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today</li></ul>

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

<ul><li>In this edition: • Ahold Delhaize | clear beat of consensus in 1Q25 • Arcadis | soft start of the year (as expected) – mid-term organic net revenue targets still realistic?</li><li>• Van Lanschot Kempen (“VLK”) | 1Q25 trading update shows strong momentum • Triodos Bank | additional rulings by Spanish Supreme Court on Depository Receipts</li></ul>

In this edition: • Ahold Delhaize | clear beat of consensus in 1Q25 • Arcadis | soft start of the year (as expected) – mid-term organic net revenue targets still realistic?• Van Lanschot Kempen (“VLK”) | 1Q25 trading update shows strong momentum • Triodos Bank | additional rulings by Spanish Supreme Court on Depository Receipts

What's News in Amsterdam - 7 May (Ahold Delhaize | Arcadis | Van Lanschot Kempen | Triodos Bank)

Netherlands

Arcadis N.V. offers consulting and engineering services worldwide.  The Company performs feasibility studies, develops projects, offers financial and legal consulting services, assists in the permitting process, and offers design and maintenance services.

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Arcadis NV (ARCAD NA)

What's News in Amsterdam - 19 November (UMG | Arcadis | PostNL | Havas | E-commerce & Logistics)

In this edition: • Universal Music Group | acquisition of Downtown Music likely to be blocked • Arcadis | enters into new 5-year framework...

The IDEA!

What's News in Amsterdam - 30 October (dsm-firmenich | ING | Arcadis | General Elections)

In this edition: • ING | less than expected drop in earnings; new EUR 1.6bn share buyback • dsm-firmenich (‘DSFIR’) | results broadly in line;...

The IDEA!

What's News in Amsterdam - 31 July (dsm-firmenich | ING | Arcadis | Fagron | Vopak | AMG)

In this edition: • dsm-firmenich | results broadly in line with expectations; adj. EBITDA guidance lowered • ING | clear beat of market...

The IDEA!

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with...

The IDEA!

What's News in Amsterdam - 7 May (Ahold Delhaize | Arcadis | Van Lanschot Kempen | Triodos Bank)

In this edition: • Ahold Delhaize | clear beat of consensus in 1Q25 • Arcadis | soft start of the year (as expected) – mid-term organic net...

The IDEA!

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