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: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

<ul><li>In this edition: • InPost | reputation making steady progress in the UK • Arcadis | disappointing 25Q4 performance; to implement restructuring measure and refocus its strategy • Brunel International | intends to propose a super dividend of EUR 0.29 per share, bringing total to EUR 0.35 per share • E-commerce & online banking | a lot of websites use fingerprinting without prior consent</li></ul>

In this edition: • InPost | reputation making steady progress in the UK • Arcadis | disappointing 25Q4 performance; to implement restructuring measure and refocus its strategy • Brunel International | intends to propose a super dividend of EUR 0.29 per share, bringing total to EUR 0.35 per share • E-commerce & online banking | a lot of websites use fingerprinting without prior consent

Hennes & Mauritz AB - What's News in Amsterdam

<ul><li>In this edition: • Arcadis | Ms Heather Polinsky to take over Mr Alan Brookes as CEO • bnode (bpostgroup) | Belgian federal government agrees on revision rules for night labour • E-commerce & Logistics | EU to Impose 10% Import Duty on Low-Value Chinese Parcels</li></ul>

In this edition: • Arcadis | Ms Heather Polinsky to take over Mr Alan Brookes as CEO • bnode (bpostgroup) | Belgian federal government agrees on revision rules for night labour • E-commerce & Logistics | EU to Impose 10% Import Duty on Low-Value Chinese Parcels

What's New(s) in Amsterdam - 12 December (Arcadis | bnode (bpostgroup) | E-commerce & Logistics)

International Distribution Services / Equity Bottom-Up

International Distribution Services (IDS LN)

<ul><li>In this edition: • InPost / IDS | Royal Mail’s parent IDS buys 49% stake in Collect+ • Arcadis | announces EUR 175m share buyback program • Dutch retail sales | up 3.6% YoY in August in value terms, up 1.4% YoY in volume • Dutch CPI | inflation edging up 50 bps when compared to the August figure</li></ul>

In this edition: • InPost / IDS | Royal Mail’s parent IDS buys 49% stake in Collect+ • Arcadis | announces EUR 175m share buyback program • Dutch retail sales | up 3.6% YoY in August in value terms, up 1.4% YoY in volume • Dutch CPI | inflation edging up 50 bps when compared to the August figure

What's News in Amsterdam - 1 October (InPost / IDS | Arcadis | Dutch retail sales | Dutch CPI)

<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

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)

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

Hennes & Mauritz AB - What's News in Amsterdam

In this edition: • InPost | reputation making steady progress in the UK • Arcadis | disappointing 25Q4 performance; to implement restructuring...

The IDEA!

What's New(s) in Amsterdam - 12 December (Arcadis | bnode (bpostgroup) | E-commerce & Logistics)

In this edition: • Arcadis | Ms Heather Polinsky to take over Mr Alan Brookes as CEO • bnode (bpostgroup) | Belgian federal government agrees on...

The IDEA!

What's News in Amsterdam - 1 October (InPost / IDS | Arcadis | Dutch retail sales | Dutch CPI)

In this edition: • InPost / IDS | Royal Mail’s parent IDS buys 49% stake in Collect+ • Arcadis | announces EUR 175m share buyback program • Dutch...

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!

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