European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Q2 results, upgraded guidance and new medium-term targets reinforce Arcadis' standalone case, supporting the Board's view that WSP's revised €51.50 proposal undervalues the company.</li>
<li>Our valuation is unchanged at €47 standalone and €54 strategic value. We continue to view a negotiated outcome around €54 per share as the most likely scenario</li>
<li>Stichting Lovinklaan's unique ownership and long-term mandate may prove influential should negotiations continue, particularly given the proposal's substantial stock component and governance implications.</li>
</ul>


Q2 results, upgraded guidance and new medium-term targets reinforce Arcadis' standalone case, supporting the Board's view that WSP's revised €51.50 proposal undervalues the company.
Our valuation is unchanged at €47 standalone and €54 strategic value. We continue to view a negotiated outcome around €54 per share as the most likely scenario
Stichting Lovinklaan's unique ownership and long-term mandate may prove influential should negotiations continue, particularly given the proposal's substantial stock component and governance implications.


WSP/Arcadis: The Board Has Spoken — Now Watch the Shareholders

<ul>
<li>WSP's revised €51.50 proposal values Arcadis at only 9.6x NTM EBITDA, broadly in line with WSP's own trading multiple despite a 45.8% headline premium.</li>
<li>We estimate Arcadis' standalone value at approximately €47 per share and strategic value at around €54, reflecting achievable merger synergies without assuming a full peer rerating.</li>
<li>Our analysis supports a negotiated outcome around €54 per share. At current levels, we continue to see favourable risk/reward for event-driven investors.</li>
</ul>


WSP's revised €51.50 proposal values Arcadis at only 9.6x NTM EBITDA, broadly in line with WSP's own trading multiple despite a 45.8% headline premium.
We estimate Arcadis' standalone value at approximately €47 per share and strategic value at around €54, reflecting achievable merger synergies without assuming a full peer rerating.
Our analysis supports a negotiated outcome around €54 per share. At current levels, we continue to see favourable risk/reward for event-driven investors.


Independent Investment Research, The IDEA!

The IDEA!

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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: • Unilever | McCormick provides further details on Unilever Foods integration • Arcadis | receives second unsolicited takeover proposal from WSP • ForFarmers | Twentekanaal shipping ban forces shift to road transport • VodafoneZiggo | returned to net consumer broadband subscribers growth in 2Q26 • Corporate agenda | week 31 – 35</li></ul>

In this edition: • Unilever | McCormick provides further details on Unilever Foods integration • Arcadis | receives second unsolicited takeover proposal from WSP • ForFarmers | Twentekanaal shipping ban forces shift to road transport • VodafoneZiggo | returned to net consumer broadband subscribers growth in 2Q26 • Corporate agenda | week 31 – 35

<ul><li>In this edition: • ASR Nederland | Ecolab pension fund buy out deal • Shell | divests South African downstream assets to Adnoc Distribution • Unilever | divestment strategy criticized by Terry Smith • Arcadis | selected by CGA to deliver professional services valued at GBP 250-300m in the UK • DHL Group | raises FY26 guidance on better than expected 2Q26 • Dutch household consumption | growth accelerates to 1.8% in May</li></ul>

In this edition: • ASR Nederland | Ecolab pension fund buy out deal • Shell | divests South African downstream assets to Adnoc Distribution • Unilever | divestment strategy criticized by Terry Smith • Arcadis | selected by CGA to deliver professional services valued at GBP 250-300m in the UK • DHL Group | raises FY26 guidance on better than expected 2Q26 • Dutch household consumption | growth accelerates to 1.8% in May

<ul><li>In this edition: • AkzoNobel | PPG’s 1Q26 results beat market expectations • KPN | modest beat of consensus; reiterates FY27 guidance and MT targets • Arcadis | appoints leadership at core focus growth areas</li></ul>

In this edition: • AkzoNobel | PPG’s 1Q26 results beat market expectations • KPN | modest beat of consensus; reiterates FY27 guidance and MT targets • Arcadis | appoints leadership at core focus growth areas

What's New(s) in Amsterdam 29 April (AkzoNobel | KPN | Arcadis)

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)

WSP/Arcadis: The Board Has Spoken — Now Watch the Shareholders

Arcadis' Q2 results reinforce the standalone case without changing our valuation. We continue to see €54/share as the most likely outcome, while...

Jesus Rodriguez Aguilar

WSP/Arcadis: Building Towards €54

WSP's revised €51.50 proposal values Arcadis broadly in line with its own trading multiple. We estimate standalone value at €47 and strategic value...

Jesus Rodriguez Aguilar

Arcadis NV - What's News in Amsterdam

In this edition: • Unilever | McCormick provides further details on Unilever Foods integration • Arcadis | receives second unsolicited takeover...

The IDEA!

Arcadis NV - What's News in Amsterdam

In this edition: • ASR Nederland | Ecolab pension fund buy out deal • Shell | divests South African downstream assets to Adnoc...

The IDEA!

What's New(s) in Amsterdam 29 April (AkzoNobel | KPN | Arcadis)

In this edition: • AkzoNobel | PPG’s 1Q26 results beat market expectations • KPN | modest beat of consensus; reiterates FY27 guidance and MT...

The IDEA!

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