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: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July</li></ul>

In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as CFO at 2026 AGM • KPN | post earnings call comment • RELX Group | another strong half year; solid outlook for 2H25 • Aalberts | lowers FY25 organic revenue growth and EBITA-margin outlook • e-Commerce and Logistics | pressure building on Chinese platforms selling unsafe goods • Consumer confidence | Dutch consumers less negative in July

Koninklijke KPN NV - What's New(s) in Amsterdam

<ul><li>In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable</li></ul>

In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable

What's New(s) in Amsterdam - 6 May (BE Semiconductor Industries | Philips | PostNL | Triodos Bank)

<ul><li>In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21</li></ul>

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake remains depressed • Randstad | modest beat of consensus – valuation at attractive level due to share price decline • Corbion | strongly beating consensus – reiterates FY25 guidance • Corbion | another letter from Inclusive Capital • InPost | signs multi-year contact with Vinted • Just Eat TakeAway.com | reiterates FY25 guidance, expects offer to commence in 2Q25 • PostNL/DHL | DHL deploys first APMs at Praxis DIY stores • Corporate agenda | week 17 - 21

<ul><li>In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied Materials takes 9% interest • Fugro | geopolitical and economic uncertainties to depress 1Q25 revenue and EBIT • TomTom | strong start of the year – reiterates FY25 guidance</li></ul>

In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied Materials takes 9% interest • Fugro | geopolitical and economic uncertainties to depress 1Q25 revenue and EBIT • TomTom | strong start of the year – reiterates FY25 guidance

What's New(s) in Amsterdam - 15 April (AkzoNobel | BE Semiconductor Industries | Fugro | TomTom)

<ul>
<li>In this edition: • ASM International / ASML Holding / BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market slightly upward • Ahold Delhaize / Unilever | gap between prices for A-brands and private label is widening • IMCD | acquires YCAM in South Korea • Unilever | sells Conimex brand to Paulig • Fugro | new financing at improved terms • InPost | deployed its 25,000th APM in Poland • Ebusco | adjusts its organizational structure and provides a commercial update • PostNL | ACM legally not competent to enforce delivery quality for registered mail</li>
</ul>


In this edition: • ASM International / ASML Holding / BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market slightly upward • Ahold Delhaize / Unilever | gap between prices for A-brands and private label is widening • IMCD | acquires YCAM in South Korea • Unilever | sells Conimex brand to Paulig • Fugro | new financing at improved terms • InPost | deployed its 25,000th APM in Poland • Ebusco | adjusts its organizational structure and provides a commercial update • PostNL | ACM legally not competent to enforce delivery quality for registered mail


Netherlands

BE Semiconductor Industries N.V. produces integrated semiconductor assembly equipment.  The Company designs, develops, manufactures, markets, and services machines that manufacture semiconductor packages, which provide the connection between the chip and other electronic components and protect the chip.  BE also produces automated molding and plating machines, and manufactures leadframes.

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BE Semiconductor Industries NV (BESI NA)

Koninklijke KPN NV - What's New(s) in Amsterdam

In this edition: • BE Semiconductor Industries | expects order intake to increase significantly in 25Q3 • ING | Tanate Phutrakul to step down as...

The IDEA!

What's New(s) in Amsterdam - 6 May (BE Semiconductor Industries | Philips | PostNL | Triodos Bank)

In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of...

The IDEA!

Akzo Nobel NV - What's News in Amsterdam

In today's edition: • AkzoNobel | no major surprises, yet slightly improving underlying trends • BE Semiconductor Industries | order intake...

The IDEA!

What's New(s) in Amsterdam - 15 April (AkzoNobel | BE Semiconductor Industries | Fugro | TomTom)

In this edition: • AkzoNobel | JSW Paints and Indigo Paints reported to lead race for Akzo Nobel India • BE Semiconductor Industries | Applied...

The IDEA!

What's New(s) in Amsterdam - 18 December (ASM Int'l / ASML Holding / Besi | Ahold Delhaize | Unilever | IMCD | Fugro | InPost | Ebusco | PostNL)

In this edition: • ASM International / ASML Holding / BE Semiconductor Industries | WSTS revises its outlook for worldwide semiconductor market...

The IDEA!

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