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

Universal Music Group NV / Equity Bottom-Up

<ul><li>In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the second best on record; new USD 3bn share buyback • Shell | agreement to sell BG Cyprus Ltd to MOL Group for up to USD 720m • Universal Music Group | soft 26Q2 performance recording marked decrease in profitability • Corbion | 26Q2 results ahead of expectations – finetunes FY26 adjusted EBITDA margin downward • Fugro | no longer expects FY26 margins to improve</li></ul>

In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the second best on record; new USD 3bn share buyback • Shell | agreement to sell BG Cyprus Ltd to MOL Group for up to USD 720m • Universal Music Group | soft 26Q2 performance recording marked decrease in profitability • Corbion | 26Q2 results ahead of expectations – finetunes FY26 adjusted EBITDA margin downward • Fugro | no longer expects FY26 margins to improve

<ul><li>In this edition: • AkzoNobel | beats consensus estimates thanks to strong quarter for Deco • ASM International | 26Q1 results clear beat against market consensus – FY26 revenue guidance markedly ahead of market consensus • Basic-Fit | set ROCE goal of low- to mid-teen in the medium term • Corbion | reiterates FY26 guidance on all forecasted metrics • Randstad | records positive organic growth after 12 quarters of decline • Dutch consumer confidence | second largest drop on record since 2020</li></ul>

In this edition: • AkzoNobel | beats consensus estimates thanks to strong quarter for Deco • ASM International | 26Q1 results clear beat against market consensus – FY26 revenue guidance markedly ahead of market consensus • Basic-Fit | set ROCE goal of low- to mid-teen in the medium term • Corbion | reiterates FY26 guidance on all forecasted metrics • Randstad | records positive organic growth after 12 quarters of decline • Dutch consumer confidence | second largest drop on record since 2020

ASM International NV - What's New(s) in Amsterdam

Axalta Coating Systems / Equity Bottom-Up

<ul><li>In today's edition: • ABN Amro | announced further reduction of its flexible workforce • AkzoNobel | Cevian pledges support for AkzoNobel/Axalta merger • InPost | enters cross-border deal with Austrian Post for business customers • Unilever | said to be exploring the sale of three UK heritage brands • Corbion | targets adjusted EBITDA of approx. EUR 300m by 2028 • bpostgroup | renews contract with Amazon for 5 years</li></ul>

In today's edition: • ABN Amro | announced further reduction of its flexible workforce • AkzoNobel | Cevian pledges support for AkzoNobel/Axalta merger • InPost | enters cross-border deal with Austrian Post for business customers • Unilever | said to be exploring the sale of three UK heritage brands • Corbion | targets adjusted EBITDA of approx. EUR 300m by 2028 • bpostgroup | renews contract with Amazon for 5 years

Axalta Coating Systems Ltd - What's News in Amsterdam

<ul><li>In this edition: • Adyen | strong net revenue growth and take rate, both ahead of expectations • ASM International | clearly better than expected 25Q3 results, however, order intake well below consensus • InPost | High Court to rule on legal ownership dispute regarding Yodel • Philips | received warning letter from FDA after inspection at three facilities • Corbion | solid 25Q3 results – reiterates FY25 outlook guidance • PostNL/DHL/InPost | reliability of parcel delivery in the Netherlands is deteriorating • Dutch banking sector | Argenta believed to be interested in buying NIBC • Dutch General Elections | polls are predicting a close finish</li></ul>

In this edition: • Adyen | strong net revenue growth and take rate, both ahead of expectations • ASM International | clearly better than expected 25Q3 results, however, order intake well below consensus • InPost | High Court to rule on legal ownership dispute regarding Yodel • Philips | received warning letter from FDA after inspection at three facilities • Corbion | solid 25Q3 results – reiterates FY25 outlook guidance • PostNL/DHL/InPost | reliability of parcel delivery in the Netherlands is deteriorating • Dutch banking sector | Argenta believed to be interested in buying NIBC • Dutch General Elections | polls are predicting a close finish

International Distribution Services / Equity Bottom-Up

International Distribution Services (IDS LN)

<ul><li>In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer by 15% • Corbion | to cooperate with BRAIN Biotech developing novel biobased antimicrobial compounds • JDE Peet’s | agrees on takeover offer of EUR 31.85 per share in cash by Keurig Dr Pepper • PostNL | Royal Mail’s delivery quality still falls short of minimum required targets • Dutch politics | NSC cabinet members have resigned as well; risk of political deadlock • Corporate agenda | week 35 - 39</li></ul>

In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer by 15% • Corbion | to cooperate with BRAIN Biotech developing novel biobased antimicrobial compounds • JDE Peet’s | agrees on takeover offer of EUR 31.85 per share in cash by Keurig Dr Pepper • PostNL | Royal Mail’s delivery quality still falls short of minimum required targets • Dutch politics | NSC cabinet members have resigned as well; risk of political deadlock • Corporate agenda | week 35 - 39

International Distributions Services PLC - What's New(s) in Amsterdam

Netherlands

Corbion NV delivers biobased products made from renewable resources. The Company's key products are lactic acid, lactic acid derivatives and lactides, and functional blends containing enzymes, emulsifiers, minerals and vitamins for global markets such as bakery, meat, pharmaceuticals and medical devices, home and personal care, packaging, automotive, coatings and resins.

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Corbion NV (CRBN NA)

What's News in Amsterdam - 31 July (dsm-firmenich | MICC | Shell | UMG | Corbion | Fugro)

In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the...

The IDEA!

ASM International NV - What's New(s) in Amsterdam

In this edition: • AkzoNobel | beats consensus estimates thanks to strong quarter for Deco • ASM International | 26Q1 results clear beat against...

The IDEA!

Axalta Coating Systems Ltd - What's News in Amsterdam

In today's edition: • ABN Amro | announced further reduction of its flexible workforce • AkzoNobel | Cevian pledges support for AkzoNobel/Axalta...

The IDEA!

ASM International NV - What's New(s) in Amsterdam

In this edition: • Adyen | strong net revenue growth and take rate, both ahead of expectations • ASM International | clearly better than expected...

The IDEA!

International Distributions Services PLC - What's New(s) in Amsterdam

In this edition: • AkzoNobel | Cevian declares an approx. 3% holding in the company • Heineken | Poland intends to increase excise duty on beer...

The IDEA!

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