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.

Thematic (Sector/Industry)

<ul>
<li>In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.</li>
<li>We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.</li>
<li>We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. </li>
</ul>


In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results and with NII in particular.
We feel that the FY25 NII guidance has been adequately substantiated in the FY25 results presentation slides.
We were also pleased wit the development in costs on an underlying basis. We feel that management’s guidance of flattish costs (excl. one-offs) is based on a clear foundation. 


Equity Bottom-Up

<ul><li>In this edition: • dsm-firmenich | Richard Ridinger to succeed Thomas Leysen as new Chairman • Allegro | AI Assistant hits 500k monthly users</li></ul>

In this edition: • dsm-firmenich | Richard Ridinger to succeed Thomas Leysen as new Chairman • Allegro | AI Assistant hits 500k monthly users

Allegro.eu SA - What's News in Amsterdam - 18 August (dsm-firmenich | Allegro)

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

Ctt-Correios De Portugal Sa / Equity Bottom-Up

<ul><li>In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges</li></ul>

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges

CTT-Correios de Portugal SA - What's News in Amsterdam

Aalberts Industries Nv / Equity Bottom-Up

<ul><li>In this edition: • dsm-firmenich | presents new mid-term targets; new EUR 540m share buyback • Aalberts | completes divestment of Broen • Triodos Bank | FY25 results reflect a transition year • Allegro | 4Q25 results broadly in line with consensus; PLN 1.6bn share buyback</li></ul>

In this edition: • dsm-firmenich | presents new mid-term targets; new EUR 540m share buyback • Aalberts | completes divestment of Broen • Triodos Bank | FY25 results reflect a transition year • Allegro | 4Q25 results broadly in line with consensus; PLN 1.6bn share buyback

What's New(s) in Amsterdam - 12 March (dsm-firmenich | Aalberts | Triodos Bank | Allegro)

Switzerland

DSM-Firmenich AG is an innovator in nutrition, health, and beauty products. The Company reinvents, manufactures, and combines vital nutrients, flavors, and fragrances. DSM-Firmenich serves customers worldwide.

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DSM-Firmenich (DSFIR NA)

What's New(s) in Amsterdam

In yesterday’s initial comment, we already zoomed in on the bank’s 4Q24 and FY24 results. On an overall, basis, we were pleased with the results...

The IDEA!

Allegro.eu SA - What's News in Amsterdam - 18 August (dsm-firmenich | Allegro)

In this edition: • dsm-firmenich | Richard Ridinger to succeed Thomas Leysen as new Chairman • Allegro | AI Assistant hits 500k monthly users

The IDEA!

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!

CTT-Correios de Portugal SA - What's News in Amsterdam

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups...

The IDEA!

What's New(s) in Amsterdam - 12 March (dsm-firmenich | Aalberts | Triodos Bank | Allegro)

In this edition: • dsm-firmenich | presents new mid-term targets; new EUR 540m share buyback • Aalberts | completes divestment of Broen...

The IDEA!

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