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 today's edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US</li></ul>

In today's edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post earnings call comment • dsm-firmenich | in exclusive talks with CVC on its AHN division; may keep minority stake • Alfen | reiterates FY25 guidance, however, revises FY26 ambition downward • bpostgroup | temporarily suspends individual parcel shipments to the US

What's News in Amsterdam - 21 August (Aegon | a.s.r. Nederland | dsm-firmenich | Alfen | bpostgroup)

<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

<ul><li>In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36</li></ul>

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

<ul><li>In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices</li></ul>

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its share buyback • IMCD | acquires Trichem in India • JDE Peet’s | in tough discussions with Dutch supermarkets on higher coffee prices

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

<ul><li>In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today</li></ul>

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with the City of Calgary • Fugro | awarded major order to perform a site characterisation programme for a deepwater gas field development in Southeast Asia • Dutch CPI | consumer prices increased by 3.3% YoY in May, down from 4.1% in April • Dutch politics | coalition government may fall later today

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

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 News in Amsterdam - 21 August (Aegon | a.s.r. Nederland | dsm-firmenich | Alfen | bpostgroup)

In today's edition: • Aegon | 1H25 OCG looks a bit light; review to relocate legal domicile and head office to US • a.s.r. Nederland | post...

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!

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the...

The IDEA!

What's New(s) in Amsterdam - 27 June (AkzoNobel | dsm-firmenich | IMCD | JDE Peet's)

In this edition: • AkzoNobel | sells its 75% stake in Akzo Nobel India; announces EUR 400m share buyback • dsm-firmenich | ups the side of its...

The IDEA!

What's News in Amsterdam - 3 June (dsm-firmenich | Arcadis| Fugro | Dutch CPI | Dutch politics)

In this edition: • dsm-firmenich | completes sale of its stake in Feed Enzymes Alliance • Arcadis | awarded digital asset management contract with...

The IDEA!

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