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: What's News in Amsterdam 7 October 2026 In this edition: • ABN Amro | Dutch state to further reduce its stake in ABN Amro to 10.5% • Fugro | warns of a sharp slowdown in European offshore wind • TomTom | 3Q26 new car registrations expected to increase by high-single-digit percentage in Europe • Bnode | to start offering Luminus energy contracts via its postal offices • DHL / EVRi | cross-border expansion into the U.S. • E-commerce & Logistics | Swiss Post CEO: EU parcel tax will not slow down Chinese retailers</li></ul>

In this edition: What's News in Amsterdam 7 October 2026 In this edition: • ABN Amro | Dutch state to further reduce its stake in ABN Amro to 10.5% • Fugro | warns of a sharp slowdown in European offshore wind • TomTom | 3Q26 new car registrations expected to increase by high-single-digit percentage in Europe • Bnode | to start offering Luminus energy contracts via its postal offices • DHL / EVRi | cross-border expansion into the U.S. • E-commerce & Logistics | Swiss Post CEO: EU parcel tax will not slow down Chinese retailers

<ul><li>In this edition: • Ahold Delhaize | potential Tesco CEE acquisition could strengthen Czech platform • Fugro | awarded major Australian marine asset integrity contract</li></ul>

In this edition: • Ahold Delhaize | potential Tesco CEE acquisition could strengthen Czech platform • Fugro | awarded major Australian marine asset integrity contract

What's New(s) in Amsterdam - 24 September (Ahold Delhaize | Fugro)

<ul><li>In this edition: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in low-value non-EU parcels • Dutch retail sales | consumer demand remained resilient in July • Dutch CPI | rose to 3.3% YoY in August</li></ul>

In this edition: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in low-value non-EU parcels • Dutch retail sales | consumer demand remained resilient in July • Dutch CPI | rose to 3.3% YoY in August

<ul><li>In this edition: • Flow Traders | expects 26Q3 NTI to be significantly below 26Q2 • Fugro | secures additional survey contracts in Timor-Leste</li></ul>

In this edition: • Flow Traders | expects 26Q3 NTI to be significantly below 26Q2 • Fugro | secures additional survey contracts in Timor-Leste

What's New(s) in Amsterdam - 25 September (Flow Traders | Fugro)

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

Netherlands

Fugro N.V. collects, processes, and interprets geological data.  The Company collects data at sea, on land, and from the air of land areas and the sea bed. The data is used in building offshore oil platforms, tunnels, roads, pipelines, factories, and communications cables, and to explore for oil, gas, and minerals. The Company operates worldwide.

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Fugro NV (FUR NA)

What's New(s) in Amsterdam - 7 October (ABN Amro | Fugro | TomTom | Bnode | DHL/EVRi | Ecom. & Log.)

In this edition: What's News in Amsterdam 7 October 2026 In this edition: • ABN Amro | Dutch state to further reduce its stake in ABN Amro to...

The IDEA!

What's New(s) in Amsterdam - 24 September (Ahold Delhaize | Fugro)

In this edition: • Ahold Delhaize | potential Tesco CEE acquisition could strengthen Czech platform • Fugro | awarded major Australian marine...

The IDEA!

Fugro NV - What's News in Amsterdam

In this edition: • Fugro | nominates Mr. Emiel Jongerius as new CFO • E-commerce & Logistics | French customs data show 30-40% drop in...

The IDEA!

What's New(s) in Amsterdam - 25 September (Flow Traders | Fugro)

In this edition: • Flow Traders | expects 26Q3 NTI to be significantly below 26Q2 • Fugro | secures additional survey contracts in Timor-Leste

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!

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