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 | order intake continues to develop strongly • Heineken | solid 1Q26, yet the macro environment increasingly challenging • RELX Group | good start of the year; reiterates FY26 guidance • Fugro | anticipates lower offshore wind activities • Vopak | solid 1Q26 shows resilient (yet not immune) business model • Triodos Bank | DNB removes the bank’s MREL requirements • Bnode | strike about to enter its fourth week</li></ul>

In this edition: • BE Semiconductor Industries | order intake continues to develop strongly • Heineken | solid 1Q26, yet the macro environment increasingly challenging • RELX Group | good start of the year; reiterates FY26 guidance • Fugro | anticipates lower offshore wind activities • Vopak | solid 1Q26 shows resilient (yet not immune) business model • Triodos Bank | DNB removes the bank’s MREL requirements • Bnode | strike about to enter its fourth week

<ul><li>In this edition: • Heineken | divests its interests in the Democratic Republic of Congo • Dutch domestic household consumption | down 0.5% YoY in February • Corporate agenda | week 16 - 20</li></ul>

In this edition: • Heineken | divests its interests in the Democratic Republic of Congo • Dutch domestic household consumption | down 0.5% YoY in February • Corporate agenda | week 16 - 20

What's News in Amsterdam - 13 April (Heineken | February household spending | Corporate agenda)

<ul><li>In this edition: • Aegon | starts EUR 227m share buyback today • BE Semiconductor Industries | records strong order intake in 25Q4 • Heineken | Dolf van den Brink to step down as CEO at the end of May • Wolters Kluwer | acquires StandardFusion for EUR 32m • Fagron | completes acquisition of University Compounding Pharmacy • TomTom | 4Q25 new car registrations expected to increase mid-single digit in Europe • Odido | revives plan for IPO in Amsterdam; possibly already this month • Dutch politics | the Netherlands heading for a minority coalition?</li><li>• Webinar | 𝗜𝗻𝗣𝗼𝘀𝘁 𝗨𝗻𝗱𝗲𝗿 𝘁𝗵𝗲 𝗠𝗶𝗰𝗿𝗼𝘀𝗰𝗼𝗽𝗲: 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗥𝗲𝗮𝗹𝗹𝘆 𝗕𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝗧𝗮𝗸𝗲𝗼𝘃𝗲𝗿 𝗕𝗶𝗱?</li><li>• Corporate agenda | week 3 – 8</li></ul>

In this edition: • Aegon | starts EUR 227m share buyback today • BE Semiconductor Industries | records strong order intake in 25Q4 • Heineken | Dolf van den Brink to step down as CEO at the end of May • Wolters Kluwer | acquires StandardFusion for EUR 32m • Fagron | completes acquisition of University Compounding Pharmacy • TomTom | 4Q25 new car registrations expected to increase mid-single digit in Europe • Odido | revives plan for IPO in Amsterdam; possibly already this month • Dutch politics | the Netherlands heading for a minority coalition?• Webinar | 𝗜𝗻𝗣𝗼𝘀𝘁 𝗨𝗻𝗱𝗲𝗿 𝘁𝗵𝗲 𝗠𝗶𝗰𝗿𝗼𝘀𝗰𝗼𝗽𝗲: 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗥𝗲𝗮𝗹𝗹𝘆 𝗕𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝗧𝗮𝗸𝗲𝗼𝘃𝗲𝗿 𝗕𝗶𝗱?• Corporate agenda | week 3 – 8

<ul><li>In this edition: • AkzoNobel | a Janus-faced case?</li><li>• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business</li></ul>

In this edition: • AkzoNobel | a Janus-faced case?• BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new EUR 60m share buyback program • Heineken | presents new medium term strategy and targets at today’s CMD • RELX Group | 9M25 trading update shows no surprises (as it should be) • Aalberts | foresees FY25 EBITA-margin of 13%, 50bps below market consensus • Kendrion | completes sale of its China business

<ul><li>In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the board • Randstad | organic revenue per working remains negative and lags its US peer • Unilever | spin-off ice cream unit delayed because of US shutdown • TKH Group | completed divestment of Dewetron • Nexperia | warns customers not to buy chips from its Chinese branch • Dutch politics | EenVandaag poll: Bontenbal most trusted candidate PM</li></ul>

In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the board • Randstad | organic revenue per working remains negative and lags its US peer • Unilever | spin-off ice cream unit delayed because of US shutdown • TKH Group | completed divestment of Dewetron • Nexperia | warns customers not to buy chips from its Chinese branch • Dutch politics | EenVandaag poll: Bontenbal most trusted candidate PM

Randstad Holding NV - What's New(s) in Amsterdam

Netherlands

Heineken Holding NV, through its subsidiary produces and distributes beverages internationally.  The Company produces beers, spirits, wines, and soft drinks under various brand names. Heineken operates through numerous subsidiaries and associated companies worldwide.

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Heineken Holding NV (HEIO NA)

bpost SA - What's News in Amsterdam

In this edition: • BE Semiconductor Industries | order intake continues to develop strongly • Heineken | solid 1Q26, yet the macro environment...

The IDEA!

What's News in Amsterdam - 13 April (Heineken | February household spending | Corporate agenda)

In this edition: • Heineken | divests its interests in the Democratic Republic of Congo • Dutch domestic household consumption | down 0.5% YoY in...

The IDEA!

Inpost SA - What's New(s) in Amsterdam

In this edition: • Aegon | starts EUR 227m share buyback today • BE Semiconductor Industries | records strong order intake in 25Q4 • Heineken |...

The IDEA!

What's New(s) in Amsterdam - 23 October (AkzoNobel | Besi | Heineken | RELX | Aalberts | Kendrion)

In this edition: • AkzoNobel | a Janus-faced case? • BE Semiconductor Industries | as forecasted, order intake improved strongly; launches new...

The IDEA!

Randstad Holding NV - What's New(s) in Amsterdam

In this edition: • AkzoNobel | 3Q25 results hit by FX headwind; EUR 300m charge for Project Ichtys • Heineken | 3Q25 volumes disappoint across the...

The IDEA!

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