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: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

<ul><li>In this edition: • ING | aiming for a more active role on the insurance market • SBM Offshore | selected to construct two SEAP FPSOs under the BOT model by Petrobras • InPost / PostNL | Nova Post enters partnership with Vinted in the Netherlands • Basic-Fit | raises of EUR 307.6m offering convertible bonds due 2031 • D’Ieteren / Belron | Belron preparing for IPO in Amsterdam • Dutch economy | CPB reduces GDP growth forecast and increases inflation estimates • Dutch housing market | average selling price existing home down 2.7% QoQ but up 2.7% YoY</li></ul>

In this edition: • ING | aiming for a more active role on the insurance market • SBM Offshore | selected to construct two SEAP FPSOs under the BOT model by Petrobras • InPost / PostNL | Nova Post enters partnership with Vinted in the Netherlands • Basic-Fit | raises of EUR 307.6m offering convertible bonds due 2031 • D’Ieteren / Belron | Belron preparing for IPO in Amsterdam • Dutch economy | CPB reduces GDP growth forecast and increases inflation estimates • Dutch housing market | average selling price existing home down 2.7% QoQ but up 2.7% YoY

Sligro Food Group NV - What's News in Amsterdam

Koninklijke Ahold Delhaize NV / Equity Bottom-Up

<ul>
<li>Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.</li>
<li>Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.</li>
<li>Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.</li>
</ul>


Ahold Delhaize | Lidl main beneficiary of shift in consumer behaviour on rising fuel costs Accurat’s location-based footfall analysis of the Dutch supermarkets (weeks 6–13) reveals an immediate, measurable shift in consumer behaviour following the first energy-price shock linked to the Iran conflict.
Discount formats have gained ground at the expense of the mid-to-high price segment: Lidl has emerged as the clear national winner in visitor share, Aldi has posted modest gains, and Jumbo has remained stable.
Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo. Plus and Dirk also ceded traffic to Lidl.


<ul><li>In this edition: • ABN Amro / ING | mortgage activity soared in March • Randstad | investigation claims temporary workers were underpaid in the Netherlands • PostNL | D+2 model to be implemented on 12 July • bnode | strikes at bpost on necessary shift in working hours</li></ul>

In this edition: • ABN Amro / ING | mortgage activity soared in March • Randstad | investigation claims temporary workers were underpaid in the Netherlands • PostNL | D+2 model to be implemented on 12 July • bnode | strikes at bpost on necessary shift in working hours

What's News in Amsterdam - 2 April (ABN Amro/ING | Randstad Holding | PostNL | bnode)

<ul><li>In this edition: • ING | to cut ~1,250 full-time roles as part of an AI-driven efficiency program • Unilever | held discussions with Kraft Heinz on potential merger food and condiments units • Van Lanschot Kempen | strategic review of its listed (“liquid”) investment strategies.</li><li>• CTT Correios | solid performance in FY25; upbeat for FY26 despite geopolitical environment • E-commerce & Logistics | experts say abolition of EU de minimis rule will not be effective</li></ul>

In this edition: • ING | to cut ~1,250 full-time roles as part of an AI-driven efficiency program • Unilever | held discussions with Kraft Heinz on potential merger food and condiments units • Van Lanschot Kempen | strategic review of its listed (“liquid”) investment strategies.• CTT Correios | solid performance in FY25; upbeat for FY26 despite geopolitical environment • E-commerce & Logistics | experts say abolition of EU de minimis rule will not be effective

Netherlands

ING Groep N.V. offers financial services to individuals, corporations, and other institutions.  The Company offers corporate, investment, and private banking services, asset and portfolio management, treasury services, and insurance.  ING Groep has offices throughout the world.

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ING Groep NV (INGA NA)

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

Sligro Food Group NV - What's News in Amsterdam

In this edition: • ING | aiming for a more active role on the insurance market • SBM Offshore | selected to construct two SEAP FPSOs under the BOT...

The IDEA!

What's News in Amsterdam

Albert Heijn recorded the sharpest decline, losing the largest number of customers primarily to Lidl, with secondary leakage to Aldi and Jumbo....

The IDEA!

What's News in Amsterdam - 2 April (ABN Amro/ING | Randstad Holding | PostNL | bnode)

In this edition: • ABN Amro / ING | mortgage activity soared in March • Randstad | investigation claims temporary workers were underpaid in the...

The IDEA!

Zalando SE - What's News in Amsterdam

In this edition: • ING | to cut ~1,250 full-time roles as part of an AI-driven efficiency program • Unilever | held discussions with Kraft Heinz...

The IDEA!

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