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: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating possible sale of transmission towers • InPost | poor delivery quality in to-door segment damaging to e-commerce growth • Just Eat TakeAway.com (“JET”) | Prosus launches recommended cash offer • Corporate agenda | week 21 - 24</li></ul>

In this edition: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating possible sale of transmission towers • InPost | poor delivery quality in to-door segment damaging to e-commerce growth • Just Eat TakeAway.com (“JET”) | Prosus launches recommended cash offer • Corporate agenda | week 21 - 24

Koninklijke KPN NV - What's News in Amsterdam

<ul><li>In this edition: • ABN Amro | to assess room for possible share buyback in 2Q25 • Shell | Milieudefensie to start new environmental case • InPost | beating market expectations again despite UK & Ireland • PostNL | additional increase in stamp prices as of 1 July 2025</li></ul>

In this edition: • ABN Amro | to assess room for possible share buyback in 2Q25 • Shell | Milieudefensie to start new environmental case • InPost | beating market expectations again despite UK & Ireland • PostNL | additional increase in stamp prices as of 1 July 2025

What's New(s) in Amsterdam - 14 May (ABN Amro | Shell | InPost | PostNL)

<ul><li>In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on acquisitions • Heineken | row with Jumbo not only on price gap but also on lower discount • InPost | signs contract with ASOS for D+1 OOH delivery in the UK • TKH Group | slow start of the year as expected, reiterates FY25 guidance • Alfen | revises both FY25 revenue and adjusted EBITDA guidance downward • Kendrion | Mobility continues its strong growth, Industrial mixed performance</li></ul>

In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on acquisitions • Heineken | row with Jumbo not only on price gap but also on lower discount • InPost | signs contract with ASOS for D+1 OOH delivery in the UK • TKH Group | slow start of the year as expected, reiterates FY25 guidance • Alfen | revises both FY25 revenue and adjusted EBITDA guidance downward • Kendrion | Mobility continues its strong growth, Industrial mixed performance

Alfen Beheer BV - What's News in Amsterdam

<ul><li>In this edition: • ING | no real surprises in 1Q25; new EUR 2.0bn share buyback • Shell | clear beat of consensus almost across the board; new USD 3.5bn share buyback • Unilever | CEO pledges to accelerate the execution of the company’s strategy • Aalberts | tough start of the year – building shows first signs of recovery • Aalberts | completes acquisition of Paulo Products Company • March retail sales | +3.4% YoY in value and +1.0% YoY in volume terms • Dutch CPI | +4.1% in April • e-Commerce (logistics) sector | France considering imposing tax on small Chinese parcels</li></ul>

In this edition: • ING | no real surprises in 1Q25; new EUR 2.0bn share buyback • Shell | clear beat of consensus almost across the board; new USD 3.5bn share buyback • Unilever | CEO pledges to accelerate the execution of the company’s strategy • Aalberts | tough start of the year – building shows first signs of recovery • Aalberts | completes acquisition of Paulo Products Company • March retail sales | +3.4% YoY in value and +1.0% YoY in volume terms • Dutch CPI | +4.1% in April • e-Commerce (logistics) sector | France considering imposing tax on small Chinese parcels

<ul><li>In this edition: • Alfen | strong demand to develop BESS • E-commerce (logistics) sector | UK government reviewing duty-free exemption threshold</li></ul>

In this edition: • Alfen | strong demand to develop BESS • E-commerce (logistics) sector | UK government reviewing duty-free exemption threshold

What's News in Amsterdam - 29 April (Alfen | e-commerce (logistics) sector)

Luxembourg

InPost S.A. is an e-commerce enablement platform. InPost provides delivery services through its network of automated parcel machines, including those in the UK, as well as to-door couriers and fulfillment services to e-commerce merchants.

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InPost (INPST NA)

Koninklijke KPN NV - What's News in Amsterdam

In this edition: • AkzoNobel | believed to be close to a final deal with JSW Paints on Akzo Nobel India • KPN | VodafoneZiggo investigating...

The IDEA!

What's New(s) in Amsterdam - 14 May (ABN Amro | Shell | InPost | PostNL)

In this edition: • ABN Amro | to assess room for possible share buyback in 2Q25 • Shell | Milieudefensie to start new environmental case • InPost...

The IDEA!

Alfen Beheer BV - What's News in Amsterdam

In this edition: • Ahold Delhaize | Delhaize aims for market leadership in online groceries in Belgium • ASM International | looking for bolt-on...

The IDEA!

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

In this edition: • ING | no real surprises in 1Q25; new EUR 2.0bn share buyback • Shell | clear beat of consensus almost across the board; new USD...

The IDEA!

What's News in Amsterdam - 29 April (Alfen | e-commerce (logistics) sector)

In this edition: • Alfen | strong demand to develop BESS • E-commerce (logistics) sector | UK government reviewing duty-free exemption threshold

The IDEA!

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