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

Koninklijke Bam Groep Nv / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel / Axalta | EU and UK ‘Phase I’ deadlines to expire soon • InPost | Offeror reaches 98.49% after post-acceptance period • Shell | robust downstream margins and upstream volumes offset exploration write-down • Fagron | marginal downward outlook adjustment due to industry wide IV bag recall • BAM Group | acquires A.Hak for EUR 504m, strengthening position in energy and water infrastructure • E-commerce & Logistics | last mile shift towards OOH in the UK accelerates</li></ul>

In this edition: • AkzoNobel / Axalta | EU and UK ‘Phase I’ deadlines to expire soon • InPost | Offeror reaches 98.49% after post-acceptance period • Shell | robust downstream margins and upstream volumes offset exploration write-down • Fagron | marginal downward outlook adjustment due to industry wide IV bag recall • BAM Group | acquires A.Hak for EUR 504m, strengthening position in energy and water infrastructure • E-commerce & Logistics | last mile shift towards OOH in the UK accelerates

Koninklijke BAM Groep NV - What's News in Amsterdam

Thematic (Sector/Industry)

<ul>
<li>Ahold Delhaize | Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’ discount promotions, according to an investigation ordered by Belgian Consumer Protection Minister Rob Beenders.</li>
<li>The probe found no evidence of selling below cost or misleading promotions despite complaints about empty shelves and unclear conditions.</li>
<li>Authorities will continue monitoring pricing strategies to ensure transparency and prevent cross-subsidization through price increases on other products.</li>
</ul>


Ahold Delhaize | Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’ discount promotions, according to an investigation ordered by Belgian Consumer Protection Minister Rob Beenders.
The probe found no evidence of selling below cost or misleading promotions despite complaints about empty shelves and unclear conditions.
Authorities will continue monitoring pricing strategies to ensure transparency and prevent cross-subsidization through price increases on other products.


<ul>
<li>Orlen has terminated its agreement with Poczta Polska to sell Orlen Paczka, formally ending plans for the Polish Post to acquire up to 100% of the parcel and locker operator.</li>
<li>This closes a high-profile consolidation project that had been positioned as a cornerstone of building a national, state-backed logistics champion capable of competing with private courier leaders.</li>
<li>As a result, Orlen retains full ownership of Orlen Paczka, which continues to operate independently in the highly competitive KEP (courier, express, parcel) market.</li>
</ul>


Orlen has terminated its agreement with Poczta Polska to sell Orlen Paczka, formally ending plans for the Polish Post to acquire up to 100% of the parcel and locker operator.
This closes a high-profile consolidation project that had been positioned as a cornerstone of building a national, state-backed logistics champion capable of competing with private courier leaders.
As a result, Orlen retains full ownership of Orlen Paczka, which continues to operate independently in the highly competitive KEP (courier, express, parcel) market.


<ul>
<li>International, yet Poland disappoints InPost Group delivered a strong 4Q25 peak season and a record full-year performance, reinforcing its growth trajectory and operational scalability across Europe.</li>
<li>Total 4Q25 parcel volumes reached an all-time high of 417.6m, up 30% year-on-year, with the Group processing over 15 million parcels on its busiest single day.</li>
<li>Full-year volumes totaled 1.36bn parcels (consensus: 1.35bn), representing 25% annual growth, increasingly driven by international markets.</li>
</ul>


International, yet Poland disappoints InPost Group delivered a strong 4Q25 peak season and a record full-year performance, reinforcing its growth trajectory and operational scalability across Europe.
Total 4Q25 parcel volumes reached an all-time high of 417.6m, up 30% year-on-year, with the Group processing over 15 million parcels on its busiest single day.
Full-year volumes totaled 1.36bn parcels (consensus: 1.35bn), representing 25% annual growth, increasingly driven by international markets.


What's News in Amsterdam - 21 January (InPost | Vopak)

<ul>
<li>Overall Dutch supermarket sales rose 2.3% year-on-year to EUR 5.1bn, driven entirely by price increases rather than higher volumes.</li>
<li>Market share shifts therefore translate directly into significant revenue changes, with each percentage point worth hundreds of millions of euros.</li>
<li>Albert Heijn (Ahold Delhaize) remains the clear market leader, benefiting from the largest store network and gaining 0.5%-pt of market share to 38.2%. </li>
</ul>


Overall Dutch supermarket sales rose 2.3% year-on-year to EUR 5.1bn, driven entirely by price increases rather than higher volumes.
Market share shifts therefore translate directly into significant revenue changes, with each percentage point worth hundreds of millions of euros.
Albert Heijn (Ahold Delhaize) remains the clear market leader, benefiting from the largest store network and gaining 0.5%-pt of market share to 38.2%. 


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 BAM Groep NV - What's News in Amsterdam

In this edition: • AkzoNobel / Axalta | EU and UK ‘Phase I’ deadlines to expire soon • InPost | Offeror reaches 98.49% after post-acceptance...

The IDEA!

What's News in Amsterdam

Albert Heijn Belgium did not violate the law Albert Heijn did not breach competition or consumer protection laws with its high-profile ‘2+5’...

The IDEA!

What's News in Amsterdam

In today's edition: • InPost | deal between Orlen Paczka and Poczta Polska is off • RELX / Wolters Kluwer | how fAIr are investors’...

The IDEA!

What's News in Amsterdam - 21 January (InPost | Vopak)

International, yet Poland disappoints InPost Group delivered a strong 4Q25 peak season and a record full-year performance, reinforcing its growth...

The IDEA!

What's New in Amsterdam

Overall Dutch supermarket sales rose 2.3% year-on-year to EUR 5.1bn, driven entirely by price increases rather than higher volumes.

The IDEA!

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