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.

Thematic (Sector/Industry)

<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%. 


<ul>
<li>Ahold Delhaize | Jumbo lost further market share in FY25</li>
<li>Albert Heijn’s most important competitor in the Netherlands – family owned supermarkets chain Jumbo – continued to lose market share in FY25.</li>
<li>Jumbo now has a market share of 20.0%, down 50 bps YoY. This is in line with market share it suffered in FY24 (from 21% to 20.5%). </li>
</ul>


Ahold Delhaize | Jumbo lost further market share in FY25
Albert Heijn’s most important competitor in the Netherlands – family owned supermarkets chain Jumbo – continued to lose market share in FY25.
Jumbo now has a market share of 20.0%, down 50 bps YoY. This is in line with market share it suffered in FY24 (from 21% to 20.5%). 


Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.</li>
<li>In this insight, we consider potential index changes that could take place in the December 2026 rebal, along with many M&amp;A deals that could trigger intra-review changes.</li>
<li>We discuss around seven intra-review index changes likely to take place on or before 4Q 2026 and three regular changes during the December 2026 rebal.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. It also acts as a universe for some highly tracked indices.
In this insight, we consider potential index changes that could take place in the December 2026 rebal, along with many M&amp;A deals that could trigger intra-review changes.
We discuss around seven intra-review index changes likely to take place on or before 4Q 2026 and three regular changes during the December 2026 rebal.


Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

InPost (INPST NA)

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!

What's New(s) in Amsterdam

lbert Heijn’s most important competitor in the Netherlands – family owned supermarkets chain Jumbo – continued to lose market share in FY25.

The IDEA!

Quiddity Leaderboard SE600 Dec26: Multiple Intra-Review Changes Likely

SE600 members Beazley and Schroders will be deleted from the index after today's close. We expect Vontobel (VONN SW) and B&M European Value Retail...

Afridi Reyal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)