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: • Adyen | to nominate Niclas Neglen as Chief Financial Officer • ASM International | launches breakthrough Flowable Carbon technology • Heineken | loses UEFA Club Competitions Sponsorship to AB Inbev • InPost | offer declared unconditional • Shell | completes Gulf of America asset sale • Arcadis | WSP Global withdraws proposed offer for the company</li></ul>

In this edition: • Adyen | to nominate Niclas Neglen as Chief Financial Officer • ASM International | launches breakthrough Flowable Carbon technology • Heineken | loses UEFA Club Competitions Sponsorship to AB Inbev • InPost | offer declared unconditional • Shell | completes Gulf of America asset sale • Arcadis | WSP Global withdraws proposed offer for the company

Thematic (Sector/Industry)

<ul>
<li>Currency factors took their toll on AkzoNobel’s 2Q25 results. On a pure organic basis, sales were flat, which was the balance of lower volumes (-/-1%), higher prices (+2%) and a negative mix effect (-/-1%).</li>
<li>Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.</li>
<li>Adjusted EBITDA was impacted by currency headwinds too. On a reported basis, adj. EBITDA came in at EUR 393m, or EUR 10m lower than the consensus average estimate. </li>
</ul>


Currency factors took their toll on AkzoNobel’s 2Q25 results. On a pure organic basis, sales were flat, which was the balance of lower volumes (-/-1%), higher prices (+2%) and a negative mix effect (-/-1%).
Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.
Adjusted EBITDA was impacted by currency headwinds too. On a reported basis, adj. EBITDA came in at EUR 393m, or EUR 10m lower than the consensus average estimate. 


<ul>
<li>Yesterday, the Court of Appeal of Arnhem-Leeuwarden ruled that online grocery delivery companies like e.g., Picnic and Flink, must comply with the collective labour agreement (CLA) for the supermarket sector.</li>
<li>The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are effectively operating as (virtual) supermarkets.</li>
<li>Therefore, they fall under the same labor regulations as traditional supermarkets.</li>
</ul>


Yesterday, the Court of Appeal of Arnhem-Leeuwarden ruled that online grocery delivery companies like e.g., Picnic and Flink, must comply with the collective labour agreement (CLA) for the supermarket sector.
The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are effectively operating as (virtual) supermarkets.
Therefore, they fall under the same labor regulations as traditional supermarkets.


<ul><li>In this edition: • InPost | 89.81% of all shares have been tendered</li></ul>

In this edition: • InPost | 89.81% of all shares have been tendered

FedEx Corp - What's News in Amsterdam - 21 September (InPost)

FedEx Corp - Duplicate of What's News in Amsterdam - 31 August (InPost | Bnode)

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 New(s) in Amsterdam - 23 September (Adyen | ASM Int'l | Heineken | InPost | Shell | Arcadis)

In this edition: • Adyen | to nominate Niclas Neglen as Chief Financial Officer • ASM International | launches breakthrough Flowable Carbon...

The IDEA!

What's New(s) in Amsterdam

Currency factors were -/-5% and in combination with hyperinflation accounting, this resulted in an almost 6% drop in reported revenue.

The IDEA!

What's New(s) in Amsterdam

The court determined that businesses selling supermarket products online and physically handling, sorting, and delivering them to consumers are...

The IDEA!

FedEx Corp - What's News in Amsterdam - 21 September (InPost)

In this edition: • InPost | 89.81% of all shares have been tendered

The IDEA!

FedEx Corp - Duplicate of What's News in Amsterdam - 31 August (InPost | Bnode)

In this edition: • InPost | 89.81% of all shares have been tendered

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)