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

<ul><li>In this edition: • Ahold Delhaize | Kaufland launches Dutch marketplace; appears largely undifferentiated • ASML | following up on yesterday’s joint press release on High-NA with TSMC • PostNL | Dutch parcel peak on Monday highlights need for delivery-day choice • Ziggo Group | VodafoneZiggo sells mobile towers for EUR 669m • Dutch construction sector | new-build sales weaken as apartment inventory builds • Domestic household consumption | continued growth, albeit at a decelerating pace</li></ul>

In this edition: • Ahold Delhaize | Kaufland launches Dutch marketplace; appears largely undifferentiated • ASML | following up on yesterday’s joint press release on High-NA with TSMC • PostNL | Dutch parcel peak on Monday highlights need for delivery-day choice • Ziggo Group | VodafoneZiggo sells mobile towers for EUR 669m • Dutch construction sector | new-build sales weaken as apartment inventory builds • Domestic household consumption | continued growth, albeit at a decelerating pace

<ul><li>In this edition: • BAM Group / Heijmans | new home construction to grow 25% in two years’ time • ForFarmers | bolt-on acquisition in Poland</li></ul>

In this edition: • BAM Group / Heijmans | new home construction to grow 25% in two years’ time • ForFarmers | bolt-on acquisition in Poland

What's New(s) in Amsterdam - 22 January (BAM Group / Heijmans | ForFarmers)

<ul><li>In this edition: • Aegon | EGM Clears Path to US Redomiciliation • Ahold Delhaize | still holding the top-2 positions in e-commerce in the Netherlands • AkzoNobel/Axalta | EU remedies signal path to Axalta clearance • dsm-firmenich | policy uncertainty increasingly viewed as an investment constraint • Dutch housing market | supply improves; new-build affordability more of a challenge • Dutch household consumption | momentum strengthens, led by durable goods • E-com & Logistics | InPost: AI-driven customer service offers a second wave of efficiency gains</li></ul>

In this edition: • Aegon | EGM Clears Path to US Redomiciliation • Ahold Delhaize | still holding the top-2 positions in e-commerce in the Netherlands • AkzoNobel/Axalta | EU remedies signal path to Axalta clearance • dsm-firmenich | policy uncertainty increasingly viewed as an investment constraint • Dutch housing market | supply improves; new-build affordability more of a challenge • Dutch household consumption | momentum strengthens, led by durable goods • E-com & Logistics | InPost: AI-driven customer service offers a second wave of efficiency gains

Thematic (Sector/Industry)

<ul>
<li>dsm-firmenich delivered a stronger-than-expected start to 2026, with 1Q26 organic revenue growth of 4%, materially ahead of consensus expectations of ~1.5%, supported primarily by volume expansion rather than pricing.</li>
<li>Reported group revenue reached EUR 2.28bn, slightly above market forecasts despite a 6% adverse FX impact and the divestment effect from the animal nutrition business sold to CVC.</li>
<li>Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.</li>
</ul>


dsm-firmenich delivered a stronger-than-expected start to 2026, with 1Q26 organic revenue growth of 4%, materially ahead of consensus expectations of ~1.5%, supported primarily by volume expansion rather than pricing.
Reported group revenue reached EUR 2.28bn, slightly above market forecasts despite a 6% adverse FX impact and the divestment effect from the animal nutrition business sold to CVC.
Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.


Netherlands

Koninklijke BAM Groep N.V. offers residential and non-residential construction services.  The Company offers property development, civil construction, cable and pipe systems, road, and mechanical and electrical systems construction services.  BAM operates primarily in the Netherlands and Belgium.

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Koninklijke Bam Groep Nv (BAMNB 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!

Koninklijke BAM Groep NV - What's News in Amsterdam

In this edition: • Ahold Delhaize | Kaufland launches Dutch marketplace; appears largely undifferentiated • ASML | following up on yesterday’s...

The IDEA!

What's New(s) in Amsterdam - 22 January (BAM Group / Heijmans | ForFarmers)

In this edition: • BAM Group / Heijmans | new home construction to grow 25% in two years’ time • ForFarmers | bolt-on acquisition in Poland

The IDEA!

PostNL NV - What's News in Amsterdam

In this edition: • Aegon | EGM Clears Path to US Redomiciliation • Ahold Delhaize | still holding the top-2 positions in e-commerce in the...

The IDEA!

What's News in Amsterdam

Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.

The IDEA!

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