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: • ABN Amro | ICS outsourcing strategically positive; no near term effect on earnings • Dutch housing market | housing market shows signs of normalization</li></ul>

In this edition: • ABN Amro | ICS outsourcing strategically positive; no near term effect on earnings • Dutch housing market | housing market shows signs of normalization

What's News in Amsterdam - 10 July (ABN Amro | Dutch housing market)

Universal Music Group NV / Equity Bottom-Up

<ul><li>In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square plans to divest its stake • Unilever | Fernández robustly defends the deal with McCormick despite upheaval • Dutch housing market | ‘code yellow’ based on early signals TU’s housing market monitor • E-commerce & Logistics | DHL study shows rising share of OOH deliveries</li></ul>

In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square plans to divest its stake • Unilever | Fernández robustly defends the deal with McCormick despite upheaval • Dutch housing market | ‘code yellow’ based on early signals TU’s housing market monitor • E-commerce & Logistics | DHL study shows rising share of OOH deliveries

Universal Music Group NV - What's News in Amsterdam

<ul><li>In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though</li></ul>

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions – organic performance negative • Arcadis | encouraging start to the year – reiterates guidance for the year • DHL | better than expected EBIT despite lower revenues • Dutch housing market | showing some early signs of cooling • Dutch CPI | up 0.1% YoY at 2.8%; sequential increase suggests acceleration though

<ul><li>In this edition: • ASR Nederland | Vereniging Aegon as a new cornerstone investor?</li><li>• BAM Group | completes acquisition of Gebroeders Blokland • Sif Holding | ends year strong, outlook FY26 reiterated but what about FY27?</li><li>• Zalando | post earnings call comment</li></ul>

In this edition: • ASR Nederland | Vereniging Aegon as a new cornerstone investor?• BAM Group | completes acquisition of Gebroeders Blokland • Sif Holding | ends year strong, outlook FY26 reiterated but what about FY27?• Zalando | post earnings call comment

What's News in Amsterdam - 13 March (ASR Nederland | BAM Group | Sif Holding | Zalando)

<ul><li>In this edition: • BE Semiconductor Industries | results in line with trading update, recovery started • KPN | Liberty Global acquires full ownership of VodafoneZiggo; merges it with Telenet • BAM Group | FY26 outlook clearly more similar to FY27 market consensus than FY26 • ForFarmers | favorable market environment, good strategy, excellent execution</li></ul>

In this edition: • BE Semiconductor Industries | results in line with trading update, recovery started • KPN | Liberty Global acquires full ownership of VodafoneZiggo; merges it with Telenet • BAM Group | FY26 outlook clearly more similar to FY27 market consensus than FY26 • ForFarmers | favorable market environment, good strategy, excellent execution

What's News in Amsterdam - 19 February (BE Semiconductor Industries | KPN | BAM Group | ForFarmers)

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)

What's News in Amsterdam - 10 July (ABN Amro | Dutch housing market)

In this edition: • ABN Amro | ICS outsourcing strategically positive; no near term effect on earnings • Dutch housing market | housing market...

The IDEA!

Universal Music Group NV - What's News in Amsterdam

In this edition: • AkzoNobel | Nippon Paint and Sherwin-Williams no longer pursue joint takeover plan • Universal Music Group | Pershing Square...

The IDEA!

IMCD Group NV - What's News in Amsterdam

In this edition: • ING | clear beat of consensus across the board; new EUR 1.0bn share buyback • IMCD | revenue growth driven by acquisitions –...

The IDEA!

What's News in Amsterdam - 13 March (ASR Nederland | BAM Group | Sif Holding | Zalando)

In this edition: • ASR Nederland | Vereniging Aegon as a new cornerstone investor? • BAM Group | completes acquisition of Gebroeders...

The IDEA!

What's News in Amsterdam - 19 February (BE Semiconductor Industries | KPN | BAM Group | ForFarmers)

In this edition: • BE Semiconductor Industries | results in line with trading update, recovery started • KPN | Liberty Global acquires full...

The IDEA!

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