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: • 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)

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. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes for the SE600 and EURSTX Indices for the March 2026 rebalance.</li>
<li>We expect about eight changes during the March 2026 review.</li>
</ul>


The SE600 index is one of the most widely-followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes for the SE600 and EURSTX Indices for the March 2026 rebalance.
We expect about eight changes during the March 2026 review.


Quiddity Leaderboard SE600 Mar26: CSG IPO Question; 8 ADDs/DELs As Things Stand

<ul><li>In this edition: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027 ambitions • dsm-firmenich | deal with CVC on AHN business expected to be announced soon • Unilever | sells its Home Care business in Colombia and Ecuador • BAM Group | acquisition strengthens position in Dutch residential market • Dutch politics | fiscally tight budget policy and no to Eurobonds</li></ul>

In this edition: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027 ambitions • dsm-firmenich | deal with CVC on AHN business expected to be announced soon • Unilever | sells its Home Care business in Colombia and Ecuador • BAM Group | acquisition strengthens position in Dutch residential market • Dutch politics | fiscally tight budget policy and no to Eurobonds

ASML Holding NV - What's News in Amsterdam

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)

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!

Quiddity Leaderboard SE600 Mar26: CSG IPO Question; 8 ADDs/DELs As Things Stand

The upcoming March 2026 rebalance of the SE600 is expected to bring about eight changes with the possible inclusion of CSG.

Afridi Reyal

ASML Holding NV - What's News in Amsterdam

In this edition: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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!

Quiddity Leaderboard SE600 Mar26: CSG IPO Question; 8 ADDs/DELs As Things Stand

​The upcoming March 2026 rebalance of the SE600 is expected to bring about eight changes with the possible inclusion of CSG.

Afridi Reyal

ASML Holding NV - What's News in Amsterdam

In this edition: • ASML | strategic redesign to improve the make the company more agile • ING | another clear beat of consensus; ups 2027...

The IDEA!

The upcoming March 2026 rebalance of the SE600 is expected to bring about eight changes with the possible inclusion of CSG.