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 today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France</li></ul>

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France

<ul><li>In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens with EUR 2bn claim • Sligro Food Group | slight moderation of FY25 guidance after uninspiring 3Q25 • bpostgroup | following up on the ‘Night Delivery’ service • E-commerce & Logistics | Temu’s pre-tax profit more than doubled in 2024 • E-commerce & Logistics | Dutch plan for national levy on non-EU low-value parcels imports</li></ul>

In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens with EUR 2bn claim • Sligro Food Group | slight moderation of FY25 guidance after uninspiring 3Q25 • bpostgroup | following up on the ‘Night Delivery’ service • E-commerce & Logistics | Temu’s pre-tax profit more than doubled in 2024 • E-commerce & Logistics | Dutch plan for national levy on non-EU low-value parcels imports

Deutsche Post AG - What's News in Amsterdam

Koninklijke Bam Groep Nv / Equity Bottom-Up

<ul><li>In this edition: • BAM Group | Fehmarnbelt tunnel delayed 18 months • Fugro | withdraws financial guidance for 2025</li></ul>

In this edition: • BAM Group | Fehmarnbelt tunnel delayed 18 months • Fugro | withdraws financial guidance for 2025

What's New(s) in Amsterdam - 22 September (BAM Groep | Fugro)

<ul><li>In this edition: • BAM Group | awarded EUR 600m contract from Enexis and WML • Dutch retail sales | up 3.3% YoY in value terms in 2Q25; up 1.1% in volume terms • Dutch politics | former high-level civil servant recommends an interim cabinet • Dutch politics | latest poll after last Friday’s events</li></ul>

In this edition: • BAM Group | awarded EUR 600m contract from Enexis and WML • Dutch retail sales | up 3.3% YoY in value terms in 2Q25; up 1.1% in volume terms • Dutch politics | former high-level civil servant recommends an interim cabinet • Dutch politics | latest poll after last Friday’s events

What's News in Amsterdam - 26 August (BAM Group | Retail sales | Dutch politics)

<ul><li>In today's edition: • ING / Van Lanschot Kempen | ING completes acquisition of Van Lanschot Kempen stake • RELX Group | held talks with investors to move prime listing to New York • Signify | 25Q2 results broadly in line with consensus - marginally adjusts FY25 outlook • BAM Group | revises FY25 adjusted EBITDA-margin upward to at least 5%</li></ul>

In today's edition: • ING / Van Lanschot Kempen | ING completes acquisition of Van Lanschot Kempen stake • RELX Group | held talks with investors to move prime listing to New York • Signify | 25Q2 results broadly in line with consensus - marginally adjusts FY25 outlook • BAM Group | revises FY25 adjusted EBITDA-margin upward to at least 5%

What's New(s) in Amsterdam - 25 July (ING / Van Lanschot Kempen | RELX Group | Signify | BAM Groe

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)

bpost SA - What's New(s) in Amsterdam

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event...

The IDEA!

Deutsche Post AG - What's News in Amsterdam

In this edition: • ABN Amro | warns for margin pressure impacting its 3Q25 results • BAM Group | Femern Link Contractors joint venture threatens...

The IDEA!

What's New(s) in Amsterdam - 22 September (BAM Groep | Fugro)

In this edition: • BAM Group | Fehmarnbelt tunnel delayed 18 months • Fugro | withdraws financial guidance for 2025

The IDEA!

What's News in Amsterdam - 26 August (BAM Group | Retail sales | Dutch politics)

In this edition: • BAM Group | awarded EUR 600m contract from Enexis and WML • Dutch retail sales | up 3.3% YoY in value terms in 2Q25; up 1.1% in...

The IDEA!

What's New(s) in Amsterdam - 25 July (ING / Van Lanschot Kempen | RELX Group | Signify | BAM Groe

In today's edition: • ING / Van Lanschot Kempen | ING completes acquisition of Van Lanschot Kempen stake • RELX Group | held talks with investors...

The IDEA!

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