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: • Philips | ends the year strong – sets FY26 outlook as well as mid-term targets for 2026-2028 ahead of market consensus • InPost | This (Fed)Exit Deserves A Better Price • Odido | shelves IPO plans • E-commerce & Logistics | France to take even tougher stance towards Chinese online platforms</li></ul>

In this edition: • Philips | ends the year strong – sets FY26 outlook as well as mid-term targets for 2026-2028 ahead of market consensus • InPost | This (Fed)Exit Deserves A Better Price • Odido | shelves IPO plans • E-commerce & Logistics | France to take even tougher stance towards Chinese online platforms

KPN NA - What's News in Amsterdam - 10 February (Philips | InPost | Odido | E-commerce & Logistics)

<ul><li>In this edition: • ASM International/ASML/BE Semiconductor Industries | SEMI revises its outlook for worldwide semiconductor equipment market upward but not as strong as WSTS did for the semiconductor market • InPost | survey shows a strong structural shift toward parcel lockers in the UK • KPN | home broadband market expected to grow at a 0.9% CAGR through 2029 • PostNL | CBb annulled fine for not meeting minimum delivery quality in 2019 • Dutch housing market | signs of moderation</li></ul>

In this edition: • ASM International/ASML/BE Semiconductor Industries | SEMI revises its outlook for worldwide semiconductor equipment market upward but not as strong as WSTS did for the semiconductor market • InPost | survey shows a strong structural shift toward parcel lockers in the UK • KPN | home broadband market expected to grow at a 0.9% CAGR through 2029 • PostNL | CBb annulled fine for not meeting minimum delivery quality in 2019 • Dutch housing market | signs of moderation

Koninklijke KPN NV - What's New(s) in Amsterdam

<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 / ING | both banks have passed the EBA stress test • KPN | VodafoneZiggo’s net broadband churn decelerated in 2Q25 • PostNL | 2Q25 normalised EBIT beats consensus thanks to Mail; no interim dividend • Dutch CPI | inflation dropped below 3% in July • Corporate agenda | week 32 – 36</li></ul>

In this edition: • ABN Amro / ING | both banks have passed the EBA stress test • KPN | VodafoneZiggo’s net broadband churn decelerated in 2Q25 • PostNL | 2Q25 normalised EBIT beats consensus thanks to Mail; no interim dividend • Dutch CPI | inflation dropped below 3% in July • Corporate agenda | week 32 – 36

What's News in Amsterdam - 4 August (ABN Amro/ING | KPN | PostNL | Dutch CPI | Agenda)

<ul><li>In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36</li></ul>

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the ANH unit • Heineken | operating profit (beia) shows beat thanks to more costs savings and mix effects • KPN | EUR 250m share buyback completed • Corporate agenda | week 31 – 36

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

Netherlands

Koninklijke KPN NV provides telecommunications services throughout the Netherlands.  The Company provides local, long distance, international, and mobile telecommunications services, voice-mail, call forwarding, ISDN Internet lines, faxing, and communications services for businesses and individuals.  KPN offers mobile telecommunications through E-Plus in Germany and BASE in Belgium.

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Koninklijke KPN (KPN NA)

KPN NA - What's News in Amsterdam - 10 February (Philips | InPost | Odido | E-commerce & Logistics)

In this edition: • Philips | ends the year strong – sets FY26 outlook as well as mid-term targets for 2026-2028 ahead of market consensus • InPost...

The IDEA!

Koninklijke KPN NV - What's New(s) in Amsterdam

In this edition: • ASM International/ASML/BE Semiconductor Industries | SEMI revises its outlook for worldwide semiconductor equipment market...

The IDEA!

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!

What's News in Amsterdam - 4 August (ABN Amro/ING | KPN | PostNL | Dutch CPI | Agenda)

In this edition: • ABN Amro / ING | both banks have passed the EBA stress test • KPN | VodafoneZiggo’s net broadband churn decelerated in...

The IDEA!

What's News in Amsterdam - 28 July (ABN Amro | dsm-firmenich | Heineken | KPN | Corporate calendar)

In this edition: • ABN Amro | Dutch state’s stake drops below one-third • dsm-firmenich | banks prepared to provide more debt to the buyer of the...

The IDEA!

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