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: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable</li></ul>

In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of assumed impact of announced tariiffs • PostNL | 1Q25 broadly in line; FCF deviation mainly due to phasing • Triodos Bank | first ruling by Spanish Supreme Court: Triodos not liable

What's New(s) in Amsterdam - 6 May (BE Semiconductor Industries | Philips | PostNL | Triodos Bank)

<ul><li>In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF</li></ul>

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding offers for ANH this Thursday • Van Lanschot Kempen | Bank Delen further expands its presence in the Netherlands • Vopak | partnership with OQ to accelerate development of Duqm as integrated industrial hub • PostNL | main takeaways from yesterday’s AGM • TomTom | change in accounting strongly beneficiary for profitability – no impact on FCF

<ul><li>In this edition: • Ahold Delhaize | Jumbo has found an interim CEO • KPN | Ziggo to increase the download speed for all broadband subscribers • Unilever | former owners believed to be interested in buying back Ben & Jerry’s • InPost / PostNL | Vinted Go to roll out APMs in the Netherlands and Belgium • Van Lanschot Kempen | some post-earnings call remarks • Kendrion | sets itself a challenging FY25 EBITDA-margin goal of at least 15%</li></ul>

In this edition: • Ahold Delhaize | Jumbo has found an interim CEO • KPN | Ziggo to increase the download speed for all broadband subscribers • Unilever | former owners believed to be interested in buying back Ben & Jerry’s • InPost / PostNL | Vinted Go to roll out APMs in the Netherlands and Belgium • Van Lanschot Kempen | some post-earnings call remarks • Kendrion | sets itself a challenging FY25 EBITDA-margin goal of at least 15%

<ul><li>In this edition: • Ahold Delhaize / PostNL | EUR 2/parcel levy on non-EU parcels as of 1 January 2026 • Unilever | sells Graze to Katjes International • CM.com | clients are offered migration program to switch to Bird • Black Friday week sales | online transactions up by approx. 5% YoY • Dutch retail sales | up 3.1% YoY in October; no meaningful change in the growth trend</li></ul>

In this edition: • Ahold Delhaize / PostNL | EUR 2/parcel levy on non-EU parcels as of 1 January 2026 • Unilever | sells Graze to Katjes International • CM.com | clients are offered migration program to switch to Bird • Black Friday week sales | online transactions up by approx. 5% YoY • Dutch retail sales | up 3.1% YoY in October; no meaningful change in the growth trend

<ul><li>In this edition: • Heineken | European brewers are absorbing part of the effects of the higher import duties • Basic-Fit | VAT increase in Belgium possibly to cost EUR 15m • Black Friday sales | Monta reports 32% growth in online order volumes • E-commerce & Logistics | Royal Mail to partner with Temu</li></ul>

In this edition: • Heineken | European brewers are absorbing part of the effects of the higher import duties • Basic-Fit | VAT increase in Belgium possibly to cost EUR 15m • Black Friday sales | Monta reports 32% growth in online order volumes • E-commerce & Logistics | Royal Mail to partner with Temu

Basic-Fit NV - What's New(s) in Amsterdam

Netherlands

PostNL NV collects, transports, stores, sorts, and distributes letters, printed matter, parcels, documents, and freight items.  The Company provides mail and logistics services domestically and internationally.

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PostNL NV (PNL NA)

What's New(s) in Amsterdam - 6 May (BE Semiconductor Industries | Philips | PostNL | Triodos Bank)

In this edition: • BE Semiconductor Industries | awarded follow-on order for five TCB Next systems • Philips | adjusts FY25 outlook on back of...

The IDEA!

PostNL NV - What's New(s) in Amsterdam

In this edition: • ASML Holding | reiterates FY25 outlook – order intake below long-term desired level • dsm-firmenich | deadline for non-binding...

The IDEA!

PostNL NV - What's News in Amsterdam

In this edition: • Ahold Delhaize | Jumbo has found an interim CEO • KPN | Ziggo to increase the download speed for all broadband...

The IDEA!

Allegro.eu SA - What's News in Amsterdam

In this edition: • Ahold Delhaize / PostNL | EUR 2/parcel levy on non-EU parcels as of 1 January 2026 • Unilever | sells Graze to Katjes...

The IDEA!

Basic-Fit NV - What's New(s) in Amsterdam

In this edition: • Heineken | European brewers are absorbing part of the effects of the higher import duties • Basic-Fit | VAT increase in Belgium...

The IDEA!

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