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: • Ahold Delhaize | Food manufacturers appeal to EC on alleged market power large retailers • KPN | CEO Ziggo Group expects broadband churn to end this year • SBM Offshore | partnership with Solstad Offshore for a new installation vessel • Arcadis | awarded EUR 90m design work for high-speed rail train depot in the UK • Bnode | distribution deal with Digi Belgium fits within the strategy for its branches • April retail sales | sharp drop in consumer confidence did not reflect in retail sales • Dutch CPI | up 3.5% YoY in May</li></ul>

In this edition: • Ahold Delhaize | Food manufacturers appeal to EC on alleged market power large retailers • KPN | CEO Ziggo Group expects broadband churn to end this year • SBM Offshore | partnership with Solstad Offshore for a new installation vessel • Arcadis | awarded EUR 90m design work for high-speed rail train depot in the UK • Bnode | distribution deal with Digi Belgium fits within the strategy for its branches • April retail sales | sharp drop in consumer confidence did not reflect in retail sales • Dutch CPI | up 3.5% YoY in May

Thematic (Sector/Industry)

<ul>
<li>dsm-firmenich delivered a stronger-than-expected start to 2026, with 1Q26 organic revenue growth of 4%, materially ahead of consensus expectations of ~1.5%, supported primarily by volume expansion rather than pricing.</li>
<li>Reported group revenue reached EUR 2.28bn, slightly above market forecasts despite a 6% adverse FX impact and the divestment effect from the animal nutrition business sold to CVC.</li>
<li>Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.</li>
</ul>


dsm-firmenich delivered a stronger-than-expected start to 2026, with 1Q26 organic revenue growth of 4%, materially ahead of consensus expectations of ~1.5%, supported primarily by volume expansion rather than pricing.
Reported group revenue reached EUR 2.28bn, slightly above market forecasts despite a 6% adverse FX impact and the divestment effect from the animal nutrition business sold to CVC.
Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.


<ul><li>In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal submitted by Pershing Square • CSG | to pursue stake in KNDS</li></ul>

In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal submitted by Pershing Square • CSG | to pursue stake in KNDS

What's New(s) in Amsterdam - 1 June (SBM Offshore | Universal Music Group | CSG)

<ul><li>In today's edition: • SBM Offshore | ABS grants approval in principle to SBMO for blue ammonia concept • Dutch banks/insurers | Dutch mortgage market continues to show healthy growth</li></ul>

In today's edition: • SBM Offshore | ABS grants approval in principle to SBMO for blue ammonia concept • Dutch banks/insurers | Dutch mortgage market continues to show healthy growth

What's News in Amsterdam - 12 September (SBMO | Dutch financials)

<ul><li>In this edition: • ABN Amro | holding on to our positive stance despite mixed 2Q25 results • Ahold Delhaize | holding up well in a challenging environment • SBM Offshore | the company continues to surprise positively • TKH Group / Sif Holding | Germany’s 2.5GW offshore wind tender fails to attract bids • ForFarmers | very solid 1H25 with all geographies contributing to this</li></ul>

In this edition: • ABN Amro | holding on to our positive stance despite mixed 2Q25 results • Ahold Delhaize | holding up well in a challenging environment • SBM Offshore | the company continues to surprise positively • TKH Group / Sif Holding | Germany’s 2.5GW offshore wind tender fails to attract bids • ForFarmers | very solid 1H25 with all geographies contributing to this

SBM Offshore NV - What's New(s) in Amsterdam

Netherlands

SBM Offshore NV, through subsidiaries, offers services to the offshore oil and gas industry worldwide.  The Company supplies and installs floating production and/or storage facilities and terminals for the loading or unloading of tankers.  SBM offers, on long-term lease, floating facilities for the production, storage, and export of crude oil and gas.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SBM Offshore NV (SBMO NA)

bpost SA - What's News in Amsterdam

In this edition: • Ahold Delhaize | Food manufacturers appeal to EC on alleged market power large retailers • KPN | CEO Ziggo Group expects...

The IDEA!

What's News in Amsterdam

Adj. EBITDA of EUR 434m modestly exceeded consensus, demonstrating resilience in margins amid ongoing macroeconomic volatility.

The IDEA!

What's New(s) in Amsterdam - 1 June (SBM Offshore | Universal Music Group | CSG)

In this edition: • SBM Offshore | signs contracts for two FPSOs (SEAP I and II) for Petrobras • Universal Music Group | to reject merger proposal...

The IDEA!

What's News in Amsterdam - 12 September (SBMO | Dutch financials)

In today's edition: • SBM Offshore | ABS grants approval in principle to SBMO for blue ammonia concept • Dutch banks/insurers | Dutch mortgage...

The IDEA!

SBM Offshore NV - What's New(s) in Amsterdam

In this edition: • ABN Amro | holding on to our positive stance despite mixed 2Q25 results • Ahold Delhaize | holding up well in a challenging...

The IDEA!

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)