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 | rumoured to the preparing offer on Spanish asset manager Singular Bank • KPN | wins EUR 74m cloud contract from the City of Amsterdam • RELX/Wolters Kluwer | Elsevier strengthens position in CDS with Wellsheet acquisition • Universal Music Group | repurchased 14.2m shares from Pershing Square Funds • SBM Offshore | intends to sell a 45% stake in the SPVs controlling FSO Chalchi</li></ul>

In this edition: • ING | rumoured to the preparing offer on Spanish asset manager Singular Bank • KPN | wins EUR 74m cloud contract from the City of Amsterdam • RELX/Wolters Kluwer | Elsevier strengthens position in CDS with Wellsheet acquisition • Universal Music Group | repurchased 14.2m shares from Pershing Square Funds • SBM Offshore | intends to sell a 45% stake in the SPVs controlling FSO Chalchi

What's New(s) in Amsterdam - 5 June (ING | KPN | RELX/Wolters Kluwer | UMG | SBMO)

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>AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United States.</li>
<li>The facility, with an annual capacity of up to 6,500 tons, will be located next to AMG Titanium’s facility in New Castle, Pennsylvania.</li>
<li>AMG expects the facility to be operational in 26Q1. Comment | AMG Chrome is a major producer of chrome metal in the UK. </li>
</ul>


AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United States.
The facility, with an annual capacity of up to 6,500 tons, will be located next to AMG Titanium’s facility in New Castle, Pennsylvania.
AMG expects the facility to be operational in 26Q1. Comment | AMG Chrome is a major producer of chrome metal in the UK. 


What's New(s) in Amsterdam - 9 April (AMG Critical Materials | SBM Offshore | NX Filtration)

<ul><li>In this edition: • Unilever | rumored to bid for supplement maker Thorne • IMCD | to acquire Merit Solution • Arcadis | enters into a strategic partnership with Stok • SBM Offshore | completes USD 465m financing of FSO Chalchi • Alfen | CFO Onno Krap to step down per 1 July</li></ul>

In this edition: • Unilever | rumored to bid for supplement maker Thorne • IMCD | to acquire Merit Solution • Arcadis | enters into a strategic partnership with Stok • SBM Offshore | completes USD 465m financing of FSO Chalchi • Alfen | CFO Onno Krap to step down per 1 July

What's New(s) in Amsterdam - 29 June (Unilever | IMCD | Arcadis | SBM Offshore | Alfen)

<ul><li>In this edition: • Ahold Delhaize | settles U.S. drug pricing case for USD 40m • KPN | VodafoneZiggo CEO: cable-fiber competition is over; focus shifts to service & bundling • SBM Offshore | lines up yards for TotalEnergies’ Venus FPSO as July FID nears</li></ul>

In this edition: • Ahold Delhaize | settles U.S. drug pricing case for USD 40m • KPN | VodafoneZiggo CEO: cable-fiber competition is over; focus shifts to service & bundling • SBM Offshore | lines up yards for TotalEnergies’ Venus FPSO as July FID nears

What's News in Amsterdam - 11 June (Ahold Delhaize | KPN | SBM Offshore)

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.

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SBM Offshore NV (SBMO NA)

What's New(s) in Amsterdam - 5 June (ING | KPN | RELX/Wolters Kluwer | UMG | SBMO)

In this edition: • ING | rumoured to the preparing offer on Spanish asset manager Singular Bank • KPN | wins EUR 74m cloud contract from the City...

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 - 9 April (AMG Critical Materials | SBM Offshore | NX Filtration)

AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United...

The IDEA!

What's New(s) in Amsterdam - 29 June (Unilever | IMCD | Arcadis | SBM Offshore | Alfen)

In this edition: • Unilever | rumored to bid for supplement maker Thorne • IMCD | to acquire Merit Solution • Arcadis | enters into a strategic...

The IDEA!

What's News in Amsterdam - 11 June (Ahold Delhaize | KPN | SBM Offshore)

In this edition: • Ahold Delhaize | settles U.S. drug pricing case for USD 40m • KPN | VodafoneZiggo CEO: cable-fiber competition is over; focus...

The IDEA!

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