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: • NN Group | OGC beats consensus; S-II ratio above 150-200% comfort range • SBM Offshore | guidance up, share price down • ForFarmers | post earnings call comment • bpostgroup | 2Q25 beats consensus thanks to strong performance 3PL and Cross-border</li></ul>

In this edition: • NN Group | OGC beats consensus; S-II ratio above 150-200% comfort range • SBM Offshore | guidance up, share price down • ForFarmers | post earnings call comment • bpostgroup | 2Q25 beats consensus thanks to strong performance 3PL and Cross-border

What's News in Amsterdam - 8 August 2025 (NN Group | SBMO | ForFarmers | bpostgroup)

<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

<ul><li>In this edition: • Unilever | believed to be looking for a buyer for its Graze brand • SBM Offshore | signed an O&M contract for the FPSO GranMorgu • Van Lanschot Kempen | capital return of EIR 1.40 per share on 26 June • PostNL | Postal Act revision not controversial • Sif Holding | KCI the engineers awarded contract to design substructures • E-commerce & logistics | AliExpress risks hefty fine for selling non-compliant products</li></ul>

In this edition: • Unilever | believed to be looking for a buyer for its Graze brand • SBM Offshore | signed an O&M contract for the FPSO GranMorgu • Van Lanschot Kempen | capital return of EIR 1.40 per share on 26 June • PostNL | Postal Act revision not controversial • Sif Holding | KCI the engineers awarded contract to design substructures • E-commerce & logistics | AliExpress risks hefty fine for selling non-compliant products

<ul><li>In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims</li></ul>

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence that China cracked the EUV puzzle • KPN | continued to deliver on its promises in 1Q25 • Fugro | 1Q25 trading update does not really contain much news • SBM Offshore | completes EUR 130m share buyback; starts new program of EUR 141m • Triodos Bank | facing new setback in its attempts to settle claims

Brunel International Nv / Equity Bottom-Up

<ul><li>In this edition: • SBM Offshore | main takeaways earnings call • Brunel International | strong FY24 free cash flow – optimism for FY25 a bit tempered?</li><li>• PostNL | reiterates its urgent appeal for a financial contribution from the Dutch state</li></ul>

In this edition: • SBM Offshore | main takeaways earnings call • Brunel International | strong FY24 free cash flow – optimism for FY25 a bit tempered?• PostNL | reiterates its urgent appeal for a financial contribution from the Dutch state

What's New(s) in Amsterdam - 21 February (SBM Offshore | Brunel Int'l | PostNL)

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 News in Amsterdam - 8 August 2025 (NN Group | SBMO | ForFarmers | bpostgroup)

In this edition: • NN Group | OGC beats consensus; S-II ratio above 150-200% comfort range • SBM Offshore | guidance up, share price...

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!

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

In this edition: • Unilever | believed to be looking for a buyer for its Graze brand • SBM Offshore | signed an O&M contract for the FPSO...

The IDEA!

What's News in Amsterdam - 24 April (ABN Amro | ASML | KPN | Fugro | SBM Offshore | Triodos Bank)

In this edition: • ABN Amro | new CEO will focus on costs and the risk management model • ASML | wants free passage for machine parts; no evidence...

The IDEA!

What's New(s) in Amsterdam - 21 February (SBM Offshore | Brunel Int'l | PostNL)

In this edition: • SBM Offshore | main takeaways earnings call • Brunel International | strong FY24 free cash flow – optimism for FY25 a bit...

The IDEA!

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