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: • Shell | attracts healthy appetite for its US Chemicals assets • Unilever/MICC | Ben & Jerry’s dispute remains an overhang • PostNL/InPost | MyPup targets 1,000 indoor APMs by YE27 • TomTom | Traffic selected by Cofiroute • Triodos Bank | CEO Belgium leaves to join PMC’s ExCo</li></ul>

In this edition: • Shell | attracts healthy appetite for its US Chemicals assets • Unilever/MICC | Ben & Jerry’s dispute remains an overhang • PostNL/InPost | MyPup targets 1,000 indoor APMs by YE27 • TomTom | Traffic selected by Cofiroute • Triodos Bank | CEO Belgium leaves to join PMC’s ExCo

What's News in Amsterdam - 25 August (Shell | Unilever/MICC | PostNL/InPost | TomTom | Triodos Bank)

<ul><li>In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL | cost control impresses, but the investment case still hinges on restoring volume growth • VodafoneZiggo | Liberty Global completes VodafoneZiggo buyout; creates Ziggo Group • Zalando | growth quality continues to improve despite modest miss • Dutch retail sales | steady growth momentum in June</li></ul>

In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL | cost control impresses, but the investment case still hinges on restoring volume growth • VodafoneZiggo | Liberty Global completes VodafoneZiggo buyout; creates Ziggo Group • Zalando | growth quality continues to improve despite modest miss • Dutch retail sales | steady growth momentum in June

Koninklijke KPN NV - What's News in Amsterdam

Universal Music Group NV / Equity Bottom-Up

<ul><li>In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the second best on record; new USD 3bn share buyback • Shell | agreement to sell BG Cyprus Ltd to MOL Group for up to USD 720m • Universal Music Group | soft 26Q2 performance recording marked decrease in profitability • Corbion | 26Q2 results ahead of expectations – finetunes FY26 adjusted EBITDA margin downward • Fugro | no longer expects FY26 margins to improve</li></ul>

In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the second best on record; new USD 3bn share buyback • Shell | agreement to sell BG Cyprus Ltd to MOL Group for up to USD 720m • Universal Music Group | soft 26Q2 performance recording marked decrease in profitability • Corbion | 26Q2 results ahead of expectations – finetunes FY26 adjusted EBITDA margin downward • Fugro | no longer expects FY26 margins to improve

<ul><li>In this edition: • ASR Nederland | Ecolab pension fund buy out deal • Shell | divests South African downstream assets to Adnoc Distribution • Unilever | divestment strategy criticized by Terry Smith • Arcadis | selected by CGA to deliver professional services valued at GBP 250-300m in the UK • DHL Group | raises FY26 guidance on better than expected 2Q26 • Dutch household consumption | growth accelerates to 1.8% in May</li></ul>

In this edition: • ASR Nederland | Ecolab pension fund buy out deal • Shell | divests South African downstream assets to Adnoc Distribution • Unilever | divestment strategy criticized by Terry Smith • Arcadis | selected by CGA to deliver professional services valued at GBP 250-300m in the UK • DHL Group | raises FY26 guidance on better than expected 2Q26 • Dutch household consumption | growth accelerates to 1.8% in May

<ul><li>In this edition: • Aegon | starts new EUR 200m share buyback today • AkzoNobel | Axalta EGM scheduled for 5 August • InPost / CTT Correos | Colis Privé intends to buy the Iberian and French operations of Paack • Shell | LNG market outlook: resilience amid ST shocks; strong LT fundamentals • Shell | divests Gulf of America assets for USD 1.7bn • Basic-Fit | intends to acquire wellyou • Alfen | appoints Bart Meussen as interim CFO • Dutch retail sales | up 2.9% YoY in value; up 2.3% YoY in volume terms in May • E-commerce & Logistics | France to introduce progressive surcharge on ultrafast fashion</li></ul>

In this edition: • Aegon | starts new EUR 200m share buyback today • AkzoNobel | Axalta EGM scheduled for 5 August • InPost / CTT Correos | Colis Privé intends to buy the Iberian and French operations of Paack • Shell | LNG market outlook: resilience amid ST shocks; strong LT fundamentals • Shell | divests Gulf of America assets for USD 1.7bn • Basic-Fit | intends to acquire wellyou • Alfen | appoints Bart Meussen as interim CFO • Dutch retail sales | up 2.9% YoY in value; up 2.3% YoY in volume terms in May • E-commerce & Logistics | France to introduce progressive surcharge on ultrafast fashion

Sligro Food Group NV - What's News in Amsterdam

Netherlands

Shell PLC explores and refines petroleum products. The Company produces and imports fuels, chemicals, and lubricants, as well as operates service station networks. Shell serves clients worldwide.

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Shell (SHEL US)

What's News in Amsterdam - 25 August (Shell | Unilever/MICC | PostNL/InPost | TomTom | Triodos Bank)

In this edition: • Shell | attracts healthy appetite for its US Chemicals assets • Unilever/MICC | Ben & Jerry’s dispute remains an...

The IDEA!

Koninklijke KPN NV - What's News in Amsterdam

In this edition: • Shell | to divest European onshore renewables portfolio to TotalEnergies • Corbion | fish oil prices continue to rise • PostNL...

The IDEA!

What's News in Amsterdam - 31 July (dsm-firmenich | MICC | Shell | UMG | Corbion | Fugro)

In this edition: • DSM-Firmenich | post earnings call comment • Magnum Ince Cream Co | post earnings call comment • Shell | 2Q26 result is the...

The IDEA!

Arcadis NV - What's News in Amsterdam

In this edition: • ASR Nederland | Ecolab pension fund buy out deal • Shell | divests South African downstream assets to Adnoc...

The IDEA!

Sligro Food Group NV - What's News in Amsterdam

In this edition: • Aegon | starts new EUR 200m share buyback today • AkzoNobel | Axalta EGM scheduled for 5 August • InPost / CTT Correos | Colis...

The IDEA!

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