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 | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200 management • Fugro | awarded two contracts to support Brazil’s offshore energy expansion</li></ul>

In this edition: • Shell | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200 management • Fugro | awarded two contracts to support Brazil’s offshore energy expansion

What's New(s) in Amsterdam - 4 September (Shell | Unilever | Fugro)

External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

<ul><li>Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.</li><li>This growth was as a result of the 53.5% YoY growth in revenue and cost optimization as evidenced by a moderation in cost-to-sales ratio to 57.1% (from 59.0% in H1’24).</li><li>Notably, EPS for H1’25 improved by 2.3x to N2.51 and the company has declared an interim dividend of N0.50 per share.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.This growth was as a result of the 53.5% YoY growth in revenue and cost optimization as evidenced by a moderation in cost-to-sales ratio to 57.1% (from 59.0% in H1’24).Notably, EPS for H1’25 improved by 2.3x to N2.51 and the company has declared an interim dividend of N0.50 per share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Unilever Nigeria Plc - Earnings Triple on Strong Core Performance

<ul><li>In this edition: • IMCD | acquires Apus Química in Chili • Shell | Labour prepared to approve BP takeover by Shell • Unilever | takeover sum Dr Squatch probably a lot lower than initially expected • Fugro | awarded four multi-year contracts by Petrobras • InPost | partnership with SPAR supermarkets in Italy • TomTom | to realign its organization with its product-led strategy</li></ul>

In this edition: • IMCD | acquires Apus Química in Chili • Shell | Labour prepared to approve BP takeover by Shell • Unilever | takeover sum Dr Squatch probably a lot lower than initially expected • Fugro | awarded four multi-year contracts by Petrobras • InPost | partnership with SPAR supermarkets in Italy • TomTom | to realign its organization with its product-led strategy

<ul><li>In this edition: • Unilever | agrees to buy Dr. Squatch from Summit Partners</li></ul>

In this edition: • Unilever | agrees to buy Dr. Squatch from Summit Partners

What's News in Amsterdam - 24 June (Unilever)

<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

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

Nigeria

Unilever Nigeria Plc manufactures and markets consumer products primarily in the home, personal care and foods categories. The Company sells products such as Omo washing powder, Key soap, Royco bouillon, Lipton tea, Blue Band margarine, Pears baby care goods, Vaseline petroleum jelly, Lux soap, and Close Up toothpaste.

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Unilever Nigeria (UNILEVER NL)

What's New(s) in Amsterdam - 4 September (Shell | Unilever | Fugro)

In this edition: • Shell | decided not to resume construction of its biofuels facility in Rotterdam • Unilever | plans major shake-up of top-200...

The IDEA!

Unilever Nigeria Plc - Earnings Triple on Strong Core Performance

Unilever Nigeria Plc (NGX: UNILEVER, TP: UR*) recorded a net income of N14.4 billion in its H1’25 financials, marking a 224.6% YoY increase.

CardinalStone

What's New(s) in Amsterdam - 30 June (IMCD | Shell | Unilever | Fugro | InPost | TomTom)

In this edition: • IMCD | acquires Apus Química in Chili • Shell | Labour prepared to approve BP takeover by Shell • Unilever | takeover sum Dr...

The IDEA!

What's News in Amsterdam - 24 June (Unilever)

In this edition: • Unilever | agrees to buy Dr. Squatch from Summit Partners

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!

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