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: • Unilever/MICC | most of Ben & Jerry’s claims against Unilever dismissed • Arcadis | combined stake friendly foundations edge higher, complicating WSP approach • E-commerce & Logistics | Shein Hong Kong IPO: growth stalls, valuation compressed • Corporate agenda| week 35 - 37</li></ul>

In this edition: • Unilever/MICC | most of Ben & Jerry’s claims against Unilever dismissed • Arcadis | combined stake friendly foundations edge higher, complicating WSP approach • E-commerce & Logistics | Shein Hong Kong IPO: growth stalls, valuation compressed • Corporate agenda| week 35 - 37

WSP Global Inc - 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

Ctt-Correios De Portugal Sa / Equity Bottom-Up

<ul><li>In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges</li></ul>

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups guidance for both FY26 and FY27 • Magnum Ice Cream Co | strong operational execution underpins reaffirmed outlook • Arcadis | rejects takeover proposal from WSP Global • Arcadis | raises FY26 organic growth guidance and presents strategic targets for 2027 to 2029 ahead of its CMD in September • Fagron | reiterates FY26 outlook – continues strong growth and profitability trajectory • AMG Critical Materials | increases its FY26 adjusted EBITDA outlook driven Lithium and Vanadium • E-Commerce & Logistics | EU e-commerce levy faces scrutiny over consumer charges

CTT-Correios de Portugal SA - What's News in Amsterdam

<ul>
<li>In this edition: • AkzoNobel | Axalta's strong set of 2Q26 results supportive for the proposed merger</li>
<li>AkzoNobel | Sherwin Williams raises FY26 guidance after better than expected 2Q26 </li>
<li>AkzoNobel | PPG’s 2Q26 looks solid, but demand outlook remains the focus </li>
</ul>


In this edition: • AkzoNobel | Axalta's strong set of 2Q26 results supportive for the proposed merger
AkzoNobel | Sherwin Williams raises FY26 guidance after better than expected 2Q26 
AkzoNobel | PPG’s 2Q26 looks solid, but demand outlook remains the focus 


<ul><li>In this edition: • Unilever | McCormick provides further details on Unilever Foods integration • Arcadis | receives second unsolicited takeover proposal from WSP • ForFarmers | Twentekanaal shipping ban forces shift to road transport • VodafoneZiggo | returned to net consumer broadband subscribers growth in 2Q26 • Corporate agenda | week 31 – 35</li></ul>

In this edition: • Unilever | McCormick provides further details on Unilever Foods integration • Arcadis | receives second unsolicited takeover proposal from WSP • ForFarmers | Twentekanaal shipping ban forces shift to road transport • VodafoneZiggo | returned to net consumer broadband subscribers growth in 2Q26 • Corporate agenda | week 31 – 35

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)

WSP Global Inc - What's News in Amsterdam

In this edition: • Unilever/MICC | most of Ben & Jerry’s claims against Unilever dismissed • Arcadis | combined stake friendly foundations...

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!

CTT-Correios de Portugal SA - What's News in Amsterdam

In this edition: • dsm-firmenich | 1H26 slightly ahead of consensus; initiates EUR 100m savings program • ING | 2Q26 shows another beat; ups...

The IDEA!

What's News in Amsterdam

In this edition: • AkzoNobel | Axalta's strong set of 2Q26 results supportive for the proposed merger AkzoNobel | Sherwin Williams raises FY26...

The IDEA!

Arcadis NV - What's News in Amsterdam

In this edition: • Unilever | McCormick provides further details on Unilever Foods integration • Arcadis | receives second unsolicited takeover...

The IDEA!

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