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: • Ahold Delhaize/PostNL | bol launches 3PL fulfillment ecosystem; more LM insourcing • Shell | strong CFFO despite lower than expected results; USD 3.5bn share buyback • Wolters Kluwer | two UpToDate patient engagement solutions ranked #1 in KLAS report • Fagron | regulatory clearance for / completes the acquisitions of Vepakum and Magilab • SBM Offshore | completes the sale of FPSO ONE GUYANA • Sligro Food Group | strong FCF to allow for EUR 26m share buyback</li></ul>

In this edition: • Ahold Delhaize/PostNL | bol launches 3PL fulfillment ecosystem; more LM insourcing • Shell | strong CFFO despite lower than expected results; USD 3.5bn share buyback • Wolters Kluwer | two UpToDate patient engagement solutions ranked #1 in KLAS report • Fagron | regulatory clearance for / completes the acquisitions of Vepakum and Magilab • SBM Offshore | completes the sale of FPSO ONE GUYANA • Sligro Food Group | strong FCF to allow for EUR 26m share buyback

Sligro Food Group NV - What's news in Amsterdam

<ul><li>In this edition: • Aegon | starts EUR 227m share buyback today • BE Semiconductor Industries | records strong order intake in 25Q4 • Heineken | Dolf van den Brink to step down as CEO at the end of May • Wolters Kluwer | acquires StandardFusion for EUR 32m • Fagron | completes acquisition of University Compounding Pharmacy • TomTom | 4Q25 new car registrations expected to increase mid-single digit in Europe • Odido | revives plan for IPO in Amsterdam; possibly already this month • Dutch politics | the Netherlands heading for a minority coalition?</li><li>• Webinar | 𝗜𝗻𝗣𝗼𝘀𝘁 𝗨𝗻𝗱𝗲𝗿 𝘁𝗵𝗲 𝗠𝗶𝗰𝗿𝗼𝘀𝗰𝗼𝗽𝗲: 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗥𝗲𝗮𝗹𝗹𝘆 𝗕𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝗧𝗮𝗸𝗲𝗼𝘃𝗲𝗿 𝗕𝗶𝗱?</li><li>• Corporate agenda | week 3 – 8</li></ul>

In this edition: • Aegon | starts EUR 227m share buyback today • BE Semiconductor Industries | records strong order intake in 25Q4 • Heineken | Dolf van den Brink to step down as CEO at the end of May • Wolters Kluwer | acquires StandardFusion for EUR 32m • Fagron | completes acquisition of University Compounding Pharmacy • TomTom | 4Q25 new car registrations expected to increase mid-single digit in Europe • Odido | revives plan for IPO in Amsterdam; possibly already this month • Dutch politics | the Netherlands heading for a minority coalition?• Webinar | 𝗜𝗻𝗣𝗼𝘀𝘁 𝗨𝗻𝗱𝗲𝗿 𝘁𝗵𝗲 𝗠𝗶𝗰𝗿𝗼𝘀𝗰𝗼𝗽𝗲: 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗥𝗲𝗮𝗹𝗹𝘆 𝗕𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗲 𝗧𝗮𝗸𝗲𝗼𝘃𝗲𝗿 𝗕𝗶𝗱?• Corporate agenda | week 3 – 8

<ul><li>In this edition: • a.s.r. Nederland | approval to use PIM lifts Solvency II ratio by 10-12%-points • Wolters Kluwer | convincing teach-in on AI • Dutch politics | coalition talks continue with three parties</li></ul>

In this edition: • a.s.r. Nederland | approval to use PIM lifts Solvency II ratio by 10-12%-points • Wolters Kluwer | convincing teach-in on AI • Dutch politics | coalition talks continue with three parties

What's News in Amsterdam - 9 December (asr Nederland | Wolters Kluwer | Dutch politics)

<ul><li>In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France</li></ul>

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event comment • Unilever/The MICC | conflict with Ben & Jerry's flares up ahead of IPO • Wolters Kluwer | good growth acceleration in 3Q25; new buyback announced • AMG Critical Materials | upward revision of FY25 adjusted EBITDA outlook solely due to antimony (and not lithium) • BAM Group | reiterates to deliver adjusted EBITDA margin of at least 5% • CM.com | receives offer of EUR 5.16 per share from Bird • ForFarmers | 3Q25: impressive example of cost management (and more) • DHL | 3Q25: clear beat of consensus; reiterates FY25 guidance • bpostgroup | post earnings call comment • E-commerce & Logistics | French authorities attempting to block Shein website in France

<ul>
<li>Wolters Kluwer announced it will accelerate its EUR 1bn 2025 share buyback program while reiterating its full-year outlook.</li>
<li>The company’s Executive Board decided to bring forward the program’s completion to November 3, 2025, two months earlier than planned, citing recent share price developments and confidence in long-term growth.</li>
<li>Management emphasized that this move underlines its commitment to creating sustainable shareholder value.</li>
</ul>


Wolters Kluwer announced it will accelerate its EUR 1bn 2025 share buyback program while reiterating its full-year outlook.
The company’s Executive Board decided to bring forward the program’s completion to November 3, 2025, two months earlier than planned, citing recent share price developments and confidence in long-term growth.
Management emphasized that this move underlines its commitment to creating sustainable shareholder value.


What's New(S) In Amsterdam - 18 September (Wolters Kluwer | B&S Group | Sif Holding | Triodos Bank)

Netherlands

Wolters Kluwer NV provides information services to professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance and healthcare. The Company provides its customers information-enabled tools and software solutions to manage their business efficiently. Wolters Kluwer operates in over 40 countries in Europe, North America, Asia Pacific and Latin America.

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Wolters Kluwer Nv (WKL NA)

Sligro Food Group NV - What's news in Amsterdam

In this edition: • Ahold Delhaize/PostNL | bol launches 3PL fulfillment ecosystem; more LM insourcing • Shell | strong CFFO despite lower than...

The IDEA!

Inpost SA - What's New(s) in Amsterdam

In this edition: • Aegon | starts EUR 227m share buyback today • BE Semiconductor Industries | records strong order intake in 25Q4 • Heineken |...

The IDEA!

What's News in Amsterdam - 9 December (asr Nederland | Wolters Kluwer | Dutch politics)

In this edition: • a.s.r. Nederland | approval to use PIM lifts Solvency II ratio by 10-12%-points • Wolters Kluwer | convincing teach-in on...

The IDEA!

bpost SA - What's New(s) in Amsterdam

In today's edition: • Ahold Delhaize | holding on to our neutral stance despite solid 3Q25 results • KPN | post investor update event...

The IDEA!

What's New(S) In Amsterdam - 18 September (Wolters Kluwer | B&S Group | Sif Holding | Triodos Bank)

The company’s Executive Board decided to bring forward the program’s completion to November 3, 2025, two months earlier than planned, citing recent...

The IDEA!

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