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: • Adyen | solid 1Q26 revenue – reiterates FY26 outlook • Ahold Delhaize | solid 1Q26 performance; new CEO • a.s.r. Nederland | announces small pensions buy-out deal • Philips | reiterates FY26 outlook – order intake increases again more than 5% • Wolters Kluwer | strong start of 2026; reconfirms FY26 guidance • Bnode | 1Q26 adjusted EBIT ahead of consensus; FY26 expected at lower end of guidance range</li></ul>

In this edition: • Adyen | solid 1Q26 revenue – reiterates FY26 outlook • Ahold Delhaize | solid 1Q26 performance; new CEO • a.s.r. Nederland | announces small pensions buy-out deal • Philips | reiterates FY26 outlook – order intake increases again more than 5% • Wolters Kluwer | strong start of 2026; reconfirms FY26 guidance • Bnode | 1Q26 adjusted EBIT ahead of consensus; FY26 expected at lower end of guidance range

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>We still expect two index changes for September, as we did in our last insight.</li>
<li>Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
We still expect two index changes for September, as we did in our last insight.
Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings.


Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the upcoming index review in September 2026.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
This annual index rebal event usually results in some of the most significant index flow events in Europe every year, typically amounting to billions of dollars of flows.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the upcoming index review in September 2026.


Quiddity Leaderboard ES50 Sep26: 2 Changes Likely; 6 Months to the Base Date; US$1bn+ Flow Events

<ul><li>In this edition: • Vopak | results in line; announces long-term shareholder remuneration schedule • Wolters Kluwer | results in line, new EUR 500m buyback, but not enough to impress</li></ul>

In this edition: • Vopak | results in line; announces long-term shareholder remuneration schedule • Wolters Kluwer | results in line, new EUR 500m buyback, but not enough to impress

What's News in Amsterdam - 25 February (Vopak | Wolters Kluwer)

<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

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)

Adyen NV - What's News in Amsterdam

In this edition: • Adyen | solid 1Q26 revenue – reiterates FY26 outlook • Ahold Delhaize | solid 1Q26 performance; new CEO • a.s.r. Nederland |...

The IDEA!

Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date

Based on the latest estimates, Nokia and Société Générale lead the rankings to become expected ES50 ADDs in September 2026. Nokia has had a...

Afridi Reyal

Quiddity Leaderboard ES50 Sep26: 2 Changes Likely; 6 Months to the Base Date; US$1bn+ Flow Events

Our ideas for ES50 have returned an average of +3.6%, measured from the close on 9th March 2026 to the close on 27th March 2026. Among these...

Afridi Reyal

What's News in Amsterdam - 25 February (Vopak | Wolters Kluwer)

In this edition: • Vopak | results in line; announces long-term shareholder remuneration schedule • Wolters Kluwer | results in line, new EUR 500m...

The IDEA!

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!

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