Deceuninck (AO) | Buy | An offer you can't accept

Research evidence excerpt

Deceuninck (AO) | Buy | An offer you can't accept

y Ege Profil, which currently stands at c. EUR330m, on a total market capitalisation of c. EUR374m.

The below-market bid is unlikely to be well received by the shareholder base, particularly given management's continued

reluctance to pursue a partial divestiture of Ege Profil, an option that would crystallise meaningful value for long-suffering

investors who have endured meager returns for the better part of a decade.

Bid Mechanics show the bid is merely a formality

The crossing occurs via the exercise of warrant plans awarded to Mr. Van Eeckhout in 2018 and 2020 during his tenure as CEO, adding

1.05m shares to the 41.56m already held through his holding vehicle Gramo (previously 29.99%).

The mandatory bid is priced at EUR2.11 per share, in line with Belgian regulatory requirements stipulating the higher of (i) the

bidder's own highest acquisition price in the preceding 12 months or (ii) the 30-calendar-day volume-weighted average price

prior to the threshold crossing.

The VWAP stood at EUR2.10, while Van Eeckhout paid EUR2.11 in November 2025 for additional shares, setting the floor.

At EUR2.11, the bid represents a c.4% discount to the last traded price, incorporates zero control premium, and carries no

intention to delist the company. A reopening of the offer is explicitly excluded.

The bid prospectus remains subject to FSMA approval, but the fact that Mr. Van Eeckhout chooses the floor as the starting point,

shows to us, that he expects the bid to fail.

IMPORTANT. Please refer to the back of the report for important keplercheuvreux.com

This research is the product of Kepler Cheuvreux, which is authorized

information and disclosures. and regulated by the Autorité des Marchés Financiers in France.