Highlights from the Lowlands: EUROPE | European Midcaps

Research evidence excerpt

Highlights from the Lowlands: EUROPE | European Midcaps

margin at 13.8%, with the GVT integration progressing well. Earnings momentum in Building €13.00€11.00

and Industry is expected to be relatively stable, reflecting improving profitability after recent €9.00

divestments. Aalberts shares are up 40% ytd, but the valuation remains at a 35% discount to €7.00

peers and history, offering scope for further re-rating as a return to growth becomes more €5.00€3.00

visible.

E95 Petrol cost / 100km Home charging cost / 100km Fast charging cost / 100km

.

Arcadis (ARCAD NA, Buy) Large framework contract in the UK. Arcadis announced a large Source:ev-database.org,Jefferies Europeancalculations based on data from US EPA,

£250m-£300m framework contract awarded by the UK Government Commercial Agency for Commission, UK Department for Energy Security and Net

the provision of services across General Infrastructure & Built Environment, Architecture, Zero, VaasaETT HEPI, Fastned

Project Management, Commercial Management, Defence, Nuclear, and Environment Agency Exhibit 4 - Benelux midcaps EV/IC vs. ROIC/

Flood Risk and Asset Management, starting June 2026 and running for four years. The contract WACC

follows the recent €90m design contract for a rail depot in Birmingham, and bodes well for a 4.54.0 Ferrari Group

UK recovery (22% of revenues). Note that Arcadis realised an organic revenue decline of 8% in 3.5

3.0 D'Ieteren

(x)the UK last year, driven by uncertainty ahead of a delayed spending review and Budget, HS2 2.5

InPost EV/IC y = 0.9966x + 0.3795 IMCD 2.0 R² = 0.8312 DEMEwind-down, and delays in the call off under the AMP8 water contracts. Vopak Arcadis 1.5 AlfenAzelisTKH Aalberts

Fugro (FUR NA, Hold) Interim CFO appointed.