Global equity markets continue to hit new record highs. We are seeing calm gradually return, but the market remains alert. That is hardly surprising. Rising inflation, elevated bond yields, and an increasingly hawkish tone from central banks are making investors more selective. In Europe in particular, expectations are growing that the ECB will raise interest rates again in June, while the US Federal Reserve also appears to have little room to cut rates quickly for the time being. As a result, attention is shifting more and more toward companies with strong balance sheets, healthy cash flows, and limited debt. That aligns well with the way we look at stocks. The focus is once again returning to quality. At the same time, an important source of uncertainty seems to be slowly fading. In recent weeks, much of the attention was focused on tensions between the United States and Iran. There now appears to be cautious progress toward a diplomatic solution. Discussions are underway about extending the ceasefire and continuing negotiations on Iran’s nuclear program. Although the situation remains fragile and new incidents cannot be ruled out, the market increasingly seems to believe that both sides want to avoid further escalation. This is also reflected in the oil price, which has fallen back noticeably over the past week. For the week ahead, we are mainly watching the United Kingdom. On Tuesday, the Manufacturing PMI will be released, followed by several speeches from Bank of England Governor Andrew Bailey. Then, on Friday, the most important UK figure of the week is on the agenda: labour market data. These numbers are especially important at the moment because UK interest rates have remained elevated for quite some time, and investors are looking for clues about the Bank of England’s next policy moves. A cooling labour market could reduce pressure for further rate hikes, while strong data could once again fuel fears of higher rates. In addition, investors will of course also be watching the US labour market figures on Friday. Still, we expect that the main focus this week will be on the United Kingdom, where economic developments are becoming increasingly important for several stocks in our portfolio. Sunny Optical During last week’s annual general meeting and extraordinary general meeting of Sunny Optical Technology, all proposed resolutions were approved. Shareholders gave near-unanimous support to the 2025 annual accounts and the final dividend. All directors were also re-elected. In addition, the board was authorised to issue up to 10% new shares and to repurchase up to 10% of the shares outstanding. At the extraordinary general meeting, the main focus was on remuneration policy. Shareholders approved the introduction of a new 2026 Share Award Scheme, an equity incentive programme for employees and management, as well as a related cap on awards to external service providers. Taken together, the voting results paint a clear picture of shareholder sentiment. There is broad support for the current board, the dividend policy, and especially share buyback programmes. At the same time, shareholders are noticeably more critical when proposals could lead to dilution of their stake, such as share issuances and new equity-based compensation schemes. The stock finally seems to be gaining some momentum. That is why we are keeping Sunny Optical Technology in the portfolio. Rolls-Royce Sometimes there comes a moment when you have to say goodbye to a winner. For us, that moment has now arrived with Rolls-Royce. More than four years ago, we added the stock to the portfolio at a time when many investors had written the company off. Since then, we have enjoyed an impressive ride, delivering a return of 1,500%. Although we remain positive about the long-term opportunities of, among other things, small modular reactors and the role Rolls-Royce could play in the market for mobile nuclear power plants, we believe the stock now reflects a large part of that optimism. We also believe it is important to stay disciplined and occasionally take profits when an investment has largely fulfilled its potential. Rolls-Royce helped us through difficult market years with an impressive share price performance and eventually also resumed paying dividends. Under its current management, the company has undergone an impressive transformation, and we as shareholders have benefited greatly from that. However, every success story eventually comes to an end. Rolls-Royce’s valuation has risen sharply in recent times. Because the expected price/earnings ratio for 2028 is now around 25, we believe it is wise to lock in part of the gains achieved. The market is currently very optimistic. That is why we are taking a balanced approach: if the stock rises further, we will still benefit through our remaining position. If the share price falls, we will already have secured part of our profits and may be able to buy back at a more attractive level. That is why SharesUnderTen has decided to sell 65% of its position in Rolls-Royce. We look back very positively on the returns achieved so far and will continue to follow the stock with close interest. Brunel Brunel came under pressure last week because the stock traded ex-dividend on 25 May. As a result, the share price usually falls on the ex-dividend date by roughly the amount of the dividend. For 2025, Brunel is paying a total dividend of €0.35 per share. This consists of a regular dividend of €0.06 per share and a special dividend of €0.29 per share. The unusually high special dividend in particular explains why the price reaction was relatively large. The dividend will be paid on 18 June 2026. We are happy to put that dividend in our pocket. In addition, we still expect a lot from Brunel. Management has indicated that it sees opportunities to further improve results, and investors appear to have confidence in those plans. That is why we are maintaining the position. Envipco We are now up more than 10% on our position in Envipco. Other parties are also beginning to show enthusiasm. For example, Sweden’s Handelsbanken Fonder has built a

From a macroeconomic perspective, the Middle East remains the main issue weighing on markets, although the initial panic reaction appears to be fading. Where investors had previously responded very sharply to every new headline, the conflict now seems to be slipping more into the background. Despite fresh US strikes on targets in southern Iran, there has so far been no real escalation in the financial markets. Oil prices have also reacted less dramatically than before. Brent crude has now fallen back below $100 per barrel, suggesting that investors are still pricing in the possibility of a diplomatic solution and the reopening of the Strait of Hormuz. At the same time, rising inflation and interest rate concerns remain a key theme for equity markets. For a long time, markets expected several rate cuts from central banks, but that picture is now beginning to shift. Higher energy prices and sticky inflation mean central banks will likely need to remain cautious for longer. Bond markets in particular are already sending clear signals, with yields rising in both the United States and Europe. This is putting more pressure on highly valued growth stocks and companies with heavy debt burdens. Investors are also taking a more critical view of the enormous level of investment in AI. Several analysts warn that an increasing share of those investments is being financed through debt. As long as operating cash flows remain strong, that is not necessarily a problem. But if companies can no longer support their investment levels with cash flow generation, credit downgrades may follow and profitability could come under pressure. The technology sector in particular is therefore facing more scrutiny on valuations. According to Shares Underten analysts, stock picking is therefore becoming increasingly important. In a market where money is no longer free, attention is shifting back to companies with strong balance sheets, healthy cash flows, profitability and attractive valuations. According to Shares Underten, volatile markets create opportunities for investors willing to look beyond the short term. Those willing to think small can grow big as investors. On the macro front, the Chicago Fed Index came in positive and once again pointed to an acceleration in the US economy. This week, the focus is mainly on important US macroeconomic data. On Thursday, markets will receive the Core PCE Price Index, the Federal Reserve’s preferred inflation gauge, alongside preliminary US GDP growth data. On Friday, investors will focus in particular on a speech by Bank of England Governor Andrew Bailey. Grafton Group Grafton released a trading update covering the first four months of 2026. Revenue rose by 3.2% to £830.1 million, while like-for-like revenue remained stable. Ireland, Northern Europe and Iberia all delivered growth, while the UK performed more weakly due to a difficult construction market and cautious consumer spending. Grafton also continues to invest actively in growth. The company recently completed acquisitions in Spain and Ireland, further strengthening its position in two fast-growing markets. Shares Underten sees the expansion in Iberia and the company’s increasing exposure to the Irish new-build market as particularly positive for the longer term. Despite the weak UK market, Grafton still expects adjusted operating profit for full-year 2026 to come in between £190 million and £200 million. The company also has a strong balance sheet and continues to buy back shares, underlining management’s confidence. While market conditions remain challenging in the short term, Shares Underten still sees long-term potential in Grafton Group. Its geographic diversification, strong market positions and focus on growth mean the shares remain in the portfolio. Vanquis Banking This UK banking stock is still relatively new to the portfolio, and the share price has so far moved fairly quietly. Even so, Shares Underten sees considerable potential in this specialist British lender. While Vanquis was once mainly known for riskier lending, the company has deliberately changed course under CEO Ian McLaughlin. The focus is shifting increasingly towards safer lending and a more stable credit portfolio. The market still seems to judge Vanquis on its past, while the numbers show that the recovery is becoming increasingly structural. The bank returned to profitability again in the first quarter, while the loan book continues to grow and credit quality remains stable. That last point is crucial according to Shares Underten, as that is where the company historically ran into problems. In addition, operational leverage is becoming increasingly visible. Vanquis is investing heavily in automation and AI, which should materially reduce its cost base in the years ahead. That means profits could eventually grow faster than revenues. In valuation terms, Shares Underten also continues to see the stock as attractive. The shares still trade well below tangible book value per share. If the market gains more confidence in the structural recovery and the new strategy, part of that gap could close. Shares Underten therefore remains positive on Vanquis Banking and sees the stock as a classic recovery story with longer-term upside. Kudelski Kudelski’s share price performance in recent weeks has undoubtedly been disappointing. The decline appears to be mainly driven by concerns over profitability and weak market sentiment towards smaller technology companies. Analysts have recently cut their earnings expectations sharply, putting additional pressure on the stock. Kudelski also continues to carry a relatively high debt burden. The 2025 annual results did little to reassure investors. Revenue came in around 9% below analysts’ expectations and, while the net loss narrowed, the company remained loss-making. The stock has also underperformed the broader market for some time and is now trading below its 200-day moving average, which is not a strong technical signal. The broader market environment is not helping either. European equity markets are under pressure from geopolitical tensions and higher energy costs, with smaller technology companies particularly sensitive to negative sentiment. Even so, Shares Underten is maintaining its buy recommendation. Kudelski is in the middle of a restructuring process, with the business increasingly shifting its focus towards cybersecurity and IoT. At the same time, the company is working on cost reductions to improve profitability.

Markets increasingly seem to be focused on rising concerns around inflation and interest rates this week. While investors had previously expected several rate cuts from central banks over the coming months, that outlook is slowly beginning to shift. And we are seeing that reflected in several stocks within the portfolio. US inflation figures in particular triggered fresh market unease. Not only did consumer prices come in higher than expected, but producer prices also rose sharply. The US Producer Price Index increased by as much as 6% year-on-year, the highest level since late 2022. This suggests that inflationary pressure remains broader and more persistent than markets had previously hoped. That has direct consequences for interest rate expectations. Higher inflation makes it more difficult for central banks to cut rates quickly, while bond yields continue to rise. In the United States especially, investors are becoming increasingly cautious about pricing in future rate cuts. Concerns are also becoming visible in European bond markets. The yield on the UK 10-year government bond has now climbed towards 5.2%, a level not seen in years. This indicates that investors are preparing for a prolonged period of restrictive monetary policy and persistent inflation. Higher interest rates also mean more expensive financing, increased pressure on consumers, and a more challenging environment for businesses.   At the same time, the economic backdrop is becoming increasingly uncomfortable. Industrial production in the eurozone remains weak, while unemployment continues to rise in some countries. Central bankers are also warning more frequently about signs of stagflation — a scenario where economic growth slows while inflation remains elevated. Geopolitical tensions also continue to weigh heavily on markets. Donald Trump’s visit to China, together with several major American tech CEOs, ultimately delivered little in terms of concrete results. Although both sides maintained a diplomatic and friendly tone, meaningful breakthroughs failed to materialise. Trump once again spoke about creating a more open Chinese market for American companies, but concrete agreements or structural trade deals still appear absent for now. Discussions surrounding Iran and the Strait of Hormuz also seem to have made little progress. As a result, uncertainty surrounding energy prices and global trade remains firmly in place. In short, markets are increasingly realising that the combination of high interest rates, persistent inflation, and geopolitical tensions is unlikely to disappear anytime soon. That appears set to become the central theme of this trading week. At Sharesunderten, we remain satisfied with our current portfolio. We continue to monitor both our holdings and broader market conditions closely and will adjust where necessary. The advantage of our type of stocks is that they remain relatively low-priced while we still see strong fundamental reasons to own them. Moreover, uncertain markets continue to create more penny stock opportunities. SUT therefore remains focused on finding new shares trading below ten pounds — that is what we do best. Auction Technology Group Auction Technology Group released strong half-year results last week, with the combination of growth, margin improvement, and upgraded guidance standing out positively. The market responded enthusiastically, and the share price moved sharply higher. Revenue increased by more than 41% during the first half of fiscal year 2026 to approximately $126 million, while organic growth at constant currency came in at around 8%. In addition, synergy benefits from the Chairish acquisition remain well on track. Management expects annual cost savings of approximately $8 million from the acquisition by 2027. What we also view positively is that profitability remains strong despite significant growth investments. ATG expects a full-year adjusted EBITDA margin between 34.5% and 35.5%, which remains high for a platform business that is still investing heavily in expansion. The balance sheet also continues to improve. Net debt declined towards approximately 1.8x EBITDA, creating additional financial flexibility. More importantly, management showed enough confidence to raise full-year guidance. We view this as a particularly strong signal. In an economic environment that remains volatile, ATG continues to benefit from structural trends such as the digitalisation of auctions and the growth of second-hand platforms. Of course, there are still points of attention. The announced CEO transition creates some short-term uncertainty. However, this does little to change the broader story in our view. Operational momentum remains strong, cash flows continue to improve, and ATG’s strategic position within online auctions keeps strengthening. Sharesunderten therefore remains positive on Auction Technology Group and continues to hold the stock firmly within the portfolio. Marston’s Marston’s released half-year figures last week that failed to fully convince the market. Revenue declined slightly, while like-for-like sales growth also remained weak, falling by approximately 1.5%. However, we believe it is important to look beyond the headline numbers. Underneath the surface, we still see several elements that confirm why we previously added the stock to the portfolio. Margins remained relatively stable, while operating profit even improved slightly thanks to cost control and more efficient pub management. In addition, management maintained confidence in full-year 2026 expectations. Our original investment case therefore remains largely unchanged. In our view, Marston’s remains a recovery story where the market is primarily focused on the short term, while the underlying operational foundation continues to improve gradually. The balance sheet is steadily strengthening, the property portfolio retains significant value, and the company stands to benefit disproportionately once UK consumer confidence begins to normalise. We therefore do not necessarily view the share price reaction following these results as a deterioration of the long-term story, but rather as another example of the market reacting with a short-term focus. For members who have not yet built a position, this pullback may therefore offer an interesting entry opportunity. Ashtead Technology Over recent months, Ashtead Technology has been one of the stronger positions within the portfolio. Since our purchase, the stock has risen significantly, delivering almost 40% in gains. In a relatively short period of time, the company has therefore achieved a large portion of the expected upside potential. Fundamentally, the story behind the business remains attractive. The company continues to benefit from structural investment in offshore

First of all, we would like to emphasize that our analysts continue to closely monitor the stocks in our portfolio at all times. We keep our radar on 24/7. Every week we provide updates, but whenever unexpected news emerges or another important event occurs, we will immediately respond with Breaking News updates. At the moment, we remain satisfied with all the stocks in the portfolio and continue to monitor developments closely. It was another volatile week on the stock markets, with hope and uncertainty alternating rapidly. Monday started nervously as tensions between the United States and Iran escalated, combined with ongoing unrest surrounding the Strait of Hormuz, a crucial route for global oil trade. This immediately caused investors to become more cautious and increased volatility across the markets. Wednesday turned out to be the strongest trading day of the week. Reports suggesting that the US and Iran were close to reaching an agreement pushed markets toward record highs. Strong results from semiconductor companies and continued optimism surrounding artificial intelligence further supported market sentiment. That relief, however, proved short-lived. Later in the week, tensions escalated once again after President Trump increased pressure on Iran and new incidents occurred around the Strait of Hormuz. As a result, sentiment turned negative again on Thursday and Friday, putting pressure back on the stock markets. Nevertheless, it was notable that oil prices ultimately declined significantly on a weekly basis. Investors increasingly appear to believe that both parties have a strong interest in keeping the strait open and avoiding further escalation. Iran did respond to an American peace proposal, although no concrete details were released. US President Donald Trump called Iran’s response to the American proposal to end the conflict “totally unacceptable” on Sunday evening. According to the Iranian news agency Irna, Tehran wants to continue negotiations with the United States in order to end the conflict, but intends to postpone topics such as Iran’s nuclear ambitions until a later stage. At the moment, a ceasefire between the US and Iran remains in place, although both sides continue to test the agreement almost daily. Meanwhile, oil prices have started to rise again. The coming week will mainly revolve around US inflation data and the question of whether the Federal Reserve will need to keep interest rates higher for longer. Tuesday will be the most important moment, with the release of the CPI figures. Wednesday will follow with the PPI data, providing more insight into cost pressures for businesses and possible pressure on profit margins. Looking ahead, geopolitics will likely remain the dominant market driver for the time being. Market sentiment can currently shift rapidly due to news from the Middle East, leaving investors highly alert to new developments. Meanwhile, behind the scenes we are working hard on an analysis of a new stock for the portfolio. It concerns a banking stock where everything seemed to be going wrong just a few years ago, with excessive risks and major doubts from the market. However, a new CEO is now at the helm and the company appears to have regained control of the business. The latest results were certainly remarkably strong. So keep a close eye on your inbox. Brunel Brunel released an update last week that we view as cautiously positive. At first glance, the figures looked mixed, with revenue declining by 4% and EBIT coming in lower. However, beneath the surface we actually see several signals suggesting that the worst may now be behind the company. Most importantly, we are seeing a return to organic growth. Revenue increased organically by 1%, mainly driven by strong performances in the DACH region and stable developments in Australasia and the Americas. Underlying EBIT also improved organically by 5%, while margins remained stable at 2.7%. This shows that the cost-saving measures are beginning to take effect and that the operational foundation is gradually improving. In addition, management sounded noticeably more optimistic than in previous quarters. CEO Peter de Laat spoke about “encouraging” early signs of recovery and expects this trend to continue cautiously in the coming period. At the same time, Brunel remains realistic about the risks, particularly due to geopolitical tensions in the Middle East, where the company has significant exposure. For us, little changes in the broader investment case. Brunel remains active in attractive niches such as energy, engineering and infrastructure, sectors that are likely to benefit from structural investment trends over the longer term. While the stock may continue to move alongside broader economic uncertainty in the short term, we remain confident in the long-term outlook and continue to be highly positive about the company’s long-term potential. BP Oil and gas company BP has remained resilient in recent weeks, partly supported by higher oil prices and geopolitical tensions in the Middle East. The stock is now trading clearly higher than earlier this year, but precisely in this uncertain market environment we still view BP as an attractive hedge within the portfolio. At the same time, the company is working behind the scenes on a major restructuring. The new CEO, Meg O’Neill, is clearly taking a different approach from her predecessor and is steering BP back toward its core oil and gas activities. The organizational structure is being simplified, thousands of jobs are being cut, and the focus is once again shifting toward cost reductions, cash flow generation and returns. Several activities are also being sold or phased out, including parts of its North Sea operations and the gas station business in the Netherlands. Although this creates some short-term uncertainty, we believe BP is trying to become more efficient and profitable in a sector where scale, low costs and strong cash flows remain crucial. Recent quarterly results also showed that the company continues to benefit significantly from higher energy prices and geopolitical tensions. Naturally, BP remains highly dependent on oil prices and sentiment surrounding the Middle East. However, in the current market environment this is also one of the reasons why we continue to find the stock

Last week was once again a volatile one. The market started cautiously but rebounded on Thursday following a series of earnings releases and central bank decisions. Both the ECB and the Bank of England left interest rates unchanged, but it was mainly the tone from the ECB that stood out. Concerns are increasingly shifting toward economic growth, while inflation is rising again to 3.0%. This places the ECB in a difficult position, where a rate hike later this spring is becoming more realistic. Over the weekend, focus shifted back entirely to geopolitics. Iran sent a fourteen-point plan to the United States as a basis for new negotiations. This involves a phased approach, starting with agreements on the Strait of Hormuz and a ceasefire, followed by discussions on the nuclear program. The response from the U.S. was less reassuring. Trump stated he would review the proposal but also made it clear that he is unlikely to find it sufficient and does not rule out new airstrikes. As a result, the risk of escalation remains clearly present, despite renewed diplomatic efforts on paper. For the market, this means the familiar pattern remains intact. Hope for negotiations provides relief, but strong rhetoric from both sides keeps uncertainty elevated. Given the strategic importance of the Strait of Hormuz, any developments continue to directly impact oil prices and overall sentiment. Looking ahead, it will be an interesting week. In the U.S., we will receive key labor market data, including JOLTS and later the non-farm payrolls, along with wage growth and unemployment figures. These data points are crucial for the Fed’s interest rate path. In the UK, a speech from the Bank of England is also scheduled. Overall, the picture remains unchanged. The market is holding up well but continues to operate in an environment where geopolitics and macroeconomic data can quickly alternate as the dominant driver. This keeps volatility present, even within an upward trend. Additionally, it promises to be a busy week with many earnings reports. Within our portfolio, Grab Holdings reported better-than-expected results last night. We are pleased with this and it confirms our decision to recently double our position. Brunel will report its results this Friday. Following encouraging results from peers, we expect a positive signal here as well. Many companies also pay dividends during this period, with Deceuninck going ex-dividend today. Banijay Last week, we added Banijay to the portfolio. In our view, it is a stock that is still underappreciated by the market. The company combines two strong growth pillars: a global content machine with well-known formats and a fast-growing gaming division with high margins. What makes Banijay particularly interesting is the combination of strong cash flows, expanding margins, and a relatively low valuation. Despite solid performance, the stock trades at multiples more typical of a value stock than a growth company. Additionally, the dividend provides an attractive extra return, while cash flow leaves room for further debt reduction and growth. Sharesunderten sees Banijay as a stock with both price appreciation and dividend potential. As the market begins to better understand this story and liquidity improves, we expect a clear re-rating of the stock. Grab Holdings There was news from Indonesia regarding Grab Holdings that initially appeared negative. The government plans to reduce the maximum commission companies can charge on rides via their platform from 20% to below 10%. While this may seem negative at first glance, Grab indicated in its recent earnings update that there are multiple levers it can pull. This does not necessarily mean total revenue per ride will be halved. The company also reported strong results. In the first quarter, revenue grew by 24% to $955 million, while the number of active users increased by 16% to 51.6 million. Transaction volume also rose by 24% to $6.1 billion, demonstrating broad platform growth. Profitability is also clearly improving. Grab reported net income of $120 million, partly supported by a one-off revaluation of financial positions. More importantly, underlying profitability is improving strongly. EBITDA rose by 46% to $154 million, and margins are expanding, indicating increasing operational leverage. For us, the broader picture remains unchanged. Grab benefits from multiple growth drivers, such as deliveries and financial services, both of which are growing strongly. We are satisfied with these results. It appears Grab is gaining traction in the market and adapting well to regulation. This confirms our decision to recently increase our position. ME Group ME Group held its annual general meeting, where several key points were confirmed. A final dividend of 4.79 pence was approved, bringing the total dividend for 2025 to 8.64 pence per share, representing an increase of 9.5%. The annual accounts and remuneration report were approved, and the composition of the board remained unchanged. Management was also granted continued flexibility to issue shares and allocate capital. Notably, the company expressed its intention to launch a share buyback program of £15 to £20 million. This highlights management’s confidence in cash flow and the underlying value of the company. The AGM reinforces the strong fundamentals of ME Group. The combination of growth and a dividend yield of around 6%, which is relatively high, may indicate that the stock is significantly undervalued. This makes the stock, in Sharesunderten’s view, still highly attractive. BP BP reported strong first-quarter results. The British energy giant clearly benefited from higher oil prices, with underlying profit more than doubling. Profit rose from $1.54 billion in the previous quarter to $3.2 billion, significantly exceeding analyst expectations of $2.67 billion. The division responsible for oil trading and fuel sales performed particularly well, with quarterly profit reaching $2.5 billion compared to $1.4 billion previously. Cash flow also remained strong, with operating cash flow at $2.9 billion. Net debt stood at $25.3 billion, but BP remains committed to reducing this to between $14 and $18 billion by the end of 2027. This shows that the company is maintaining a focus on balance sheet strength alongside growth. Shareholders continue to be rewarded. BP is paying a dividend of