I have selected in my Team Calendar the timezone to be Europe / Zurich.
1. Offset Definition Wrong
For some reason, it's defined as Europe/Zurich(+0200) - not sure what offset it's considering but it should be +0100 and then summer time +0100.
2. Import of the calendar into Outlook
More fundamentally, when I import the calendar into Outlook, all the times are PLUS 2 hours, so if the Team Calendar shows 0900, Outlook shows 1100.
This is actually bug in the calendar exposed -> since when I export the calendar to an ICS file, i can see the wrong times.
DTSTART;TZID=Europe/Zurich:20190901T110000
DTEND;TZID=Europe/Zurich:20190901T120000