Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Investor Presentation (September 2025)
43 slides from Kempen European High Dividend Fund N.V. N's investor presentation, September 2025
Slide 1: Investor presentation September 2025
Van Lanschot Kempen Investor presentation September2025
Slide 2: Ambition and strategy
Ambition and strategy VAN LANSCHOT KEMPEN
Slide 3: Van Lanschot Kempen at a glance
Van Lanschot Kempen at a glance Specialist, independent Oldest independent financial 2,144 FTE wealth manager with a institution in the Netherlands Across five countries capital-light business model Founded in 1737 Our purpose €169 billion €151 billion Preserve and create wealth for our clients Clie
Slide 4: We have a clear focus on our client groups
We have a clear focus on our client groups Investment management Private banking Investment banking • In-house investment engine • Foundation of our business • All-round investment banking • Focused expertise for our private, • Comprehensive wealth management capabilities institutional and wholesale
Slide 5: Growing further together
Growing further together Be a leading wealth manager in Western Europe, with a solid foundation in the Netherlands and Belgium Further capitalise on the momentum in private banking in the Netherlands, and unlock additional growth engines Reap the significant potential for growth in private banking i
Slide 6: Growing further together: Grow. Scale. Excel.
Growing further together Grow. Scale. Excel. Strategic focus themes for 2025 – 2026 Grow Scale Excel We aim to continue to grow We aim to increase the We aim to continue to alongside our clients in our scalability of our business to deliver the best possible consolidating industry ensure our growth
Slide 7: 2027 financial targets reflecting our ambitions
2027 financial targets reflecting our ambitions A solid business model Continued strong growth 10% average annual AuM growth Scalable business model 67% – 70% cost/income ratio Solid capital position 17.5% CET 1 ratio (Basel IV fully loaded) Attractive returns >18% return on CET 1 capital High divid
Slide 8: Strong track record in delivering on our strategy
Strong track record in delivering on our strategy Continuous strong growth in assets under management With significant improvement of our cost/income ratio €bn % 151 79.6 13% -10pp 71.8 CAGR 58 2016 H1 2025 2016 H1 2025 With very limited balance sheet growth Delivering attractive dividend and capita
Slide 9: We continue our growth trajectory as a highly focused and independent wealth manager
We continue our growth trajectory as a highly focused and independent wealth manager Core to our strategy as a specialised and independent wealth manager is to generate sustainable and profitable growth while maintaining our capital- Organic growth in H1 2025 light business model, with the target to
Slide 10: Strong track record of disciplined bolt-on M&A
Strong track record of disciplined bolt-on M&A Bank cooperation 2016 2018 2020 2022 2024 2017 2019 2021 2023 2025 Netherlands Online investment platform Bolt-on acquisitions only, no transformational transactions Cultural fit is paramount Focus on opportunities in private banking and investment Leve
Slide 11: Our people make the difference
Our people make the difference Investing in talent development • Van Lanschot Kempen Academy, Young Private Banking program • Cultivating expertise, entrepreneurship, personal approach • Focusing on growth, both professionally and in personal development, via our Personal Growth Plan Nurturing high
Slide 12: Management Board and Supervisory Board
Management Board and Supervisory Board Management Board Maarten Edixhoven Jeroen Kroes Damla Hendriks Arjan Huisman Wendy Winkelhuijzen Erik van Houwelingen Thomas Vanderlinden Chair of the Management Chief Financial Officer Chief Risk Officer Chief Operating Officer Responsible for Private Responsi
Slide 13: Van Lanschot Kempen share price development and analyst recommendations
Van Lanschot Kempen share price development and analyst recommendations Share price (€) Share price Van Lanschot Kempen Volume (m) Key metric Value Volume Van Lanschot Kempen 60 0.5 Last close (3 September 2025) €49.65 55 Year range €38.00 – €59.80 0.4 50 Market cap (3 September 2025) €2.1bn 45 Aver
Slide 14: Shareholder base
Shareholder base Shareholder base Van Lanschot Kempen Per 26-08-2025, based on AFM filings 20.3% ING Bank LDDM Holding Janus Henderson Group FMR 50.5% 9.8% Management & employees MVDP 5.0% Other 5.0% 5.5% 3.9% 14
Slide 15: 2025 half-year results
2025 halt-year results VAN LANSCHOT KEMPEN
Slide 16: Highlights H1 2025
Highlights H12025 Growing Empowering together talent €68m 11% growth NPS of 41 at Private Clients Netherlands 1/3 of vacancies filled by internal talent net result in commission income and launched new brand campaign 175 colleagues participated in the Al Agents Hackathon, generating 25 solutions for
Slide 17: Strong commercial momentum, leading to solid results despite ongoing market volatility
Strong commercial momentum, leading to solid results despite ongoing market volatility Strong AuM inflow of €4.6bn Higher commission income Interest income down as expected €bn €m +11% €m 1.9 1.7 279.6 251.5 -17% 1.0 92.2 76.1 Private Clients Private Clients Investment H1 2024 H1 2025 H1 2024 H1 202
Slide 18: On track to reach our 2027 financial targets
On track to reach our 2027 financial targets Annual AuM Cost/income ratio Return on CET 1 Dividend pay-out CET 1 ratio (Basel growth capital ratio IV fully loaded) 1.7% 71.8% 15.8% N/A 18.2% Target: 10% Target: 67-70% Target: >18% Target: 70-90% Target: 17.5% 2024: 17.2% 2024: 70.1% 2024: 16.2% 2024
Slide 19: Progress on our ESG targets
Progress on our ESG targets ENVIRONMENTAL SOCIAL Impact of our own organisation Our people Annual average carbon footprint per FTE: 1.34 Gender balance senior staff: 22.1% tonnes CO2e (2024: 1.43 tonnes CO2e) (2024: 21.1% target: >30%*) (2025 target: <1.50 tonnes CO2e per FTE) Corrected gender pay g
Slide 20: Continuous growth from new and existing clients
Continuous growth from new and existing clients Private Clients Netherlands Investment Management Clients • Strong growth momentum • Mixed results: net AuM inflow of €1.9bn, • Net AuM inflow of €1.7bn despite outflow from investment strategies • €57.5m operating result before tax • €12.1m operating
Slide 21: Net result decreased by 9% to €67.8m
Net result decreased by 9% to €67.8m Key drivers of net result €m -16.1 28.2 -7.4 4.9 1.2 -13.3 -3.6 -0.5 74.5 67.8 H1 2024 Commission Interest income Other income Operating expenses Impairments Non-strategic Special and Tax H1 2025 income investments one-off items* • Growth in commission income mai
Slide 22: Private Clients Netherlands: continued high net inflows
Private Clients Netherlands: continued high net inflows Assets under management Assets under management per type €bn 1.7 44.9 % 43.7 -0.5 Other 14% Discretionary 41% 41% Bonds 24% 61% Non-discretionary 59% 59% Equities 31/12/2024 Net AuM Market 30/06/2025 inflow performance • Net AuM inflow of €1.7b
Slide 23: Private Clients Belgium: continued commercial momentum and strong result
Private Clients Belgium: continued commercial momentum and strong result Assets under management Assets under management per type €bn 1.0 15.9 % 15.1 Other -0.2 Bonds 6% 18% 77% 78% Discretionary 77% Non-discretionary 23% 22% Equities 31/12/2024 Net AuM Market 30/06/2025 inflow performance • AuM up
Slide 24: Investment Management Clients saw mixed results
Investment Management Clients saw mixed results Assets under management Assets under management per type Investment €bn % 2.9 €bn strategies 90.5 Other Alternative 0.3 89.8 10.6 investment 19% Equities -2.6 strategies -1.3 30% 5.6 Bonds 73.6 51% Fiduciary 31/12/2024 Net inflow Net inflow Net inflow
Slide 25: Margins remained largely stable
Margins remained largely stable Private Clients Netherlands (€44.9bn) Private Clients Belgium (€15.9bn) (bps) (bps) 60 80 80 80 55 55 Private Banking (€37.9bn) Evi (€7.0bn) 61 58 58 52 37 39 2023 2024 H1 2025 2023 2024 H1 2025 2023 2024 H1 2025 2023 2024 H1 2025 Investment Management Clients (€89.8b
Slide 26: Investment Banking Clients: improved result
Investment Banking Clients: improved result Commission income Operating result before tax €m €m 25.0 5.3 24.0 19.6 3.0 17.0 16.2 0.9 0.4 -4.8 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 • Advised on several high-profile transactions, particularly in the real estat
Slide 27: Growth in recurring securities commissions
Growth in recurring securities commissions Annualised recurring securities commission* Annualised recurring securities commission per segment* €m €m 494 508 Investment Management 468 Clients 415 380 130 Private Clients €508m 248 Netherlands 131 Private Clients Belgium HY 2023 FY 2023 HY 2024 FY 2024
Slide 28: Interest income fell due to lower margins on savings and deposits
Interest income fell due to lower margins on savings and deposits; decline has bottomed out Interest income Interest margin (12-month moving average) €m % 107.9 1.24% 92.2 88.6 1.18% 83.2 76.1 1.12% 1.06% 0.97% H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 • Interes
Slide 29: Other income
Other income Other income €m Income Income Book value Book value Book value H1 2025 H1 2024 HY 2025 YE 2024 HY 2024 Van Lanschot Kempen Participaties (minority interests) -2.1 2.1 32.9 34.9 36.4 Bolster Investment funds 3.4 2.8 90.7 83.2 79.1 Co-investments in own investment funds 1.3 1.8 65.4 61.7
Slide 30: Operating expenses grew modestly, in line with our growth strategy
Operating expenses grew modestly, in line with our growth strategy Changes in operating expenses Changes in internal FTEs €m 2.2 # 16 11 11.1 4 23 261.6 2,072 2,018 248.2 1,937 H1 2024 Staff costs Other H1 2025 30/06/2024 31/12/2024 Private Private Investment Other 30/06/2025 Clients Clients Managem
Slide 31: Our loan portfolio grew slightly
Our loan portfolio grew slightly Loan portfolio €m Loan portfolio Loan portfolio % change Impaired loans Provision Impaired ratio Coverage ratio 30/06/2025 31/12/2024 30/06/2025 30/06/2025 30/06/2025 30/06/2025 30/06/2025 Mortgages 6,431 6,396 1% 30 2 0.5% 6% Other loans 2,474 2,348 5% 62 20 2.5% 33
Slide 32: High-quality loan book
High-quality loan book Additions to or releases from loan loss provisions €m -9 bps* 18 bps* 8 bps* -14 bps* -14 bps* 3.9 1.7 -1.9 -3.2 -3.1 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 • Release from loan loss provisions to average risk-weighted assets worked out at a release of 14 basis points • This r
Slide 33: Strong CET 1 ratio at 18.2%
Strong CET 1 ratio at 18.2% Common Equity Tier 1 ratio % 19.3% -1.3% 18.2% 0.2% 31/12/2024 Capital return Other 30/06/2025 Basel IV Basel IV fully loaded fully loaded* • The decline in the CET1 ratio mainly reflects the capital return of €1.40 per share paid out to shareholders in June 2025 • The ac
Slide 34: We are on track to reach our financial targets
We are on track to reach our financial targets Average annual AuM growth Cost/income ratio Common Equity Tier 1 ratio Target 10% CAGR 2027 target 67–70% Target 17.5% Basel IV fully loaded +6% 73.1% 71.6% 70.1% 71.8% Basel III fully loaded Basel IV fully loaded 68.9% 23.7% 20.6% 19.6% 19.3% 18.2%* 20
Slide 35: Appendix
Appendix VAN LANSCHOT KEMPEN
Slide 36: Financial results H1 2025
Financial results H1 2025 €m H1 2025 H1 2024 % change Commission income 279.6 251.5 11% - of which securities commissions 254.1 227.4 12% - of which other commissions 25.6 24.1 6% Interest income 76.1 92.2 -17% Income from securities and associates 2.5 6.9 -64% Result on financial transactions 6.1 9
Slide 37: Financial result by segment H1 2025
Financial result by segment H1 2025 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 124.8 61.1 66.4 25.0 2.3 279.6 Interest income 64.6 6.9 0.7 0.0 3.8 76.1 Other income 0.4 0.5 -0.1 2.3 5.5 8.6 Income from
Slide 38: Financial result by segment H1 2024
Financial result by segment H1 2024 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 113.0 49.8 62.5 24.0 2.2 251.5 Interest income 86.2 4.4 0.4 -0.2 1.5 92.2 Other income 0.5 0.3 0.1 1.3 13.7 16.0 Income fr
Slide 39: Financial result by segment H2 2024
Financial result by segment H2 2024 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 121.0 56.0 64.9 16.2 1.7 259.7 Interest income 70.7 5.0 0.5 -0.2 7.1 83.2 Other income 0.8 0.2 -0.0 4.5 8.7 14.2 Income fr
Slide 40: Progress on our KPIs
Progress on our KPIs * KPI 5 and KPI 12 are based on the average of all measurements (pulse surveys and employee engagement scores) that have been carried out in the previous 12 months ** The NPS for client segment IMC is measured once every two years, for IBC and PC BE once every year 40
Slide 41: High scores on external ESG ratings
High scores on external ESG ratings 2025 2024 2023 Governance: 1st decile 7th place in a league table of 51 AA rating Environment: 3rd decile Dutch companies On a scale of AAA to CCC Social: 3rd decile With 32/40 points on resilience to ESG risks 2023 2024 2023 6th place in league table of 491 B- ra
Slide 42: Shareholder return since 2016
Shareholder return since 2016 Total shareholder return €m 116.5 59.3 85.0 85.0 74.2 61.0 980.4 81.7 29.0 59.0 61.0 268.7 Dividends and Capital Dividend 2019 Dividend 2020 Dividend 2021 Capital Dividend 2022 Capital Dividend 2023 Capital Dividend 2024 Shareholder capital returns return 2019 return 20
Slide 43: Disclaimer and cautionary note on forward-looking statements
Disclaimer and cautionary note on forward-looking statements This document may contain forward-looking The financial data in this document have not been statements and targets on future events and audited. Small differences in tables may be the result developments. These forward-looking statements o
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