Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Investor Presentation (May 2025)
48 slides from Kempen European High Dividend Fund N.V. N's investor presentation, May 2025
Slide 1: Investor presentation
Investor presentation May 2025, Amsterdam
Slide 2: Overview & Strategy
# Overview & Strategy " da
Slide 3: Van Lanschot Kempen at a glance
Van Lanschot Kempen at a glance Specialist, independent Oldest independent financial 2,018 FTE wealth manager with a institution in the Netherlands Across five countries capital-light business model Founded in 1737 Our purpose €168 billion €149 billion Preserve and create wealth for our clients Clie
Slide 4: Compelling combination of services
Compelling combination of services Serving our clients with clearly defined propositions and strong opportunities for cross- selling Private banking Investment management Investment banking • Foundation of our business • In-house investment engine • All-round investment banking • Comprehensive wealt
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 growt
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: Our dedication to our people and sustainability
Non-financial targets Our dedication to our people and sustainability Our people • Gender balance senior staff target: >30%* • Corrected gender pay gap target: <2.0% • Staff turnover: target 8-12% • Employee engagement score target: >80% Impact of our own organisation • 8% reduction of annual averag
Slide 9: 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 % 149 79.6 13% -10pp CAGR 70.1 58 2016 2024 2016 2024 With very limited balance sheet growth Delivering attractive dividend and capital retu
Slide 10: Strong track record of disciplined bolt-on M&A
Strong track record of disciplined bolt-on M&A Netherlands Bank cooperation Retail distribution 2016 2017 2018 2019 2020 2021 2022 2023 2024 Bolt-on acquisitions only, no transformational transactions Cultural fit is paramount Focus on opportunities in private banking and investment Leveraging our e
Slide 11: 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 Organic growth in 2024 manager is to generate sustainable and profitable growth while maintaining our capital-light business model, with the target to • T
Slide 12: Private Clients Netherlands: growth driven by strong position
Private Clients Netherlands Growth Private driven Clients by strong Netherlands position and response to client needs • Focused on providing excellent services to our private banking clients with our personalised approach and distinctive investment solutions • 2024 was a strong year for Private Clie
Slide 13: Private Clients Belgium: second home market
Private Clients Belgium Second Private home Clients market Netherlands with strong commercial momentum • Successfully launched Mercier Van Lanschot in 2024. A new brand with deep roots from Mercier Vanderlinden and Van Lanschot Belgium resulted in strong commercial momentum with increase of market s
Slide 14: Investment Management Clients: renewed focus starting to pay off
Investment Management Clients Renewed Private focus Clients starting Netherlands to pay off • Our in-house Investment Manager, a key differentiator with it’s strategies and fiduciary business that is attractive to our private and semi-institutional clients, including the UHNW segment • Firmly positi
Slide 15: Investment Banking Clients: return of momentum and profitability
Investment Banking Clients Return Private of momentum Clients Netherlands and profitability • Specialised, capital-light investment bank with a global sector- focused approach • Leading market positions in European Real Estate and Life Sciences & Healthcare and continuing to build our position in in
Slide 16: 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 17: 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 Chair of the Management Board Chief Financial Officer Chief Risk Officer Chief Operating Officer Responsible for Private Clients Responsible fo
Slide 18: 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 60 Volume Van Lanschot Kempen 0.5 Last close (16 May 2025) €57.00 55 Year range €35.30 – €57.50 0.4 50 Market cap (16 May 2025) €2.4bn 45 Average daily
Slide 19: Shareholder base
Shareholder base Shareholder base Van Lanschot Kempen Per 06-03-2025, based on AFM filings 10.4% Romij 9.9% ING Bank* LDDM Holding Janus Henderson Group 50.5% 9.8% FMR Management & employees 5.0% MVDP Other 5.0% 5.5% 3.9% *ING announced it acquired 9.9% of Van Lanschot Kempen’s outstanding shares an
Slide 20: Financial results 2024
- Financial results , 2024 "da
Slide 21: Highlights 2024
Highlights 2024 Driving growth Investing in talent Creating impact Connecting our network Shared “Growing further together” Launch of Mercier Van Lanschot c. 2,200 colleagues 381 new colleagues CO2 per FTE down 44% 382 Connected 10,000+ private banking clients at network meetings strategy in Belgium
Slide 22: We achieved a net result of €142 million, with a strong growth in assets under management
We achieved a net result of €142 million, with a strong growth in assets under management AuM net inflow Commission income Net result Total balance sheet €9.2bn (+57%) €511.2m (+20%) €141.9m (+13%) €17.0bn (2023: €16.8bn) Total AuM Interest income Proposed dividend Loan loss provision €149.3bn (+17%
Slide 23: We are well on track to reach our 2027 financial targets
We are well on track to reach our 2027 financial targets AuM growth Cost/income Return on CET 1 Dividend pay-out CET 1 ratio (Basel ratio capital ratio IV fully loaded)** 17.2% 70.1% 16.2% 88.4% 18.0% Target: 10% Target: 67-70% Target: >18%* Target: 70-90% Target: 17.5% 2023: 18.1% 2023: 71.6% 2023:
Slide 24: Achieving our people & sustainability targets
Achieving our people & sustainability targets Our people • Gender balance senior staff: 21.1% (2023: 19.0% target: >30%*) • Corrected gender pay gap: 1.4% (2023: 3.0% target: <2.0%) • Staff turnover: 9.5% (2023: n/a target: 8-12%) • Employee engagement score: 90% (2023: 90% target: >80%) Impact of o
Slide 25: All our client segments contributed positively to our result
All our client segments contributed positively to our result Private Clients Netherlands Investment Management Clients • Strong momentum continuing • Renewed focus starting to pay off • Net AuM inflow of €2.1bn • Net AuM inflow of €4.9bn • €134.9m operating profit before tax • €24.9m operating profi
Slide 26: Net result increased by 13% on the back of a strong increase in commission income
Net result increased by 13% on the back of a strong increase in commission income Key drivers of net result €m -21.1 84.0 -9.0 -28.0 3.5 -0.1 -12.6 141.9 125.2 2023 Commission income Interest income Other income Operating expenses Impairments Other Tax 2024 • Strong increase in commission income dri
Slide 27: Private Clients Netherlands expanded its market share thanks to high net inflows
Private Clients Netherlands expanded its market share thanks to high net inflows Assets under management Assets under management per type €bn 4.8 43.7 % 2.1 Other 36.8 13% 41% Discretionary 42% Bonds 25% 59% 62% Non-discretionary 58% Equities 31/12/2023 Net AuM Market performance 31/12/2024 inflow •
Slide 28: Private Clients Netherlands achieved a strong result
Private Clients Netherlands achieved a strong result Result before tax Margins €bn bps 2024 2023 % difference Private Banking (€36.5bn) Commission income 234.2 193.8 21% Private Clients 61 58 Interest income 156.9 172.1 -9% Netherlands (€43.7bn) Other income 1.3 0.8 54% 60 55 Income from operating a
Slide 29: Private Clients Belgium continues its strong commercial momentum, AuM growth of 38%
Private Clients Belgium continues its strong commercial momentum, AuM growth of 38% Assets under management Assets under management per type €bn 0.7 15.1 % 1.2 Other 2.2 Bonds 5% 11.0 18% 77% Discretionary 78% 76% Non-discretionary 23% 22% Equities 31/12/2023 Net AuM Market Acquisition 31/12/2024 in
Slide 30: Private Clients Belgium achieved a strong result
Private Clients Belgium achieved a strong result Result before tax Margins €bn bps 2024 2023 % difference Commission income 105.8 80.0 32% Private Clients Belgium Interest income 9.3 12.6 -26% (€15.1bn) Other income 0.5 0.5 -1% 80 80 Income from operating activities 115.6 93.1 24% Operating expenses
Slide 31: Investment Management Clients achieved positive inflows in its active strategies
Investment Management Clients achieved positive inflows in its active strategies Assets under management Assets under management per type €bn 6.1 90.5 % and €bn Investment 3.9 strategies 79.5 0.5 0.5 Other Alternative 11.9 19% Equities investment 30% 5.2 strategies Bonds 73.4 51% Fiduciary 31/12/202
Slide 32: Investment Management Clients capitalised on increase in commercial strength and scalability
Investment Management Clients capitalised on increase in commercial strength and scalability Result before tax Margins €bn bps 2024 2023 % difference Own funds (€17.1bn) Commission income 127.2 111.8 14% Investment Management 57 57 Interest income 0.9 0.4 125% Clients (€90.5bn) Other income 0.1 0.1
Slide 33: Investment Banking Clients saw market momentum and profitability returning
Investment Banking Clients saw market momentum and profitability returning Commission income Operating profit before tax €m €m 56.0 9.7 40.2 36.5 3.9 -4.4 2022 2023 2024 2022 2023 2024 • Back to profitability, with a modest operating result before tax of €3.9m (2023: -€4.4m); focus remains on improv
Slide 34: Current AuM base provides solid foundation for growing commission income in 2025
Current AuM base provides solid foundation for growing commission income in 2025 Annualised recurring securities commission* Annualised recurring securities commission per segment* €m €m 494.0 Investment Management 467.8 Clients 414.7 379.8 128 339.8 Private Clients €494m 243 Netherlands 123 Private
Slide 35: Interest income declined in a normalising interest rate environment
Interest income declined in a normalising interest rate environment Interest income * Interest margin (12-month moving average) €m % 107.9 1.24% 93.0 92.2 88.6 1.18% 83.2 1.11% 69.7 1.06% 0.92% 0.88% H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 • In
Slide 36: Solid other income
Solid other income Other income €m Income Income Book value Book value 2024 2023 YE2024 YE 2023 Van Lanschot Kempen Participaties (minority interests) 1.7 28.4 34.9 35.0 Bolster Investment funds* 4.9 3.9 83.2 76.3 Co-investments in own investment funds 5.8 5.2 61.7 83.8 Other equity investments 3.9
Slide 37: Operating expenses increased at a slower pace than income
Operating expenses increased at a slower pace than income – testament to our scalable business model Changes in operating expenses Changes in internal FTEs €m 15.8 5.1 # 32 4.7 15 30 1.4 -7.6 27 8.5 10 502.8 2,018 474.8 1,904 2023 Robeco Accuro Internal External Other staff Other 2024 2023 Accuro Ex
Slide 38: Our loan portfolio remained stable
Our loan portfolio remained stable Loan portfolio €m Loan portfolio Loan portfolio % change Impaired loans Provision Impaired ratio Coverage ratio 31/12/2024 31/12/2023 Mortgages 6,396 6,368 0% 36 2 0.6% 6% Other loans 2,348 2,182 8% 90 26 3.8% 29% Loan portfolio 8,744 8,550 2% 127 28 1.4% 22% Mortg
Slide 39: High quality loan book
High quality loan book Additions to or releases from loan loss provisions €m 4 bps* -29 bps* -19 bps* 5 bps* -3 bps* 1.9 2.0 -1.4 -7.7 -11.7 2020 2021 2022 2023 2024 • Release from loan loss provisions relative to average risk-weighted assets worked out at -3 basis points • Reflecting the high quali
Slide 40: Strong CET 1 ratio allows for excess capital return proposal of €1.40 per share
Strong CET 1 ratio allows for excess capital return proposal of €1.40 per share Common Equity Tier 1 ratio % -1.1% 0.7% -1.3% 0.3% 19.6% -0.4% 19.3% -0.3% 0.3% 0.5% -0.3% c.18.5% 18.0% 31/12/2023 Basel IV fully 31/12/2023 Accuro Lease new Partial sale Additional Retained Amortisation Other 31/12/202
Slide 41: We are well on track to reach our financial targets
We are well on track to reach our financial targets Average annual AuM growth Cost/income ratio Common Equity Tier 1 ratio Target 10% 2027 target 67–70% Target 17.5% Basel IV fully loaded* 85.7% Basel III fully loaded Basel IV fully loaded* 73.1% 71.6% 70.1% 24.3% 10.0% 68.9% 23.7% 20.6% 19.6% 19.4%
Slide 42: Appendix
Appendix 42
Slide 43: Overview of net result 2024
Overview of net result 2024 €m 2024 2023 % change Commission income 511.2 427.2 20% - of which securities commissions 469.3 389.8 20% - of which other commissions 41.9 37.4 12% Interest income 175.4 196.5 -11% Income from securities and associates 16.3 38.1 -57% Result on financial transactions 13.9
Slide 44: Key figures by segment 2024
Key figures by segment 2024 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 234.2 105.8 127.2 40.2 3.8 511.2 Interest income 156.9 9.3 0.9 -0.4 8.6 175.4 Other income 1.3 0.5 0.1 5.8 22.5 30.1 Income from o
Slide 45: Progress on our KPIs
Progress on our KPIs KPIs Targets 4. CET 1 ratio (Basel IV fully loaded) 17.5% e 2. Return on CET 4 capital > 18% in 2027, progress ahead of our grawth e path of 1 percentage point per year 3. Cost/income ratio 67-70% © [701% 71.6% 4, Three-year relative performance of our managed | >benchmark @ [1%
Slide 46: High scores on external ESG ratings
High scores on external ESG ratings Governance: 1st decile B- rating Environment: 3rd decile On a scale of A+ to D- Social: 3rd decile ISS ESG Corporate Rating AA rating 6th place in league table On a scale of AAA to CCC of 491 entrants on resilience to ESG risks 7th place in a league table of 4 and
Slide 47: 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 48: 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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