Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Debt Investor Presentation (April 2026)
63 slides from Kempen European High Dividend Fund N.V. N's debt investor presentation, April 2026
Slide 1: Soft Bullet Covered Bond
Van Lanschot Kempen Soft Bullet Covered Bond April 2026
Slide 2: Important Notice
Important Notice NOT FOR DISTRIBUTION TO ANY U.S. PERSON OR TO ANY PERSON OR ADDRESS IN THE U.S. AND NOT FOR DISTRIBUTION TO ANY PERSON WHICH IS NOT A QUALIFIED INVESTOR AS DEFINED IN REGULATION (EU) 2017/1129, AS AMENDED. IMPORTANT: The following applies to the presentation following this page (the
Slide 3: Contents
Contents Executive summary 4 Van Lanschot Kempen at a glance 5 2025 full-year results 16 Diversified funding profile and solid capital buffers 31 Soft Bullet Covered Bond Programme 38 Appendix I- Sustainability 47 Appendix II - Dutch housing market 50 Appendix III - Product offering and underwriting
Slide 4: Executive summary Soft Bullet Covered Bond Programme
Executive summary Soft Bullet Covered Bond Programme Issuer Van Lanschot Kempen N.V. Van Lanschot Kempen N.V. Programme size €5.0bn • Credit rating of BBB+/A- (S&P/Fitch) Format Soft Bullet (SB) AAA rated Soft Bullet Covered Bond Programme Extension Period Maximum of 12 months • Established 2022 and
Slide 5: Van Lanschot Kempen at a glance
Van Lanschot Kempen at a glance 5
Slide 6: Close to 300 years of entrepreneurship across nine generations
Close to 300 years of entrepreneurship across nine generations
Slide 7: Specialist independent wealth manager
Specialist independent wealth manager OUR STRATEGY OUR HERITAGE OUR VALUES Be a leading wealth Founded in 1737 Personal manager in Western Being close to clients is in our DNA Europe, with a solid Among the top 10 oldest foundation in independent financial Specialised the Netherlands and institution
Slide 8: Compelling combination of services, with private banking at the heart of our offering
Compelling combination of services, with private banking at the heart of our offering Private banking Investment management Investment banking Wealth management for Fiduciary management for All-round investment banking individuals, entrepreneurs and pension funds capabilities families Own investment
Slide 9: Organised in four client segments with top positions in their core markets
Organised in four client segments with top positions in their core markets Private Clients Netherlands Investment Management Clients • Largest pure-play private bank in the Netherlands • Boutique asset manager with €16bn AuM in own with €37bn AuM funds, c. 30% from private banking clients • Online p
Slide 10: 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 11: Executing our Growing further together strategy
Executing our Growing further together strategy 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 is profitable service to our clients
Slide 12: 2027 financial targets reflecting our ambitions
2027 financial targets reflecting our ambitions Continued strong growth 10% average annual AuM growth Scalable business model 67% – 70% cost/income ratio Solid capital position 17.5% CET1 ratio (Basel IV fully loaded) Attractive returns >18% return on CET1 capital High dividend distribution 70% – 90
Slide 13: Strong track record in delivering growth and value
Strong track record in delivering growth and value Continuous strong growth of our client base and our business With constant and attractive returns for shareholders €bn assets under management and client assets at year-end € per share distributions to shareholders CAGR AuM Dividend Client 180 15.55
Slide 14: Strong track record of disciplined bolt-on acquisitions and strategic partnerships
Strong track record of disciplined bolt-on acquisitions and strategic partnerships Bank cooperation Online investment platform Active ETF partnership 2016 2020 2023 2025 2017 2021 2024 2026 Equities Joint Netherlands Venture Pending approval • Focus on bolt-on acquisitions • Cultural fit is paramoun
Slide 15: Digital & AI as key drivers of scalable growth
Digital & AI as key drivers of scalable growth Strengthening Accelerating Innovating Transforming digital foundations efficiency core functions business models Modernising platforms, Leveraging AI, including GenAI, Embedding AI into software AI-driven hyper- harmonising processes, and to automate ro
Slide 16: 2025 full-year results
2025 full-year results 16
Slide 17: 2025 was another strong year for Van Lanschot Kempen
2025 was another strong year for Van Lanschot Kempen Net AuM inflow Client assets €7.9bn €180bn Net result Dividend Capital return €157m €3.00 €0.80 Dividend and capital return are per share and subject to shareholder approval.
Slide 18: Well on track to reach our 2027 financial targets
Well on track to reach our 2027 financial targets Average annual AuM Cost/income CET1 ratio* Return on CET1 Dividend pay-out growth (5-yr CAGR) ratio (Basel IV fully loaded) capital ratio 9.2% 69.2% 17.5% 18.3% 85.9% Target: 10% Target: 67-70% Target: 17.5% Target: >18% Target: 70-90% 2024: 10.5% 20
Slide 19: Progress on delivering our ESG ambitions
Progress on delivering our ESG ambitions Environmental Social Carbon emissions average annual reduction Discretionary AuM Employee engagement score Employee turnover WACI* (baseline year 2019) % % FY2025 14% FY2025 90% FY2025 10% Target 7% Target >80% Target 8 – 12% Own operations Gender balance in
Slide 20: AuM at Private Clients Netherlands grew by 10%
AuM at Private Clients Netherlands grew by 10% Assets under management Highlights €bn 2.3 0.4 48.0 • Continuously attracted new clients with our personal 43.7 1.6 approach and deep presence in local networks, with new Discretionary 41% 41% clients accounting for c. 75% of total net inflow • 55% of n
Slide 21: Continued strong growth momentum in Belgium with AuM growing by 16%
Continued our strong growth momentum in Belgium with AuM growing by 16% Assets under management Highlights €bn 1.9 0.6 17.4 • Increased our market share in the attractive Belgian private 15.1 -0.1 banking market through sustained commercial momentum • Continued to expand our branch office network to
Slide 22: Investment Management Clients achieved strong growth in private markets and fiduciary mandates
Investment Management Clients achieved strong growth in private markets and fiduciary mandates Assets under management Highlights €bn 5.7 93.5 • Investment strategies saw net outflow, €0.6bn of this 90.5 0.8 Investment strategies 13% -1.4 11% due to the discontinuation of our sustainable equity stra
Slide 23: Combined AuM base and growth drivers support further commission income growth in 2026
Combined AuM base and growth drivers support further commission income growth in 2026 Securities commissions* Annualised recurring securities commissions at year-end** Multiple engines for further growth €m €m Further grow market share in core 537 512 private banking markets 494 459 415 Attract new
Slide 24: Investment banking delivered stable income, starting a new chapter with equities partnership
Investment banking delivered stable income, starting a new chapter with equities partnership Commission income Highlights €m 40.2 40.6 • Acted as adviser on 22 transactions in 2025, particularly in the European real estate and life sciences sectors • Raised a total of c. €2.5bn for our listed corpor
Slide 25: Interest income came in near the top of the expected range
Interest income came in near the top of the expected range; further growth expected in 2026 Interest income Interest margin (6-month moving average) €m % 107.9 92.2 88.6 88.0 1.35% 83.2 76.1 1.11% 1.12% 1.05% 1.01% 0.92% H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 H2 2025 H1 2023 H2 2023 H1 2024 H2 2024
Slide 26: Continued focus on cost control
Continued focus on cost control Operating expenses Highlights €m 18.9 1.8 521.8 • Operating expenses rose by 4% in 2025 • Staff costs increased due to 4% growth in internal FTEs as -1.7 well as a 3.5% general salary increase. We expect staff costs 502.8 to rise in 2026 due to a general salary increa
Slide 27: Focus on scalable growth with front-end-led FTE growth
Focus on scalable growth with front-end-led FTE growth Internal FTEs Total FTEs # # 2,099 2,146 10 2,099 2,019 47 82 External FTEs 73 116 -1 2,018 2,099 Internal FTEs 2,018 1,904 31/12/2024 Clients segments IT Corporate centre 31/12/2025 YE 2023 YE 2024 YE 2025 • Total internal FTEs grew by 82 or 4%
Slide 28: Net result rose by 11% to €157m
Net result rose by 11% to €157m Net result €m 56.0 -11.3 -7.0 2.8 0.8 0.3 157.4 -19.0 -7.0 141.9 2024 Commission Interest income Other income Operating expenses Impairments Non-strategic Special and Tax 2025 income investments one-off items* • Strong growth in commission income, especially from our
Slide 29: Solid CET1 ratio of 17.5% after envisaged capital return
Solid CET1 ratio of 17.5% after envisaged capital return Common Equity Tier 1 ratio % Proposed dividend per share 19.3 3.1 -2.7 €3.00 -1.3 18.2 -0.2 -0.9 0.9 -0.7 17.5 Proposed capital return per share €0.80 31/12/2024 Capital return Wilton Capital Dividend RWA Other 31/12/2025 Envisaged Pro forma B
Slide 30: Well on track to reach our financial targets
Well on track to reach our financial targets Total AuM at year-end Cost/income ratio CET1 ratio Target 10% average annual growth 2027 target 67–70% Target 17.5% Basel IV fully loaded 73.1% Basel III fully loaded Basel IV fully loaded CAGR 71.6% 70.1% 23.7% 9.2% 68.9% 69.2% 20.6% 19.6% 19.3% 18.2% 20
Slide 31: Diversified funding profile and solid capital buffers
Diversified funding profile and solid capital buffers 31
Slide 32: Van Lanschot Kempen's creditworthiness is reflected in its ratings
Van Lanschot Kempen’s creditworthiness is reflected in its ratings Standard & Poor’s Fitch • Long-term credit rating of issuer: BBB+ • Long-term credit rating of issuer: A- • Outlook long-term credit rating: Stable • Outlook long-term credit rating: Stable • Short-term credit rating of issuer: A-2 •
Slide 33: Balance sheet overview of capital and funding position
Balance sheet overview of capital and funding position Capital buffer as per 31 Dec 2025 Balance sheet 31 Dec 2025 • Total equity and AT1 of €1.4bn €bn, balance sheet total = €17.8bn • CET 1 ratio 17.5%* 0.3 Due to banks • Leverage ratio 5.4% Cash and cash equivalents and 2.2 balances at banks Asset
Slide 34: Our loan portfolio grew modestly alongside growth in private clients
Our loan portfolio grew modestly alongside growth in private clients Mortgages Other loans Highlights €bn €bn • Our total loan portfolio grew slightly to €9.6bn, mainly due 6.4 6.4 6.5 to modest growth in mortgages and Lombard loans alongside AuM growth from private clients 4 2.3 2.6 • Quality of th
Slide 35: Van Lanschot Kempen has various funding programmes
Van Lanschot Kempen has various funding programmes SECURED PROGRAMMES UNSECURED PROGRAMMES Soft Bullet Covered Bond Programme Debt Issuance Programme / MTN • Public soft bullet covered bond programme used for • €5.0 billion programme wholesale funding purposes • Used for wholesale funding (senior un
Slide 36: Funding mix and redemption profile
Funding mix and redemption profile Funding mix at 31 Dec 2025 Redemption profile * (100% = €17.8 billion) (€m) 1,000.00 Interbank funding 900.00 Other funding 2% 800.00 Equity 3% 700.00 8% Debt 600.00 securities 12% 500.00 400.00 300.00 75% 200.00 100.00 Client savings and deposits - 2026 2027 2028
Slide 37: Track record of issuing secured and unsecured debt instruments
Track record of issuing secured and unsecured debt instruments • Funding position based on a stable level of bond issuance, our presence in wholesale markets and accordingly experienced with secured funding related (reporting) tasks • The Soft Bullet Covered Bond Programme will be used for future pu
Slide 38: Soft Bullet Covered Bond Programme
Soft Bullet Covered Bond Programme 38
Slide 39: Summary & key features
Summary & key features Summary Key features Issuer Van Lanschot Kempen NV Structure Registered programme with DNB Programme size €5.0 bn Strong programme tests (asset cover test & amortisation test) Format Soft Bullet (SB) No interest rate swap counterparties* Extension Period Maximum of 12 months E
Slide 40: Transaction structure
Transaction structure Subordinated Loan Swap provider* Provider Servicing Swap (Sub-) Servicer agreement Agreements CBC Account Bank Administrator Van Lanschot Kempen Security Trustee Administration SB Covered Bond Company B.V. Parallel Debt agreement and Pledge of Receivables Asset Monitor and Inte
Slide 41: Key parties & transaction structure
Key parties & transaction structure Key Programme Parties Key pool characteristics as of Feb 2026 Originator Van Lanschot Kempen Net principal balance €2,396,721,797 Transferor Van Lanschot Kempen Construction deposits €2,498,537 Issuer Van Lanschot Kempen Fixed rate 95.15% Servicer Van Lanschot Kem
Slide 42: Cover pool characteristics as of February 2026
Cover pool characteristics as of February 2026 Current loan balance per borrower € thousand Geographical distribution as % of 25% 23% 23% outstanding amount 21% Noord-Holland 33.92% 20% 15% Zuid-Holland 20.76% 15% 10% 9% Noord-Brabant 13.97% 7% 5% 3% Utrecht 13.77% 0% Gelderland 8.58% <=250 <=500 <=
Slide 43: Cover pool characteristics as of February 2026
Cover pool characteristics as of February 2026 Remaining interest rate fixed period (in years) Seasoning (in years) 20% 18% 35% 29% 30% 14% 15% 23% 12% 25% 20% 17% 18% 10% 9% 8% 9% 8% 8% 7% 15% 5% 10% 8% 5% 5% 2% 5% 1% 0% 0% <1 <2 <3 <4 <5 <6 <7 <8 <9 <10 <20 0-5 5-10 10-15 15-20 20-25 25-30 >30 Int
Slide 44: Soft Bullet mechanism
Soft Bullet mechanism Going-concern Soft Bullet Mechanics • The covered bonds (CBs) are bullet securities due on the specified maturity No date and the Issuer makes the coupon and principal payments to the investors Issuer Event of Default Bullet Maturity • The Asset Cover Test (ACT) ensures that th
Slide 45: Comparison - Dutch covered bond programmes
Comparison - Dutch covered bond programmes Main highlights* Issuer Rating (S/M/F) BBB+/NR/A- A/Aa3/A A-/NR/A BBB+/NR/NR A+/A1/AA- BBB/NR/BBB+ A/NR/NR A+/Aa2/A+ A/A2/A- 1.) AAA/NR/NR 1. AAA/Aaa/AAA 1. AAA/NR/NR Programme Rating (S/M/F) AAA/NR/NR NR/Aaa/AAA AAA/NR/NR 2. NR/NR/AAA AAA/NR/NR NR/Aaa/NR N
Slide 46: Van Lanschot Kempen investor reporting
Van Lanschot Kempen investor reporting DUTCH ASSOCIATION OF COVERED BONDS EUROPEAN COVERED BOND (PREMIUM) LABEL DEBT INVESTOR WEBSITE Van Lanschot Kempen is a member of Our Soft Bullet Covered Bond Investor reports follow the HTT and the Dutch Association of Covered Bond Programme carries the Europe
Slide 47: Appendix I: Sustainability
Appendix I: Sustainability 47
Slide 48: Progress on our KPIs
Progress on our KPIs CET1 ratio (Basel IV fully loaded) 17.5% e Return on CET! capital >18% by 2027; e progress ahead of our growth path of 1 percentage point per year (2025 target: >16%) Cost/income ratio 67-70% @ [69.2% 70.1% Three-year relative performance of our managed | >benchmark @ | -16% “11
Slide 49: High scores on external ESG ratings
High scores on external ESG ratings Governance: 1st decile 2025 14th place in a league table of 51 2025 A rating 2025 Environment: 3rd decile Dutch companies On a scale of AAA to CCC Social: 1st decile With 32/40 points on resilience to ESG risks 48th place out of 346 2025 B- rating 2025 4 and 5 sta
Slide 50: Appendix II: Dutch Housing Market
Appendix II: Dutch Housing Market 50
Slide 51: House price development
House price development House Prices Index Commentary 2020 = 100 House price growth remains elevated but the growth has been slowing, rising 5.4% 150 20% year-on-year in January (versus a 11.9% peak in 2024). The extra supply is due to the sale of ex-rental homes and because more new-build homes are
Slide 52: Dutch mortgage lending standards
Dutch mortgage lending standards Evolution of Dutch mortgage lending standards 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 ▪ Limited tax ▪ Highest tax ▪ Highest tax ▪ Highest tax rate ▪ Highest tax ▪ Easing of ▪ Increase of ▪ Additional deduction of rate reduces rate reduce
Slide 53: Economy in the Netherlands
Economy in the Netherlands Gross Domestic Product (GDP) – Y-o-Y change Commentary The Dutch economy expanded by 1.9% year-on-year in 2025. Growth is projected at 7% 1.4% in 2026 and 1.5% in 2027, supported primarily by stronger consumer spending 5% as purchasing power improves. Although the conflict
Slide 54: Inflation, wage growth and house price increase
Inflation, wage growth and house price increase Q4 2024 – Q4 2025 - House price increase per region Commentary 10.0% House price growth varied significantly across regions in 2025. Northern and eastern areas recorded the strongest increases, while growth in the western provinces was more moderate. I
Slide 55: Mortgage origination volumes & mortgage rates
Mortgage origination volumes & mortgage rates Cumulative mortgage origination volumes (in €bn) Commentary 175 156 Mortgage lending continues to rise sharply, supported by both higher house prices 150 148 137 and elevated transaction activity. By the end of 2025, mortgage origination reached 125 131
Slide 56: Appendix III: Product Offering and Underwriting
Appendix III: Product Offering and Underwriting 56
Slide 57: Product offering
Product offering Private banking services to wealthy individuals and to individuals starting to build their wealth • Advice on financial planning and wealth management is provided • The focus is on delivering relevant advice and high-quality service • Mortgage loans are provided to our target client
Slide 58: Underwriting (1/2)
Underwriting (1/2) Dutch Code of Conduct Governance Our mortgage underwriting criteria have been continuously updated to align with the Dutch Code of Conduct, national law and prevailing market practices. The following criteria represent our current standards: Maximum loan to value (applicable as of
Slide 59: Underwriting (2/2)
Underwriting (2/2) • Various fraud checks are carried out (BKR, SFH, VIS, EVA, employer’s certificate)* Fraud & insurance • Continuous contact between banker and client requirements • Mandatory hazard insurance based on reconstruction value • Mandatory property valuation by independent appraiser • F
Slide 60: Arrears management and reducing credit risk
Arrears management and reducing credit risk Arrears management • Mortgage loans are considered in arrear if one or more payments have been missed by the client • After approximately two weeks a reminder is sent by the service provider (Stater). Every month another letter is sent, for as long as the
Slide 61: Restructuring approach
Restructuring approach • All arrears of over 30 days are monitored by the Prevention &Monitoring Team. They focus on analysing the situation of the client in order to find a permanent solution, rather than just acting on signals. Within 60 days it must be clear whether a problem can be easily solved
Slide 62: Contact
Contact Ralf van Betteraij Head of Funding Management T +31 20 348 97 13 r.vanbetteraij@vanlanschotkempen.com Trang Nguyen Senior Specialist - Funding T +31 20 348 97 14 trang.nguyen@vanlanschotkempen.com Judith van Tol Manager Investor Relations T +31 20 354 45 90 investorrelations@vanlanschotkempe
Slide 63: Hooge Steenweg 29, 's-Hertogenbosch
Hooge Steenweg 29 5211 JN ’s-Hertogenbosch PO Box 1021 5200 HC ’s-Hertogenbosch T 0800 1737 vanlanschotkempen.com/about-us
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