Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Shareholder Meeting (May 2025)
52 slides from Kempen European High Dividend Fund N.V. N's shareholder meeting presentation, May 22, 2025
Slide 1: Jaarlijkse Algemene Vergadering Welkom
Jaarlijkse Algemene Vergadering Welkom ‘s-Hertogenbosch, 22 May 2025
Slide 2: 1. Opening
1. Opening
Slide 3: 2a. Bericht van de Raad van Commissarissen
2a. Bericht van de Raad van Commissarissen Ter bespreking
Slide 4: 2b. Bestuursverslag van de Raad van Bestuur over 2024
2b. Bestuursverslag van de Raad van Bestuur over 2024 Ter bespreking
Slide 5: Overview 2024
Overview 2024 5
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: Key developments first quarter 2025
Key developments first quarter 2025 • Higher net profit Q1 2025 compared with Q1 2024 • Stayed close to our clients in volatile market conditions • Realised €4.4bn in net inflow in Q1 2025 from new and existing clients • Raised €388m with our third Europe-focused private equity strategy • Selected b
Slide 14: Presentation title
PRESENTATION TITLE 14
Slide 15: Financial results 2024
Financial results 2024
Slide 16: We achieved a net result of €142 million, with strong growth in AuM
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 Release loan loss prov. €149.3bn (
Slide 17: Net result increased by 13% on the back of strong 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 18: 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 19: 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 20: Private Clients Belgium continues its strong commercial momentum
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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: Q1 2025: strong start of the year in volatile market conditions
Q1 2025: strong start of the year in volatile market conditions • Continued strong commercial momentum with net AuM inflows of €4.4bn • Private Clients Netherlands: €1.2bn, Private Clients Belgium: €0.6 bn, Investment Management Clients: €2.5bn • Client assets were down marginally, to €166.2bn (2024
Slide 32: 3. Remuneratierapport 2024
3. Remuneratierapport 2024 Ter adviserende stemming
Slide 33: 4a. Vaststelling jaarrekening 2024
4a. Vaststelling jaarrekening 2024 Ter stemming
Slide 34: 4b. Reserverings- en dividendbeleid
4b. Reserverings- en dividendbeleid Ter bespreking
Slide 35: 4c. Vaststelling van een dividend van € 2,75 per aandeel
4c. Vaststelling van een dividend van € 2,75 per aandeel in contanten op de gewone aandelen A Ter stemming
Slide 36: 5a. Kwijting leden van de Raad van Bestuur
5a. Kwijting leden van de Raad van Bestuur voor het gevoerde bestuur in het boekjaar 2024 Ter stemming
Slide 37: 5b. Kwijting leden van de Raad van Commissarissen
5b. Kwijting leden van de Raad van Commissarissen voor de uitoefening van hun toezicht op het gevoerde bestuur in het boekjaar 2024 Ter stemming
Slide 38: 6a. Herbenoeming Erik van Houwelingen
6a. Kennisgeving van de voorgenomen herbenoeming van Erik van Houwelingen tot lid van de Raad van Bestuur Ter bespreking
Slide 39: 6b. Benoeming Thomas Vanderlinden
6b. Kennisgeving van de voorgenomen benoeming van Thomas Vanderlinden tot lid van de Raad van Bestuur Ter bespreking
Slide 40: Introductie Thomas Vanderlinden
Introductie Thomas Vanderlinden 40
Slide 41: 7a. Kennisgeving vacature Raad van Commissarissen
7a. Kennisgeving vacature Raad van Commissarissen Ter bespreking
Slide 42: 7b. Mededeling van de vacatures 2026
7b. Mededeling van de vacatures die na de jaarlijkse Algemene Vergadering in 2026 zullen ontstaan Ter bespreking
Slide 43: 8a. Herbenoeming KPMG als externe accountant
8a. Herbenoeming KPMG Accountants NV (“KPMG”) als externe accountant voor de controle van de jaarrekening over boekjaar 2026 Ter stemming
Slide 44: 8b. Benoeming KPMG voor duurzaamheidsrapportage
8b. Benoeming KPMG als externe accountant voor de assurance opdracht inzake de duurzaamheidsrapportage over boekjaar 2025 Ter stemming
Slide 45: 9a. Kennisname jaarverslag Accuro NV
9a. Kennisname van het jaarverslag over het boekjaar 2024 opgesteld door de voormalige Raad van Bestuur van Accuro NV Ter bespreking
Slide 46: 9b. Goedkeuring jaarrekening Accuro NV
9b. Goedkeuring van de jaarrekening van Accuro NV over het boekjaar 2024 Ter stemming
Slide 47: 9c. Kwijting leden voormalige Raad van Bestuur Accuro
9c. Kwijting aan de leden van de voormalige Raad van Bestuur van Accuro NV voor het gevoerde bestuur in het boekjaar 2024 Ter stemming
Slide 48: 10. Machtiging tot inkoop van eigen aandelen
10. Verlenen van machtiging tot inkoop van eigen aandelen of certificaten daarvan Ter stemming
Slide 49: 11a. Aanwijzing Raad van Bestuur tot uitgifte van aandelen
11a. Aanwijzing van de Raad van Bestuur als bevoegd orgaan tot uitgifte van gewone aandelen Ter stemming
Slide 50: 11b. Beperken of uitsluiten voorkeursrecht
11b. Aanwijzing van de Raad van Bestuur als bevoegd orgaan om het voorkeursrecht te beperken of uit te sluiten bij de uitgifte van gewone aandelen Ter stemming
Slide 51: 12. Rondvraag en sluiting
12. Rondvraag en sluiting
Slide 52: Dank en tot ziens.
Dank en tot ziens. ‘s-Hertogenbosch, 22 May 2025