Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Investor Presentation (February 2026)
46 slides from Kempen European High Dividend Fund N.V. N's investor presentation, February 2026
Slide 1: Investor presentation February 2026
Van Lanschot Kempen Investor presentation February 2026
Slide 2: Van Lanschot Kempen at a glance
Van Lanschot Kempen at a glance 2
Slide 3: Close to 300 years of entrepreneurship across nine generations
Close to 300 years of entrepreneurship across nine generations
Slide 4: 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 5: Compelling combination of services, with private banking at the heart
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 6: Organised in four client segments with top positions in 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 7: Leading with distinctive strengths
Leading with distinctive strengths Capabilities Proof points Client excellence • Unmatched client experience rooted in personal relationships • Client-focused, dedicated and specialist workforce • Expertise and specialist focus • Innovative solutions tailored to client needs Disciplined organic and
Slide 8: Ambition & Strategy
Ambition & Strategy 8
Slide 9: 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 10: 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 11: 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 12: 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 13: Strong track record of disciplined bolt-on acquisitions and 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 14: 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 15: Our people make the difference
Our people make the difference We attract and develop talent • A client-focused culture where specialists thrive 39% of vacancies filled • Tailored development paths and next-gen banker by internal talent programmes to cultivate a high-quality workforce • Encouraging and promoting internal throughfl
Slide 16: Focused on impact with a long-term view
Focused on impact with a long-term view Our ESG foundation Key actions Align clients’ wealth with their values and goals across generations Our philanthropy services enable our clients to contribute positively to people, nature and society Take the long-term view to navigate transitions with resilie
Slide 17: 2025 full-year results
2025 full-year results 17
Slide 18: 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 19: Building momentum across core growth drivers
Building momentum across core growth drivers AuM growth in private Expanding private Strategic acquisitions Next generation banking markets offering wealth transfer • Belgium: 16% AuM growth, • Successfully closed third • Executed on our bolt-on • Tailored our loan offering to driven by strong net i
Slide 20: Expanding our scale in equities through a joint venture with KBC Securities
Expanding our scale in equities through a joint venture with KBC Securities Leading Benelux equities broker as well as a leading * sector specialist in European real estate and life sciences High complementarity across product offering Most active ECM bank in the Benelux region Companies covered to
Slide 21: Leveraging additional partnerships to scale, innovate and improve client offerings
Leveraging additional partnerships to scale, innovate and improve client offerings Investment solutions Drive further innovation in our Develop active exchange-traded funds investment offerings by co-developing with State Street new products with State Street and bespoke investment solutions for Inv
Slide 22: Embedding AI throughout the organisation
Embedding AI throughout the organisation Over 20 use cases live Strong digital & AI capabilities External recognition Private Banker AI Assistant • Cloud-based analytics suite enabling Winner of three FT PWM tech awards AI-enhanced tool for bankers providing all rapid, scalable AI deployment 2025: r
Slide 23: Our personal approach results in an unmatched client experience
Our personal approach results in an unmatched client experience and high satisfaction Private Clients Netherlands Investment Management Clients NPS NPS We are continuously…. 34 45 43 30 28 • Building long-lasting relationships N.a. through various life phases of our clients 2023 2024 2025 2023 2024
Slide 24: 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 25: 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 26: Continued our growth trajectory as a specialist independent wealth manager
Continued our growth trajectory as a specialist independent wealth manager Core to our strategy is to generate sustainable and profitable growth while maintaining our capital-light business model, targeting 10% average growth Total AuM grew by 6.4% in 2025 in assets under management per year Organic
Slide 27: 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 28: 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 29: Investment Management Clients achieved strong growth in private markets
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 30: Combined AuM base and growth drivers support 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 31: Investment banking delivered stable income, starting a new chapter
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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: Appendix
Appendix 39
Slide 40: Overview of net result 2025
Overview of net result 2025 €m 2025 2024 % change Commission income 567.3 511.2 11% - of which securities commissions 523.5 469.3 12% - of which other commissions 43.7 41.9 4% Interest income 164.1 175.4 -6% Income from securities and associates 10.1 16.3 -38% Result on financial transactions 13.0 1
Slide 41: Key figures by segment 2025
Key figures by segment 2025 Investment Investment Private Clients Private Clients €m Management Banking Other Total Netherlands Belgium Clients Clients Commission income 257.1 131.0 133.7 40.6 4.8 567.3 Interest income 143.4 14.5 1.6 0.1 4.6 164.1 Other income 1.0 0.8 0.1 3.1 18.2 23.1 Income from o
Slide 42: 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 43: Share price development in 2025 and analyst recommendations
Van Lanschot Kempen share price development in 2025 and analyst recommendations Share price (€) Share price Van Lanschot Kempen Volume (m) Key metric Value Volume Van Lanschot Kempen 60 0.5 Last close (31 December 2025) €52.90 Year range €38.00 – €59.80 55 0.4 Share price movement in 2025 +21.5% 50
Slide 44: Shareholder base
Shareholder base Shareholder base Van Lanschot Kempen As at 31-12-2025, based on AFM filings 20.3% ING Bank LDDM Holding Management & employees Janus Henderson Group 50.3% 9.8% FMR MVDP 5.8% Other 5.0% 5.0% 3.9% 44
Slide 45: Management 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 Responsible for Investment Responsible for Priv
Slide 46: 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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