Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Debt Investor Presentation (September 2025)
65 slides from Kempen European High Dividend Fund N.V. N's debt investor presentation, September 2025
Slide 1: Soft Bullet Covered Bond
Van Lanschot Kempen Soft Bullet Covered Bond September 2025
Slide 2: Table of Contents
Table of Executive summary 3 Contents Van Lanschot Kempen at a glance 2025 half-year results 4 12 Van Lanschot Kempen’s diversified funding profile and solid 30 capital buffers Mortgage loan portfolio 36 Soft Bullet Covered Bond Programme 39 Annex I - Sustainability 48 Annex II - Dutch housing marke
Slide 3: 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 in March
Slide 4: 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 5: 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 6: 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 7: 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 8: 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 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 % 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 10: 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 11: 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 12: 2025 half-year results
2025 halt-year results VAN LANSCHOT KEMPEN
Slide 13: 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 14: 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 15: 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 16: 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 17: Strong commercial momentum, leading to solid results despite 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: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: Interest income fell due to lower margins; decline has bottomed out
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 26: 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 27: 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 28: 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 29: 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 30: Diversified funding profile and solid capital buffers
Diversified funding profile and solid capital buffers
Slide 31: Van Lanschot Kempen's solid profile is reflected in its creditworthiness
Van Lanschot Kempen’s solid profile is reflected in its creditworthiness 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:
Slide 32: Balance sheet shows strong capital and funding position
Balance sheet shows strong capital and funding position Significant capital buffer Balance sheet 30 June 2025 • Total equity and AT1 of €1.3bn €bn, balance sheet total = €16.6bn • CET 1 ratio 18.2%* 0.2 Due to banks • Leverage ratio 5.7% Cash and cash equivalents and 1.3 balances at banks Low-risk a
Slide 33: 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 34: Funding mix and redemption profile
Funding mix and redemption profile Funding mix at 30 June 2025 Redemption profile * (100% = €16.6 billion) €m 700 Other funding Interbank funding 600 Equity 1% 500 4% 8% Debt 400 securities 13% 300 200 100 74% 0 Client savings 07/25 - 12/25 2026 2027 2028 ≥2029 and deposits Senior unsecured / struct
Slide 35: 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 36: Mortgage Loan Portfolio
Mortgage Loan Portfolio VAN LANSCHOT KEMPEN
Slide 37: 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 38: 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 39: Soft Bullet Covered Bond Programme
Soft Bullet Covered Bond Programme
Slide 40: 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
Slide 41: 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 42: Key parties & transaction structure
Key parties & transaction structure Key Programme Parties Key pool characteristics as of July 2025 Originator Van Lanschot Kempen Net principal balance €1,879,938,278.10 Transferor Van Lanschot Kempen Construction deposits €376,397.55 Issuer Van Lanschot Kempen Fixed rate 97.27% Servicer Van Lanscho
Slide 43: Cover pool characteristics as of July 2025
Cover pool characteristics as of July 2025 Current loan balance per borrower € thousand Geographical distribution as % of outstanding amount 25% 22% 23% 21% Noord-Holland 32.71% 20% 15% 15% Zuid-Holland 21.29% 10% 8% 7% Utrecht 14.33% 5% 3% Noord-Brabant 14.15% 0% <=250 <=500 <=750 <=1000 <=2000 <=3
Slide 44: Cover pool characteristics as of July 2025
Cover pool characteristics as of July 2025 Remaining interest rate fixed period (in years) Seasoning (in years) 25% 22% 35% 29% 30% 20% 15% 25% 22% 21% 15% 20% 11% 11% 16% 8% 9% 10% 8% 8% 15% 4% 10% 6% 5% 2% 5% 1% 5% 0% 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 In
Slide 45: 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 46: 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 47: 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 48: Appendix I: Sustainability
Appendix I: Sustainability VAN LANSCHOT KEMPEN
Slide 49: 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 49
Slide 50: 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 51: Appendix II: Dutch Housing Market
Appendix II: Dutch Housing Market
Slide 52: House price development
House price development House Prices Index Commentary 2020 = 100 The Dutch house price index continued to rise in 2025, with average prices expected 150 20% to increase by 8.6% after already being more than 10% higher in the first months of the year. Prices are now well above their previous peak in
Slide 53: 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 ▪ Limited tax ▪ Highest tax ▪ Highest tax ▪ Highest tax rate ▪ Highest tax ▪ Easing of ▪ Increase of deduction of rate reduces rate reduced reduced to: 40%
Slide 54: Economy in the Netherlands
Economy in the Netherlands Gross Domestic Product (GDP) – Y-o-Y change Commentary The Dutch economy grew by 0.1% in the second quarter of 2025, while first-quarter 7% figures were revised upward. For the full year, GDP is now expected to increase by 5% 1.7%, followed by 1.2% in 2026. This upward rev
Slide 55: Inflation, wage growth and house price increase
Inflation, wage growth and house price increase Q2 2024 – Q2 2025 - House price increase per region Commentary 2020 = 100 In Q2 2025, Drenthe recorded the highest provincial house price increase at 13.4%, 15.0% followed by strong growth in Flevoland and parts of Groningen and Limburg. At the city le
Slide 56: Mortgage origination volumes & mortgage rates
Mortgage origination volumes & mortgage rates Cumulative mortgage origination volumes (in €bn) Commentary 150 148 The housing market shows renewed confidence after a slower period, with new 137 125 mortgage lending rising sharply. In Q2 2025, mortgage origination volumes reached 131 100 106 €189.2 b
Slide 57: Appendix III: Product Offering & Underwriting
Appendix III: Product Offering & Underwriting
Slide 58: 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 59: 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 60: 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 61: 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 62: 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 63: 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 63
Slide 64: Important Notice (1/2)
Important Notice (1/2) FOR DISTRIBUTION ONLY OUTSIDE THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS TO PERSONS OTHER THAN "U.S. PERSONS" (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")). NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN
Slide 65: Important Notice (2/2)
Important Notice (2/2) The financial data in the Presentation have not been audited or reviewed, unless specifically stated otherwise. Small differences in tables may be the result of rounding. Each Relevant Persons expressly disclaims any and all liability for any representations, warranties or und
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