Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — H1 2025 Earnings Presentation
29 slides from Kempen European High Dividend Fund N.V. N's earnings presentation, Aug 28, 2025
Slide 1: 2025 half-year results
2025 half-year results Amsterdam, 28 August 2025
Slide 2: Highlights H1 2025
Highlights H12025 €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 2 - F Winner of three European tech awards for €4.6bn net inflow in AUM private ban
Slide 3: 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 4: 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 5: 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 6: 2025 half-year results
2025 half-year results Jeroen Kroes, Chief Financial Officer 6
Slide 7: Strong commercial momentum, leading to solid results despite ongoing 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 8: 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 9: 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 10: 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 11: Investment Management Clients: mixed results
Investment Management Clients: 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 Mar
Slide 12: Margins remained largely stable
Margins remained largely stable Private Clients Netherlands (€44.9bn) Private Clients Belgium (€15.9bn) (bps) (bps) Private Banking (€37.9bn) Evi (€7.0bn) 60 80 80 80 55 55 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 13: 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 14: 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 15: Interest income fell due to lower margins on savings and deposits; 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: Appendix
Appendix 22
Slide 23: Financial results H1 2025
Financial results H1 2025 €m H1 2025 H1 2024 % change Commission income 279.6 251.5 11% - of which securities commissions 254.1 227.4 12% - of which other commissions 25.6 24.1 6% Interest income 76.1 92.2 -17% Income from securities and associates 2.5 6.9 -64% Result on financial transactions 6.1 9
Slide 24: Financial result by segment H1 2025
Financial result by segment H1 2025 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 124.8 61.1 66.4 25.0 2.3 279.6 Interest income 64.6 6.9 0.7 0.0 3.8 76.1 Other income 0.4 0.5 -0.1 2.3 5.5 8.6 Income from
Slide 25: Financial result by segment H1 2024
Financial result by segment H1 2024 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 113.0 49.8 62.5 24.0 2.2 251.5 Interest income 86.2 4.4 0.4 -0.2 1.5 92.2 Other income 0.5 0.3 0.1 1.3 13.7 16.0 Income fr
Slide 26: Financial result by segment H2 2024
Financial result by segment H2 2024 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 121.0 56.0 64.9 16.2 1.7 259.7 Interest income 70.7 5.0 0.5 -0.2 7.1 83.2 Other income 0.8 0.2 -0.0 4.5 8.7 14.2 Income fr
Slide 27: 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 27
Slide 28: 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 29: 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