Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — FY2025 Earnings Presentation
31 slides from Kempen European High Dividend Fund N.V. N's earnings presentation, Feb 26, 2026
Slide 1: Full year results 2025
Van Lanschot Kempen Full year results 2025 26 February 2026
Slide 2: Business update 2025
Business update 2025 2
Slide 3: 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 4: 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 5: 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 6: 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 7: 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 8: Our personal approach results in an unmatched client experience and high satisfaction
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 9: 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 10: 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 11: Financial developments in 2025
Financial developments in 2025 11
Slide 12: 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 13: 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 14: Continued our 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 15: 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 16: 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 17: 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 18: 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 19: Interest income came in near the top of the expected range; further growth expected in 2026
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 20: 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 21: 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 22: 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 23: 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 24: 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 25: Appendix
Appendix 25
Slide 26: 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 27: 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 28: 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 29: Breakdown of assets under management
Breakdown of assets under management Assets under management Asset mix €bn % Investment Total Net Market Total Private Clients Private Clients Segment YE2024 inflow performance Acquisition YE2025 Netherlands Belgium Management Clients Private Clients Netherlands 43.7 1.6 2.3 0.4 48.0 Equities 62% 77
Slide 30: Other income
Other income Other income €m Income Income Book value Book value 2025 2024 YE 2025 YE 2024 Van Lanschot Kempen Participaties (minority interests) 2.6 1.7 28.2 34.9 Bolster Investment funds 4.7 4.9 92.7 83.2 Co-investments in own investment funds 2.7 5.8 58.4 61.7 Other equity investments 0.1 3.9 2.5
Slide 31: 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