Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — H1 2026 Earnings Presentation
31 slides from Kempen European High Dividend Fund N.V. N's earnings presentation, Aug 27, 2026
Slide 1: Half-year results 2026
Van Lanschot Kempen Half-year results 2026 27 August 2026
Slide 2: Business update
Business update 2
Slide 3: Strong first half-year 2026 for Van Lanschot Kempen
Strong first half-year 2026 for Van Lanschot Kempen Net AuM inflow Client assets €19.5bn €209bn Net result C/I ratio CET1 ratio €88m 66.4% 17.0%
Slide 4: Delivering growth in a scalable way
Delivering growth in a scalable way Grow Scale Excel New and existing clients continue Growth increasingly translates into High client and employee to entrust us with their wealth operating leverage satisfaction client assets NPS €200bn+ milestone <67% Cost/income ratio 45 Private Clients Netherland
Slide 5: Building momentum across our core growth drivers
Building momentum across our core growth drivers AuM growth in Expanding private New large fiduciary Growth in private private banking markets offering mandates banking loans • Netherlands: 12% AuM • Successful first closing of • Stichting Pensioenfonds • 4% growth in loan growth supported by net se
Slide 6: Embedding AI throughout our organisation
Embedding AI throughout our organisation AI is embedded across client-facing and operational processes, supported by close collaboration between business and technology teams, enabling use cases to move rapidly into production 3 hours through continuous platform enhancement saved per private banker
Slide 7: Empowering our bankers with technology to deepen client relationships
Empowering our bankers with technology to deepen client relationships Broader client conversations The Private Banker AI assistant: • Brings together relevant client insights and helps bankers prepare more effectively for meetings • Securely records meetings, automatically transcribes and summarises
Slide 8: Delivering on our ESG ambitions
Delivering on our ESG ambitions Environmental Carbon emissions average annual reduction Discretionary AuM Own operations 13% WACI* (base year 2019) Target: 7% 11% Per FTE (base year 2019) Target: 8% Social Employee engagement Employee turnover 90% score Target: >80% 11% Target: 8-12% Gender balance
Slide 9: Financial performance in H1 2026 reflects strong progress against our 2027 targets
Financial performance in H1 2026 reflects strong progress against our 2027 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 11.9% 66.4% 17.0% 21.4% n/a Target: 10% Target: 67-70% Target: 17.5% Target: >18
Slide 10: Financial developments
Financial developments 10
Slide 11: Strong first half-year 2026 for Van Lanschot Kempen
Strong first half-year 2026 for Van Lanschot Kempen Net AuM inflow Client assets €19.5bn €209bn Net result C/I ratio CET1 ratio €88m 66.4% 17.0%
Slide 12: Continued our growth trajectory as an independent, specialist wealth manager
Continued our growth trajectory as an independent, specialist 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 18.4% in H1 2026 in assets under management per year O
Slide 13: Continued our growth at Private Clients Netherlands: AuM up 12%
Continued our growth at Private Clients Netherlands: AuM up 12% Assets under management Highlights €bn 4.3 53.8 • Continuously attracted new clients with our personal 1.5 48.0 approach and deep presence in local networks, with new 41% clients accounting for around two-thirds of total net inflows Dis
Slide 14: Strong result in Belgium, AuM up 6%
Strong result in Belgium, AuM up 6% Assets under management Highlights €bn 0.2 0.7 18.4 • Net AuM inflows of €0.2bn, driven by new clients in 17.4 discretionary mandates. Previous years saw strong share of wallet expansion among existing clients, while this effect Discretionary 79% 79% normalised in
Slide 15: Investment Management Clients achieved high AuM growth
Investment Management Clients achieved high AuM growth of 24% Assets under management Highlights €bn 17.2 4.7 116.0 • Investment strategies saw net inflow mainly in credits and Investment 93.5 0.3 0.2 10% dividend strategies 6% strategies 11% • Private markets solutions saw net inflows in private de
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 Half-year securities commission income Private Annualised recurring securities commission Multiple engines for further growth Clients and Investment Management Clients income by reporting date* €m €m 595 Market sha
Slide 17: Investment banking results impacted by subdued deal activity; maintaining cost discipline
Investment banking results impacted by subdued deal activity; maintaining cost discipline Commission income Highlights €m • Acted as adviser in transactions in the European real estate 24.0 25.0 and life sciences sectors 16.2 15.6 16.9 • Lower M&A and capital markets activity led to a decline in com
Slide 18: Our loan portfolio grew alongside growth in private clients
Our loan portfolio grew alongside growth in private clients Mortgages Other loans Highlights €bn €bn • Our total loan portfolio advanced to €9.9bn, mainly due to 6.4 6.5 6.6 growth in business loans and Lombard loans • Quality of the loan book remained strong with an impaired 4 2.3 2.6 2.8 ratio of
Slide 19: Interest income grew due to balance sheet growth and higher interest margins
Interest income grew due to balance sheet growth and higher interest margins Interest income Interest margin (6-month moving average) €m % 96.9 92.2 88.0 83.2 76.1 1.11% 1.10% 1.05% 1.01% 0.92% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 • Interest income increase
Slide 20: Cost/income ratio improved, demonstrating the scalability of our organisation
Cost/income ratio improved, demonstrating the scalability of our organisation Operating expenses Highlights €m 4.4 276.0 • Operating expenses rose by 6%, while income grew by 14% 10.1 -0.1 • Staff costs were higher due to 3% growth in internal FTEs as well as a 3.6% general salary increase at the st
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 # # 2,146 2,210 2,099 45 External FTEs 17 2,165 47 82 9 39 2,099 2,165 Internal FTEs 2,099 2,018 31/12/2025 Clients segments IT Corporate centre 30/06/2026 YE 2024 YE 2025 HY 2026 • Total internal FTEs grew by 66 or 3%,
Slide 22: Net result rose by 30% to €88m
Net result rose by 30% to €88m Net result €m 20.9 3.0 27.2 -14.4 -6.2 88.2 -4.2 -5.9 67.8 H1 2025 Commission income Interest income Other income Operating expenses Impairments Other one-off items Tax H1 2026 • Growth in commission income and interest income outpaced the increase in operating expense
Slide 23: Solid CET1 ratio of 17.0%
Solid CET1 ratio of 17.0% Common Equity Tier 1 ratio % 18.2 -0.7 -0.6 Return on Return on 17.0 0.1 CET1 capital equity 21.4% 14.6% H1 2025: 15.8% H1 2025: 10.9% 31/12/2025 Capital return RWA developments Other 30/06/2026 Basel IV Basel IV fully loaded fully loaded • The CET1 ratio declined to 17.0%,
Slide 24: Financial performance reflects strong progress against our 2027 targets
Financial performance reflects strong progress against our 2027 targets Total AuM at end of period Cost/income ratio CET1 ratio Target: 10% average annual growth 2027 target: 67–70% Target: 17.5% Basel IV fully loaded Basel III fully loaded Basel IV fully loaded 73.1% CAGR 71.6% 70.1% 69.2% 11.9% 20
Slide 25: Appendix
Appendix 25
Slide 26: Overview of net result H1 2026
Overview of net result H1 2026 €m H1 2026 H1 2025 % change Commission income 306.9 279.6 10% - of which securities commissions 287.8 254.1 13% - of which other commissions 19.1 25.6 -25% Interest income 96.9 76.1 27% Income from securities and associates 8.1 2.5 Result on financial transactions 3.4
Slide 27: Key figures by segment H1 2026
Key figures by segment H1 2026 Investment Investment Private Clients Private Clients €m Management Banking Other Total Netherlands Belgium Clients Clients Commission income 143.2 72.2 70.9 16.9 3.6 306.9 Interest income 87.8 7.6 1.4 -0.0 0.2 96.9 Other income 0.6 0.3 0.2 0.6 9.8 11.6 Income from ope
Slide 28: Progress on our KPIs
Progress on our KPIs 1 The three-year relative performance of our managed propositions per FY 2025 is restated to align with the expanded scope of the KPI scope per 2026. This figure has not been audited. 2 The corrected gender pay gap is measured once a year. 28 3 The Net Promoter Scores (NPSs) for
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 YE 2025 inflow performance HY 2026 Netherlands Belgium Management Clients Private Clients Netherlands 48.0 1.5 4.3 53.8 Equities 66% 79% 29% Private
Slide 30: Other income
Other income Other income €m Income Income Book value Book value Book value H1 2026 H1 2025 HY 2026 YE 2025 HY 2025 Van Lanschot Kempen Participaties (minority interests) 0.8 -2.1 26.8 28.2 32.9 Bolster Investment funds 3.9 3.4 89.5 92.7 90.7 Co-investments in own investment funds 3.3 1.3 63.0 58.4
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