Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot Kempen — Investor Presentation (March 2025)
47 slides from Kempen European High Dividend Fund N.V. N's investor presentation, March 2025
Slide 1: Investor presentation March 2025
Investor presentation March 2025
Slide 2: Van Lanschot Kempen at a glance
Van Lanschot Kempen at a glance Specialist, independent wealth Oldest independent financial manager with a capital-light institution in the Netherlands 2,018 FTE business model Founded in 1737 Across five countries Our purpose €168bn €149bn Preserve and create wealth for our clients Client assets Au
Slide 3: All our activities are well positioned with clear USPs
All our activities are well positioned with clear USPs Private banking Investment management Investment banking • Foundation of our business • In-house investment engine • All-round investment banking capabilities • Comprehensive wealth management services • Distinctive investment for entrepreneurs,
Slide 4: Our strategy – Growing further together
Our strategy – 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 pr
Slide 5: 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 as a We aim to increase the scalability We aim to continue to deliver company alongside our clients of our business to ensure our the best possible service to in our cons
Slide 6: We have a strong track record in delivering on our strategy
We have a strong track record in delivering on our strategy Continuous strong AuM growth (€bn) With significant improvement of C/I ratio (%) 149 79.6 13% -10pp CAGR 70.1 58 2016 2024 2016 2024 With very limited balance sheet growth (€bn) Delivering attractive dividend and capital returns 17.0 14.9 2
Slide 7: 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% CET 1 ratio (Basel IV fully loaded) Attractive returns >18% return on CET 1 capital High dividend distribution 70% –
Slide 8: Growth is core to our strategy as a highly focused and independent wealth manager
Growth is core to our strategy as a highly focused and independent wealth manager Core to our strategy is to generate sustainable and profitable Organic growth in 2024 growth while maintaining our capital-light business model, with the target to grow our AuM by 10% a year on average • Total net infl
Slide 9: Continue track-record of disciplined bolt-on acquisitions
Continue track-record of disciplined bolt-on acquisitions Netherlands Bank cooperation Retail distribution 2016 2017 2018 2019 2020 2021 2022 2023 2024 Bolt-on acquisitions only, no transformational Cultural fit is paramount transactions Focus on opportunities in private banking and Leveraging our e
Slide 10: Strong tech capabilities enable scalable organic growth
Strong tech capabilities enable scalable organic growth Strong diversified tech teams GenAI examples First company in NL live with Close business-IT alignment Microsoft 365 Copilot GenAI use cases: six live in production and seven in proof of concept Cloud frontrunner Agile way of working 250,000+ p
Slide 11: Our people make the difference
Our people make the difference Investing in talent development • Van Lanschot Kempen Academy • Young Private Banking program • Cultivating our culture of expertise, openness, entrepreneurship and personal approach Nurturing high employee engagement • High satisfaction –90% engagement score / eNPS >2
Slide 12: Our long-term focus demands dedication to sustainability
Our long-term focus demands dedication to sustainability Our people • Gender balance senior staff target: >30%* • Corrected gender pay gap target: <2.0% • Staff turnover: target 8-12% • Employee engagement score target: >80% Impact of our own organisation • 8% reduction of annual average carbon inte
Slide 13: 2024 full-year results
2024 full-year results March 2025
Slide 14: Highlights 2024
Highlights 2024 Connecting Driving growth Investing in talent Creating impact our network Shared “Growing further together” strategy Launch of Mercier Van Lanschot in Belgium c. 2,200 colleagues 381 new colleagues CO2 per FTE down 44% versus 2019 382 engagements Connected 10,000+ private banking cli
Slide 15: We achieved a net result of €142 million, with strong growth in assets under management
We achieved a net result of €142 million, with strong growth in assets under management AuM net inflow Commission income Net result Total balance sheet €9.2bn €511.2m (+20%) €141.9m (+13%) €17.0bn (2023: €16.8bn) Total AuM Interest income Proposed dividend Loan loss release/provision €149.3bn (+17%)
Slide 16: We are well on track to reach our 2027 financial targets while executing our strategy
We are well on track to reach our 2027 financial targets while executing our ‘growing further together’ strategy AuM growth Cost/income Return on Dividend CET 1 ratio (Basel IV fully loaded)** ratio CET 1 capital pay-out ratio 17.2% 70.1% 16.2% 88.4% 18.0% Target: 10% Target: 67-70% Target: >18%* Ta
Slide 17: We delivered on our people and sustainability targets
We delivered on our people and sustainability targets Our people • Gender balance senior staff: 21.1% (2023: 19.0% target: >30%*) • Corrected gender pay gap: 1.4% (2023: 3.0% target: <2.0%) • Staff turnover: 9.5% (2023: n/a target: 8-12%) • Employee engagement score: 90% (2023: 90% target: >80%) Imp
Slide 18: Net result increased by 13% on the back of a strong increase in commission income
Net result increased by 13% on the back of a strong increase in commission income Key drivers of net result (€m) -21.1 84.0 -9.0 -28.0 3.5 -0.1 -12.6 141.9 125.2 2023 Commission Interest income Other income Operating Impairments Other Tax 2024 income expenses • Strong increase in commission income d
Slide 19: All our client segments contributed positively to our result
All our client segments contributed positively to our result Private Clients Netherlands Investment Management Clients • Strong momentum continuing • Renewed focus starting to pay off • Net AuM inflow of €2.1bn • Net AuM inflow of €4.9bn • €134.9m operating profit before tax • €24.9m operating profi
Slide 20: Private Clients Netherlands expanded its market share thanks to high net inflows
Private Clients Netherlands expanded its market share thanks to high net inflows AuM (€bn) AuM breakdown (%) 4.8 43.7 2.1 Other 36.8 41% 13% Discretionary 42% Bonds 25% 59% Non-discretionary 58% 62% Equities 31/12/2023 Net AuM Market 31/12/2024 inflow performance • Gained market share in the Dutch p
Slide 21: Private Clients Netherlands achieved a strong result
Private Clients Netherlands achieved a strong result Result before tax (€m) Margins (bps) €m 2024 2023 % difference Private Banking (€36.5bn) Private Clients Commission income 234.2 193.8 21% 61 58 Netherlands (€43.7bn) Interest income 156.9 172.1 -9% 60 Other income 1.3 0.8 54% 55 Income from opera
Slide 22: Private Clients Belgium continues its strong commercial momentum
Private Clients Belgium continues its strong commercial momentum, with AuM growing by 38% AuM (€bn) AuM breakdown (%) 0.7 15.1 1.2 Other 2.2 Bonds 5% 11.0 18% 77% Discretionary 78% Non-discretionary 22% 23% 76% 31/12/2023 Net AuM Market Acquisition 31/12/2024 Equities inflow performance (Accuro) • S
Slide 23: Private Clients Belgium achieved a strong result with an improved cost/income ratio
Private Clients Belgium achieved a strong result with an improved cost/income ratio Result before tax (€m) Margins (bps) €m 2024 2023 % difference Private Clients Belgium Commission income 105.8 80.0 32% (€15.1bn) Interest income 9.3 12.6 -26% 80 80 Other income 0.5 0.5 -1% Income from operating act
Slide 24: Investment Management Clients achieved positive inflows in its active strategies
Investment Management Clients achieved positive inflows in its active strategies AuM (€bn) AuM breakdown 6.1 90.5 Investment 3.9 79.5 0.5 0.5 strategies Equities Other 11.9 Alternative 19% investment 5.2 30% strategies (€bn) (%) 73.4 51% Fiduciary Bonds 31/12/2023 Net inflow Net inflow Net inflow Ma
Slide 25: Investment Management Clients capitalised on improvements in commercial strength and scalability
Investment Management Clients capitalised on improvements in commercial strength and scalability Result before tax (€m) Margins (bps) €m 2024 2023 % difference Own funds (€17.1bn) Investment Management Commission income 127.2 111.8 14% 57 57 Clients (€90.5bn) Interest income 0.9 0.4 125% 15 15 Other
Slide 26: Investment Banking Clients saw market momentum and profitability returning
Investment Banking Clients saw market momentum and profitability returning Commission income (€m) Operating profit before tax (€m) 56.0 9.7 40.2 36.5 3.9 -4.4 2022 2023 2024 2022 2023 2024 • Back to profitability, with a modest operating result before tax of €3.9m (2023: -€4.4m); focus remains on im
Slide 27: Current AuM base provides solid foundation for growing commission income in 2025
Current AuM base provides solid foundation for growing commission income in 2025 Annualised recurring securities commission* (€m) Annualised recurring securities commission per segment* (€m) 494 468 Investment Management 415 Clients 380 340 128 Private Clients €494m 243 Netherlands 123 Private Clien
Slide 28: Interest income declined in a normalising interest rate environment
Interest income declined in a normalising interest rate environment Interest income (€m)* Interest margin (12-month moving average) 107.9 1.24% 93.0 92.2 88.6 1.18% 83.2 69.7 1.11% 1.06% 0.92% 0.88% H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H2 2
Slide 29: Solid other income
Solid other income Other income (€m) Income Income Book value Book value 2024 2023 YE2024 YE 2023 Van Lanschot Kempen Participaties (minority interests) 1.7 28.4 34.9 35.0 Bolster Investment funds* 4.9 3.9 83.2 76.3 Co-investments in own investment funds 5.8 5.2 61.7 83.8 Other equity investments 3.
Slide 30: Operating expenses increased but at a slower pace than income
Operating expenses increased but at a slower pace than income – testament to our scalable business model Changes in operating expenses (€m) Internal FTEs 15.8 5.1 32 4.7 15 30 8.5 1.4 -7.6 27 10 474.8 502.8 2,018 1,904 2023 Robeco Accuro Internal External Other Other 2024 2023 Accuro External Privat
Slide 31: Our loan portfolio remained stable
Our loan portfolio remained stable Loan portfolio Loan portfolio % change Impaired Impaired Coverage €m Provision 31/12/2024 31/12/2023 loans ratio ratio Mortgages 6,396 6,368 0% 36 2 0.6% 6% Other loans 2,348 2,182 8% 90 26 3.8% 29% Loan portfolio 8,744 8,550 2% 127 28 1.4% 22% Mortgages distribute
Slide 32: Limited loan loss provisions reflect high quality of loan book
Limited loan loss provisions reflect high quality of loan book Additions to or releases from loan loss provisions (€m) 4 bps* -29 bps* -19 bps* 5 bps* -3 bps* 1.9 2.0 -1.4 -7.7 -11.7 2020 2021 2022 2023 2024 • Release from loan loss provisions relative to average risk- weighted assets worked out at
Slide 33: Strong CET 1 ratio allows for dividend proposal and excess capital return proposal
Strong CET 1 ratio allows for dividend proposal of €2.75 per share and excess capital return proposal of €1.40 per share Common Equity Tier 1 ratio (%) 0.7% 0.3% 0.5% 0.3% c. -1% 19.6% -0.4% -0.3% -1.3% 19.3% -0.3% c. 18.5% 18.0% 31/12/2023 Basel IV 31/12/2023 Accuro Lease new Partial sale Additiona
Slide 34: We are well on track to reach our 2027 financial targets
We are well on track to reach our 2027 financial targets Average annual AuM growth (€bn) Cost/income ratio Common Equity Tier 1 ratio Target 10% 2027 target 67–70% Target 17.5% Basel IV fully loaded* Basel III fully loaded Basel IV fully loaded* 85.7% CAGR 68.9% 73.1% 71.6% 70.1% 24.3% 23.7% 10.0% 2
Slide 35: Overview of net result 2024
Overview of net result 2024 €m 2024 2023 % change Commission income 511.2 427.2 20% - of which securities commissions 469.3 389.8 20% - of which other commissions 41.9 37.4 12% Interest income 175.4 196.5 -11% Income from securities and associates 16.3 38.1 -57% Result on financial transactions 13.9
Slide 36: Key figures by segment 2024
Key figures by segment 2024 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 234.2 105.8 127.2 40.2 3.8 511.2 Interest income 156.9 9.3 0.9 -0.4 8.6 175.4 Other income 1.3 0.5 0.1 5.8 22.5 30.1 Income from o
Slide 37: Key figures by segment 2023
Key figures by segment 2023 Investment Private Clients Private Clients Investment €m Management Other Total Netherlands Belgium Banking Clients Clients Commission income 193.8 80.0 111.8 36.5 5.0 427.2 Interest income 172.1 12.6 0.4 -0.3 11.7 196.5 Other income 0.8 0.5 0.1 2.1 35.6 39.1 Income from
Slide 38: Progress on our KPIs
Progress on our KPIs KPIs Targets Performance Performance in 2024 in 2023 4. CET 1 ratio (Basel IV fully loaded) 17.5% @ | 19.3% 18.6% 2. Return on CET 4 capital > 18% in 2027, progress ahead of our grawth @ [162% 14.2% path of 1 percentage point per year 3. Cost/income ratio 67-70% © [701% 71.6% 4,
Slide 39: High scores on external ESG ratings
High scores on external ESG ratings Governance: 1st decile B- rating Environment: 3rd decile On a scale of A+ to D- Social: 3rd decile ISS ESG Corporate Rating 6th place in league table of AA rating 491 entrants On a scale of AAA to CCC on resilience to ESG risks 7th place in a league table 4 and 5
Slide 40: Appendix
VAN LANSCHOT KEMPEN Appendix March 2025 _ msEERR Uae
Slide 41: A modern wealth manager with a rich heritage
A modern wealth manager with a rich heritage Sale of portfolio non-performing real estate loans Van Lanschot Acquisition Acquisition listed on fiduciary UBS’ Dutch wealth Acquisition Acquisition Acquisition of Robeco’s online Amsterdam Acquisition activities of MN management Hof Hoorneman Mercier in
Slide 42: Management Board
Management Board Maarten Edixhoven Jeroen Kroes Damla Hendriks Arjan Huisman Wendy Winkelhuijzen Erik van Houwelingen (1971) (1973) (1985) (1971) (1978) (1965) Chair CFO CRO COO Private Clients Netherlands Investment Management Private Clients Belgium Investment Banking Clients Clients Appointed App
Slide 43: Supervisory Board
Supervisory Board Frans Blom Manfred Schepers Karin Bergstein Brigitte Boone Else Bos Maarten Muller Elizabeth Nolan (1962) (1960) (1967) (1960) (1959) (1954) (1962) Chair Vice-Chair Appointed: 2018 Appointed: 2017 Appointed: 2020 Appointed: 2021 Appointed: 2024 Appointed: 2018 Appointed: 2023 More
Slide 44: Van Lanschot Kempen share price development and analyst recommendations
Van Lanschot Kempen share price development and analyst recommendations Share price (€) Volume (m) Key metric Value 50 0.5 Last close (6 Mar 2025) €48.00 45 Year range €30.55 – €49.80 0.4 Market cap (28 Aug 2024) €2.1bn 40 0.3 Average daily volume in 2025 70k shares 35 Analyst Recommendation Price t
Slide 45: Shareholder base
Shareholder base Shareholder base Van Lanschot Kempen Per 06-03-2025, based on AFM filings 10.4% Romij 9.8% LDDM Holding ING Janus Henderson Group 51.1% 9.3% FMR Management & employees 5.0% MVDP 5.0% Other 5.5% 3.9%
Slide 46: Shareholder return since 2016
Shareholder return since 2016 Total shareholder return (€m) 117 59 85 85 74 61 980 82 29 59 61 269 Dividends Capital Dividend Dividend Dividend Capital Dividend Capital Dividend Capital Dividend 2024 and capital return 2019 2019 2020 2021 return 2022 2022 return 2023 2023 return 2024 2024 returns 20
Slide 47: Disclaimer
Disclaimer Disclaimer and cautionary note on forward-looking statements This document may contain forward-looking statements and targets on future events and developments. These forward-looking statements and targets are based on the current insights, information and assumptions of Van Lanschot Kemp
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