Van Lanschot Kempen (VLK) Investor presentation summary

Strategic positioning and growth

• Nearly 300 years of heritage as a specialist, independent wealth manager with a strong presence in the Netherlands and Belgium, aiming for leadership in Western Europe.

• Organised into four client segments, holding top positions in private banking, investment management, and investment banking in core markets.

• Strategy focuses on organic growth, bolt-on acquisitions, digital transformation, and scalable operations to drive profitability.

• Ambitious 2027 financial targets: 10% average annual AuM growth, 67–70% cost/income ratio, >18% return on CET1 capital, and 70–90% dividend payout.

• Strong track record of value creation, with a 9.2% AuM CAGR and consistent high shareholder returns.

2025 financial performance

• Net result increased by 11% to €157m, driven by strong commission income from private banking.

• Client assets reached €180bn, with net AuM inflow of €7.9bn.

• Dividend of €3.00 per share and capital return of €0.80 per share proposed.

• Cost/income ratio at 69.2%, within target range, reflecting scalability and cost control.

• CET1 ratio at 17.5% (Basel IV fully loaded), supporting strong capital returns.

Segment highlights

• Private Clients Netherlands AuM grew by 10%, with 75% of net inflow from new clients.

• Private Clients Belgium AuM grew by 16%, with 91% of net inflow from discretionary mandates.

• Investment Management saw strong inflows in alternatives and fiduciary mandates, despite outflows in some strategies.

• Investment banking delivered stable income and is set to expand through a joint venture with KBC Securities.