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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
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Van Lanschot Kempen
Van Lanschot Kempen (VLK) investor relations material
Van Lanschot Kempen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Net profit increased by 11% to €157.4 million in 2025, driven by strong commission income, cost control, and strategic acquisitions.
Client assets rose 7% to €180 billion, with net AuM inflows of €7.9 billion and notable growth in private equity and fiduciary mandates.
Progressed on the "Growing Further Together" strategy, embedding AI and digital capabilities, and winning three FT PWM tech awards.
Expanded scale in equities through a 50/50 joint venture with KBC Securities, pending regulatory approval.
Proposed dividend of €3.00 per share and capital return of €0.80 per share, supported by a strong CET1 ratio.
Financial highlights
Commission income grew 11% to €567.3 million, with strong growth in Belgium (+24%) and the Netherlands (+10%).
Net interest income was €164.1 million, down 6%, but expected to grow to €180–195 million in 2026.
Operating expenses increased by 4% to €521.8 million, mainly due to higher staff costs.
Cost/income ratio improved to 69.2%, within the 67–70% target range.
Earnings per share increased 13% to €3.50; return on CET1 capital reached 18.3%.
Outlook and guidance
On track to achieve 2027 financial targets, including 10% average annual AuM growth and a CET1 ratio of 17.5% post-capital return.
Interest income for 2026 expected between €180–€195 million, supported by balance sheet growth and normalized margins.
Continued focus on digitalization, AI, and scalable growth to enhance client experience and efficiency.
Envisaged JV with KBC Securities to impact CET1 ratio by -0.25 percentage points in Q4 2026.
What caused liquid investment strategy outflows?
Explain NL private banking cost/income ratio rise.
Why did Investment Banking pre-tax profit fall?
Reconcile AI time savings with NPS decline
Strategy to address liquid investment outflows
Mitigate Dutch wealth tax impact on clients
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Van Lanschot Kempen
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Frequently asked questions
Van Lanschot Kempen NV is a Netherlands-based institution offering a wide array of financial services, with a significant focus on wealth management. Founded in 1737, it stands as the oldest independent financial institution in the Netherlands. The company specializes in private banking, investment management, and investment banking services, catering to a diverse clientele that includes entrepreneurs, family businesses, high net-worth individuals, business professionals, executives, healthcare professionals, foundations, and associations. The company is headquartered in Hertogenbosch, the Netherlands, and its shares are listed on Euronext Amsterdam.
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