Van Lanschot Kempen (VLK) Investor presentation summary

Strategic profile and targets

• Specialist, independent wealth-management model; €169bn client assets, €151bn AuM and 2,144 FTE across five countries at H1 2025.

• H1 2025 AuM net inflows were €4.6bn, offset by €3.3bn negative market performance; period-end AuM was €151bn.

• 2027 targets include 10% average annual AuM growth, a 67–70% cost/income ratio, CET1 of 17.5%, return on CET1 capital above 18% and 70–90% dividend payout.

H1 2025 performance

• Net result fell 9% YoY to €67.8m; commission income rose 11% to €279.6m, interest income declined 17% to €76.1m and operating expenses increased 5% to €261.6m.

• Operating result before tax: Private Clients Netherlands €57.5m, Belgium €29.2m, Investment Management Clients €12.1m and Investment Banking Clients €5.3m.

• CET1 was 18.2% on a Basel IV fully loaded basis, versus 19.3% at FY 2024; the June capital return was the main driver of the decline.

• 2025 interest income guidance remained €155m–€165m, with the decline expected to have bottomed in H1 and an upward trend expected in H2 and 2026.

Funding and capital position

• Balance sheet total was €16.6bn at 30 June 2025; loan-to-deposit ratio 77.1%, liquidity coverage ratio 198.6% and net stable funding ratio 152.8%.

• Funding mix comprised client savings and deposits 74%, equity 8%, interbank funding 4% and other funding 13% at 30 June 2025.

• Credit ratings were BBB+ from S&P and A- from Fitch, both with stable outlooks; short-term ratings were A-2 and F2, respectively.