Van Lanschot Kempen (VLK) Investor presentation summary

Business model and strategy

• Specialist, independent wealth manager with a capital-light model; founded in 1737, operating across five countries with 2,018 FTE at FY2024. AuM was €149bn and net result €142m.

• Services span private banking, investment management and investment banking, with cross-selling opportunities and a focus on private, institutional and wholesale clients.

• Strategic priorities for 2025–2026: grow organically and in ultra-high-net-worth and private markets, pursue bolt-on acquisitions, scale through streamlined processes and technology, and deliver client, talent and team excellence.

• 2027 ambitions include leading wealth management in Western Europe, building on the Netherlands and Belgium, and increasing investment management and investment banking income and profitability.

FY2024 financial performance

• Net result rose 13% to €141.9m; underlying net result increased 15% to €150.5m. Income from operating activities grew 8% to €716.8m, while operating expenses rose 6% to €502.8m.

• Commission income increased 20% to €511.2m, while interest income declined 11% to €175.4m. Total AuM grew 17% to €149.3bn, including €9.2bn of net inflows; client assets rose 16% to €167.6bn.

• Cost/income ratio improved to 70.1% from 71.6% in 2023; return on CET1 capital was 16.2%, versus 14.2% in 2023.

• Proposed shareholder distributions were a €2.75-per-share dividend and €1.40-per-share capital return.

Segment performance

• Private Clients Netherlands AuM grew 19% to €43.7bn, with €2.1bn net inflows and €134.9m operating profit before tax, up 9% YoY.

• Private Clients Belgium AuM rose 38% to €15.1bn, including €2.2bn net inflows; operating profit before tax increased 36% to €37.8m and cost/income ratio improved to 55%.

• Investment Management Clients recorded €4.9bn net AuM inflows and €24.9m operating profit before tax; cost/income ratio improved to 80% from 90% in 2023.

• Investment Banking Clients returned to profitability, with €3.9m operating profit before tax versus a €4.4m loss in 2023; cross-selling generated over €200m in private banking AuM inflows.