Van Lanschot Kempen (VLK) Investor presentation summary

Positioning and strategic priorities

• Specialist independent wealth manager founded in 1737, with 2,072 FTE across five countries; H1 2025 client assets €169bn, AuM €151bn and CET1 ratio 18.2%.

• Purpose: preserve and create wealth for clients and society sustainably; values are personal, entrepreneurial, specialised and decisive.

• Private banking serves individuals, entrepreneurs, families and foundations; investment management serves private, institutional and wholesale clients; investment banking focuses on real estate, life sciences and healthcare, infrastructure and renewables, and technology.

• 2025–2026 priorities: grow organically, expand ultra-high-net-worth and private-markets offerings, pursue bolt-on acquisitions, streamline and harmonise operations, adopt more AI and IT tools, and strengthen client, talent and team excellence.

• Ambition is to become a leading Western European wealth manager, building on the Netherlands and Belgium and expanding Belgian private banking, investment management income and investment banking profitability.

H1 2025 performance

• Net result €67.8m, down 9% YoY; underlying net result €71.4m, down 9%.

• Commission income rose 11% to €279.6m, while interest income fell 17% to €76.1m; income from operating activities was €364.3m, up 1%.

• AuM net inflow was €4.6bn, offset by €3.3bn of negative market performance; AuM increased €1.3bn to €150.6bn from year-end 2024.

• Operating expenses increased 5% to €261.6m, mainly from higher staff costs; cost/income ratio was 71.8%, versus 69.0% in H1 2024.

• Annualised recurring securities commission reached €508m; interest income is expected to have bottomed in H1, with 2025 guidance unchanged at €155m–€165m.

Segment performance

• Private Clients Netherlands: €1.7bn net AuM inflow, commission income up 10% to €124.8m, and operating result before tax €57.5m, versus €71.6m in H1 2024.

• Private Clients Belgium: AuM rose 5% to €15.9bn, net inflow was €1.0bn, commission income rose 23% to €61.1m, and operating result before tax increased to €29.2m from €16.7m.

• Investment Management Clients: €1.9bn net inflow despite outflows from investment strategies; commission income rose 6% to €66.4m and operating result before tax was €12.1m, versus €13.7m.

• Investment Banking Clients: commission income was €25.0m; operating result before tax rose to €5.3m from €3.0m, with cost/income ratio improving to 81% from 88%.