Van Lanschot Kempen (VLK) Investor presentation summary

Business profile and strategy

• Specialist, independent wealth manager founded in 1737, with 2,018 FTE across five countries; FY 2024 client assets €168bn, AuM €149bn and CET1 ratio 19.3%.

• Strategy aims to become a leading Western European wealth manager, building on the Netherlands and Belgium and growing private banking, investment management and investment banking.

• 2025–2026 priorities: grow through organic momentum, ultra-high-net-worth clients, private markets and bolt-on acquisitions; scale operations through harmonisation, data and AI/IT; excel in client service and compliance.

• Track record since 2016: AuM grew from €58bn to €149bn at 13% CAGR, while the cost/income ratio improved by 10 percentage points to 70.1%; aggregate capital return €1.0bn.

FY 2024 performance

• AuM €149.3bn, up 17%; client assets €167.6bn, up 16%; net AuM inflow €9.2bn, including €12.1bn positive market performance.

• Net result rose 13% to €141.9m; commission income increased 20% to €511.2m, while interest income fell 11% to €175.4m.

• Operating expenses increased 6% to €502.8m against 8% growth in operating income; cost/income ratio improved to 70.1% from 71.6%.

• Proposed FY 2024 dividend €2.75 per share and excess capital return €1.40 per share; total balance sheet €17.0bn versus €16.8bn in 2023.

Segment performance

• Private Clients Netherlands: AuM grew 19% to €43.7bn, with €2.1bn net inflow; operating profit before tax rose 9% to €134.9m.

• Private Clients Belgium: AuM grew 38% to €15.1bn, including €2.2bn net inflow and €0.7bn from Accuro; operating profit before tax increased 36% to €37.8m and cost/income ratio improved to 55%.

• Investment Management Clients: AuM reached €90.5bn; €4.9bn net inflow, including €3.9bn in fiduciary management; operating profit before tax rose to €24.9m from €10.1m.

• Investment Banking Clients returned to profitability with €3.9m operating profit before tax versus a €4.4m loss in 2023; collaboration generated over €200m of AuM inflow.