Van Lanschot Kempen (VLK) Q1 2025 TU earnings summary

Executive summary

• Achieved strong commercial momentum in Q1 2025, with net AuM inflows of €4.4 billion across Private Clients Netherlands (€1.2 billion), Private Clients Belgium (€0.6 billion), and Investment Management Clients (€2.5 billion).

• Net profit increased compared to Q1 2024, driven by a nearly 20% rise in commission income, despite a decline in interest income.

• Client assets and AuM declined marginally due to negative market performance from geopolitical unrest and trade conflicts.

Financial highlights

• Client assets stood at €166.2 billion as of 31 March 2025, down 1% from €167.6 billion at year-end 2024.

• Assets under management (AuM) were €148.3 billion, down 1% from €149.3 billion at year-end 2024.

• Net AuM inflows totaled €4.4 billion, offset by a negative market performance of -€5.4 billion.

• Interest income declined, in line with guidance of €155–165 million for full-year 2025.

Outlook and guidance

• On track to achieve medium-term financial and non-financial targets, maintaining a strict focus on costs and scalability.

• Continued commercial momentum expected, with increased client interest in unlisted investments and alternative strategies.