Slides
Page 1
27 August 2026 Half-year results 2026 Van Lanschot Kempen
Page 2
Business update 2
Page 3
Strong first half-year 2026 for Van Lanschot Kempen Net AuM inflow €19.5bn Client assets €209bn Net result €88m C/I ratio 66.4% CET1 ratio 17.0%
Page 4
Delivering growth in a scalable way 4 Grow New and existing clients continue to entrust us with their wealth Scale Growth increasingly translates into operating leverage Excel High client and employee satisfaction 18% AuM growth Achieved scale in fiduciary management, increasing profitability Employee engagement score €200bn+ client assets milestone <67% Cost/income ratio 45 NPS Private Clients Netherlands Strong inflows across the organisation Continued investment in technology and AI-enabled client tools Supported clients through wealth transitions and pension reforms 90%
Page 5
Building momentum across our core growth drivers 5 AuM growth in private banking • Netherlands: 12% AuM growth supported by net inflows of €1.5bn • Belgium: 6% AuM growth, net inflows of €0.2bn Expanding private markets offering • Successful first closing of second North American private equity fund at $120m • Private markets AuM totalled €6.5bn, with an additional €1.5bn in client commitments New large fiduciary mandates • Stichting Pensioenfonds voor de Woning- corporaties (€15bn) • Stichting Pensioenfonds Haskoning Nederland (€1.3bn) Growth in private banking loans • 4% growth in loan portfolio in H1 2026 • Further developed wealth management lending, offering clients greater flexibility to combine investing and financing
Page 6
Embedding AI throughout our organisation 6 AI is embedded across client-facing and operational processes, supported by close collaboration between business and technology teams, enabling use cases to move rapidly into production through continuous platform enhancement Where AI helps today By empowering our bankers with technology and reducing the administrative workload, more time is created for personal contact and value-adding advice Why it scales AI increases capacity across our organisation for further growth, enabling bankers to serve more clients, investment teams to assess more opportunities and employees to work more efficiently PREPARE Meeting preparation, follow-up, client insights and investment opportunities PROCESS Investment reports, client documentation and coding assistance PROTECT Client due diligence and monitoring 3 hours saved per private banker per week 1 in 2 employees are intensive AI users 97% adoption across all employees 10 hours average AI-assisted hours per employee each month
Page 7
Empowering our bankers with technology to deepen client relationships 7 Broader client conversations The Private Banker AI assistant: • Brings together relevant client insights and helps bankers prepare more effectively for meetings • Securely records meetings, automatically transcribes and summarises discussions, and identifies follow-up actions • Reduces administrative workload, considers compliance requirements and lowers the risk of manual errors Smarter, continuous due diligence • Continuously identifies relevant client events and signals that may require review • Detects anomalies and supports consistent and structured reviews • Enhances efficiency in data-driven and risk-focused due diligence, with human oversight
Page 8
Delivering on our ESG ambitions 8 * Weighted average carbon intensity Environmental Carbon emissions average annual reduction 13% Discretionary AuM WACI* (base year 2019) T arget: 7% 11% Own operations Per FTE (base year 2019) T arget: 8% 25% Gender balance in senior staff % women 2026 target: 25% 52% Gender balance in new hires % women T arget: 50% Social 90% Employee engagement score T arget: >80% 11% Employee turnover T arget: 8-12%
Page 9
Financial performance in H1 2026 reflects strong progressagainst our 2027 targets 9 Average annual AuM growth (5-yr CAGR) 11.9% T arget: 10% 2025: 9.2% Cost/income ratio 66.4% T arget: 67-70% 2025: 69.2% Return on CET1 capital 21.4% T arget: >18% 2025: 18.3% Dividend pay-out ratio n/a T arget: 70-90% 2025: 85.9% CET1 ratio (Basel IV fully loaded) 17.0% T arget: 17.5% 2025: 17.5%* *On a pro-forma basis, taking into account capital return of €0.80 per share paid in June 2026.
Page 10
Financial developments 10
Page 11
Strong first half-year 2026 for Van Lanschot Kempen Net AuM inflow €19.5bn Client assets €209bn Net result €88m C/I ratio 66.4% CET1 ratio 17.0%
Page 12
Continued our growth trajectory as an independent, specialistwealth manager Development of our assets under management €bn Core to our strategy is to generate sustainable and profitable growth while maintaining our capital-light business model, targeting 10% average growth in assets under management per year 12 Total AuM grew by 18.4% in H1 2026 Organic growth (12.3% of total) • T otal net inflows of €19.5bn • Private Clients: €1.8bn • Investment Management Clients: €17.8bn Market performance (6.1% of total) • Market performance of €9.8bn • Private Clients: €5.0bn • Investment Management Clients: €4.7bn 107 108 127 149 159 188 30/06/2021 2022 2023 2024 2025 30/06/2026 11.9% CAGR
Page 13
Continued our growth at Private Clients Netherlands: AuM up 12% 13 • Continuously attracted new clients with our personal approach and deep presence in local networks, with new clients accounting for around two-thirds of total net inflows • 38% of net inflow came from discretionary mandates • AuM at Evi rose to €8.0bn (2025: €7.3bn) • AuM in Switzerland rose to €3.6bn (2025: €3.3bn) • Savings & deposits fell by €0.4bn to €11.1bn, as clients converted savings into AuM HighlightsAssets under management €bn 1.5 4.3 41% 59% 31/12/2025 Net AuM inflow Market performance 41% 59% 30/06/2026 48.0 53.8 Non-discretionary Discretionary 55 54 55 2024 2025 H1 2026 58 57 57 2024 2025 H1 2026 Private banking 37 39 42 2024 2025 H1 2026 Margins bps T otal Evi P&L highlights Commission income €143.2m +15% Interest income €87.8m +36% Cost/income ratio 59% H1 2025: 69% Result before tax €90.1m +57%
Page 14
Strong result in Belgium, AuM up 6% 14 • Net AuM inflows of €0.2bn, driven by new clients in discretionary mandates. Previous years saw strong share of wallet expansion among existing clients, while this effect normalised in H1 2026 • Margin on AuM rose to 83 bps • Savings & deposits decreased slightly, by €0.1bn to €1.2bn • Operating result before tax grew by 11% HighlightsAssets under management €bn 0.2 0.7 79% 21% 31/12/2025 Net AuM inflow Market performance 79% 21% 30/06/2026 17.4 18.4 Non-discretionary Discretionary Margins bps 80 81 83 2024 2025 H1 2026 P&L highlights Commission income €72.2m +18% Interest income €7.6m +10% Cost/income ratio 50% H1 2025: 49% Result before tax €32.3m +11%
Page 15
5 6 5 2024 2025 H1 2026 Investment Management Clients achieved high AuM growth of 24% 15 • Investment strategies saw net inflow mainly in credits and dividend strategies • Private markets solutions saw net inflows in private debt and private real estate • Fiduciary management saw inflows by new mandates from Stichting Pensioenfonds voor de Woningcorporaties (€15bn) and Stichting Pensioenfonds Haskoning Nederland (€1.3bn) HighlightsAssets under management €bn 0.3 0.2 17.2 4.7 11% 7% 83% 31/12/2025 Net inflow investment strategies Net inflow private markets solutions Net inflow fiduciary management Market performance 10% 6% 84% 30/06/2026 93.5 116.0 15 14 13 2024 2025 H1 2026 56 53 54 2024 2025 H1 2026 Investment strategies Margins bps T otal Fiduciary management Investment strategies Private markets solutions Fiduciary management P&L highlights P&L highlights Commission income €70.9m +7% Cost/income ratio 78% H1 2025: 82% Result before tax €15.7m +30%
Page 16
Combined AuM base and growth drivers support further commission income growth in 2026 16 Half-year securities commission income Private Clients and Investment Management Clients €m Annualised recurring securities commission income by reporting date* €m 221 237 248 264 281 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 * Annualised recurring securities commission is determined by multiplying each client’s AuM at the reporting date by the applicable management fee margin to derive the expected annualised management fee, assuming AuM remains unchanged, and summing these amounts across all clients. Expected annual transaction fees related to these client portfolios are then added. Multiple engines for further growth Market share in core private banking markets Entrepreneurial clients and next generation wealth Operations in Switzerland and the UHNW segment Private markets solutions New fiduciary mandates 468 494 508 537 595 HY 2024 FY 2024 HY 2025 FY 2025 HY 2026
Page 17
Investment banking results impacted by subdued deal activity; maintaining cost discipline 17 Commission income €m 24.0 16.2 25.0 15.6 16.9 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 • Acted as adviser in transactions in the European real estate and life sciences sectors • Lower M&A and capital markets activity led to a decline in commission income compared with H1 2025 • Continued tight cost control of our investment banking activities, with operating expenses in line with previous year • Good progress in preparations for combining our equities activities in a 50/50 joint venture with KBC Securities, transaction expected to close in Q4 2026 Highlights P&L highlights P&L highlights Commission income €16.9m -32% Cost/income ratio 122% H1 2025: 81% Result before tax -€4.4m H1 2025: €5.3m Operating expenses €m 22.1 19.7 22.1 20.2 21.3 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026
Page 18
Our loan portfolio grew alongside growth in private clients 18 Mortgages €bn Other loans breakdown % 48% 42% 10% Business loans Lombard loans Private loans 4 YE 2024 YE 2025 6.4 6.5 HY 2026 6.6 Other loans €bn YE 2024 YE 2025 2.3 2.6 HY 2026 2.8 • Our total loan portfolio advanced to €9.9bn, mainly due to growth in business loans and Lombard loans • Quality of the loan book remained strong with an impaired ratio of 1.0% • Small addition to loan loss provisions Highlights Additions to / releases from loan loss provisions €m * Annualised loan loss provision / average total RWA 1.7 -3.2 -3.1 -1.1 3.0 H1 2024 H1 2025H2 2024 H2 2025 H1 2026 -14 bps*8 bps* -14 bps* €2.8bn -5 bps* 13 bps* Business loans are loans to entrepreneurs, family-owned businesses and business professionals.
Page 19
Interest income grew due to balance sheet growth and higher interest margins 19 Interest income €m • Interest income increased by 27% to €96.9m, primarily driven by balance sheet growth and gradual repricing of interest-earning assets • Based on current market expectations, FY 2026 interest income is expected to come in at around €200m, above the previous guidance range of €180m–€195m Interest margin (6-month moving average) % 92.2 83.2 76.1 88.0 96.9 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 1.11% H1 2024 1.01% H2 2024 0.92% H1 2025 1.05% H2 2025 1.10% H1 2026
Page 20
Cost/income ratio improved, demonstrating the scalability of our organisation Operating expenses €m 10.1 4.4 H1 2025 Staff costs Other administrative expenses Depreciation and amortisation H1 2026 261.6 -0.1 276.0 20 • Operating expenses rose by 6%, while income grew by 14% • Staff costs were higher due to 3% growth in internal FTEs as well as a 3.6% general salary increase at the start of the year • Other administrative expenses increased due to investments in IT and higher marketing expenses • Cost/income ratio improved to 66.4%, outperforming our target range of 67-70% Highlights Operating expenses / client assets* bps 31 30 28 H1 2025 H2 2025 H1 2026 71.8% 66.7% 66.4% H1 2025 H2 2025 H1 2026 Cost/income ratio % *Annualised
Page 21
Internal FTEs # 39 9 17 31/12/2025 Clients segments IT Corporate centre 30/06/2026 2,099 2,165 21 T otal FTEs # 2,018 2,099 2,165 82 YE 2024 47 YE 2025 45 HY 2026 Internal FTEs 2,099 2,146 2,210 Focus on scalable growth with front-end-led FTE growth • T otal internal FTEs grew by 66 or 3%, while external FTEs remained stable • FTE growth primarily at client segments, mainly to support our growing client base in private banking and our new private markets offerings • In our support functions, FTE growth remained well below the pace of client growth, thanks to the scalability of our platform, with targeted hiring in client support and AI capabilities External FTEs
Page 22
Net result rose by 30% to €88m Net result €m 67.8 88.2 27.2 20.9 3.0 H1 2025 Commission income Interest income Other income Operating expenses Impairments Other one-off items -14.4 -6.2 -4.2 H1 2026 -5.9 Tax • Growth in commission income and interest income outpaced the increase in operating expenses, leading to a strong increase in our net result • Other one-off items includes €4.2m in expenses related to our new main office in Amsterdam 22
Page 23
Solid CET1 ratio of 17.0% 23 Common Equity Tier 1 ratio % 31/12/2025 Basel IV fully loaded -0.7 Capital return -0.6 RWA developments 0.1 Other 30/06/2026 Basel IV fully loaded 18.2 17.0 • The CET1 ratio declined to 17.0%, mainly driven by the capital return of €0.80 per share in June 2026 and growth in the lending portfolio • Envisaged JV with KBC Securities expected to impact CET1 ratio negatively by approximately a quarter percentage point in Q4 2026 • The risk weight floor for residential mortgages implemented by DNB and currently in place until December 2026 has a negative impact of c. 1.3 percentage points on the current CET1 ratio Return on CET1 capital 21.4% H1 2025: 15.8% Return on equity 14.6% H1 2025: 10.9%
Page 24
Financial performance reflects strong progress against our 2027 targets 24 T otal AuM at end of period T arget: 10% average annual growth * Excluding retained earnings from 2026. ** Based on underlying (annualised) net result. *** Based on net result attributable to shareholders; dividend is distributed on an annual basis. Cost/income ratio 2027 target: 67–70% CET1 ratio T arget: 17.5% Basel IV fully loaded 73.1% 71.6% 70.1% 69.2% 66.4% 2022 2023 2024 2025 H1 2026 20.6% 19.6% 19.3% 18.2% 2022 2023 2024 2025 30/06/2026 17.0%* Return on CET1 capital** 2027 target: >18% 12.3% 14.2% 16.2% 18.3% 21.4% 2022 2023 2024 2025 H1 2026 Dividend pay-out ratio*** T arget: 70–90% 95.8% 71.7% 88.4% 85.9% 2022 2023 2024 2025 H1 2026 107 108 127 149 159 188 30/06/2021 2022 2023 2024 2025 30/06/2026 11.9% Basel III fully loaded Basel IV fully loaded CAGR n/a
Page 25
Appendix 25
Page 26
Overview of net result H1 2026 26 €m H1 2026 H1 2025 % change Commission income 306.9 279.6 10% - of which securities commissions 287.8 254.1 13% - of which other commissions 19.1 25.6 -25% Interest income 96.9 76.1 27% Income from securities and associates 8.1 2.5 Result on financial transactions 3.4 6.1 -43% Income from operating activities 415.4 364.3 14% Staff costs -186.5 -176.4 6% Other administrative expenses -79.2 -74.8 6% Depreciation and amortisation -10.2 -10.3 -1% Operating expenses -276.0 -261.6 6% Gross result 139.4 102.7 36% Impairments -3.0 3.1 Operating profit before tax of non-strategic investments 0.2 0.3 -20% Operating profit before special items and tax 136.6 106.1 29% Amortisation of intangible assets arising from acquisitions -7.3 -7.1 3% Expenses related to accounting treatment of acquisitions -3.2 -2.0 56% Restructuring charges -0.6 -1.1 -41% Other one-off items -4.2 -0.9 Operating profit before tax 121.3 95.0 28% Income tax -33.1 -27.1 22% Net result 88.2 67.8 30% Underlying net result* 95.0 71.4 33% Net result attributable to shareholders** 83.7 63.3 32% Underlying net result attributable to shareholders 90.4 66.8 35% Cost/income ratio 66.4% 71.8% * Underlying net result excludes the expenses related to the accounting treatment of acquisitions, restructuring charges and other one-off items. ** Net result after deduction of profit attributable to holders of AT1 capital securities and non-controlling interests.
Page 27
Key figures by segment H1 2026 27 €m Private Clients Netherlands Private Clients Belgium Investment Management Clients Investment Banking Clients Other T otal Commission income 143.2 72.2 70.9 16.9 3.6 306.9 Interest income 87.8 7.6 1.4 -0.0 0.2 96.9 Other income 0.6 0.3 0.2 0.6 9.8 11.6 Income from operating activities 231.7 80.1 72.5 17.5 13.6 415.4 Staff costs -52.8 -19.7 -34.0 -11.2 -68.8 -186.5 Other administrative expenses -37.6 -12.5 -19.4 -4.5 -5.2 -79.2 Allocated expenses -47.3 -6.6 -3.0 -5.6 62.5 - Depreciation and amortisation - -1.6 -0.2 - -8.4 -10.2 Operating expenses -137.8 -40.4 -56.6 -21.3 -20.0 -276.0 Gross result 93.9 39.7 15.9 -3.8 -6.4 139.4 Impairments -1.2 -0.1 0.0 - -1.8 3.0 Operating profit before tax of non-strategic investments - - - - 0.2 0.2 Operating profit before special items and tax 92.7 39.6 16.0 -3.8 -7.9 136.6 Amortisation of intangible assets arising from acquisitions -2.5 -4.1 -0.2 - -0.4 -7.3 Expenses related to accounting treatment of acquisitions - -3.2 - - - -3.2 Restructuring charges -0.1 - - -0.5 - -0.6 Other one-off items - - - - -4.2 -4.2 Operating profit before tax 90.1 32.3 15.7 -4.4 -12.5 121.3 Underlying profit before tax 90.2 35.5 15.7 -3.8 -8.3 129.3 Cost/income ratio 59% 50% 78% 122% 147% 66% FTEs 629 210 341 96 889 2,165
Page 28
Progress on our KPIs 28 1 The three-year relative performance of our managed propositions per FY 2025 is restated to align with the expanded scope of the KPI scope per 2026. This figure has not been audited. 2 The corrected gender pay gap is measured once a year. 3 The Net Promoter Scores (NPSs) for client segments Investment Management Clients, Investment Banking Clients and Private Clients Belgium are measured once every year.
Page 29
Breakdown of assets under management 29 Private Clients Netherlands Private Clients Belgium Investment Management Clients Equities 66% 79% 29% Bonds 21% 17% 51% Other 12% 4% 20% T otal 100% 100% 100% Asset mix % Segment T otal YE 2025 Net inflow Market performance T otal HY 2026 Private Clients Netherlands 48.0 1.5 4.3 53.8 Private banking Netherlands 37.3 42.2 Evi 7.3 8.0 Private banking Switzerland 3.3 3.6 Private Clients Belgium 17.4 0.2 0.7 18.4 Investment Management Clients 93.5 17.8 4.7 116.0 Investment strategies 10.1 0.3 1.2 11.6 Private markets solutions 6.2 0.2 0.0 6.5 Fiduciary management 77.2 17.2 3.5 98.0 T otal 158.9 19.5 9.8 188.2 Assets under management €bn
Page 30
Otherincome 30 Income H1 2026 Income H1 2025 Book value HY 2026 Book value YE 2025 Book value HY 2025 Van Lanschot Kempen Participaties (minority interests) 0.8 -2.1 26.8 28.2 32.9 Bolster Investment funds 3.9 3.4 89.5 92.7 90.7 Co-investments in own investment funds 3.3 1.3 63.0 58.4 65.4 Other equity investments 0.1 -0.2 2.6 2.5 2.1 T otal from securities and associates 8.1 2.5 181.9 181.9 191.0 Result on securities and currency trading 6.0 7.0 Result on investment portfolio 0.1 0.8 Result on hedges -1.2 0.4 Other -1.5 -2.1 Result on financial transactions 3.4 6.1 T otal other income 11.6 8.6 Other income €m
Page 31
This document may contain forward-looking statements and targets on future events and developments. These forward-looking statements and targets are based on the current insights, information and assumptions of Van Lanschot Kempen’s management about known and unknown risks, developments and uncertainties. Forward- looking statements and targets do not relate strictly to historical or current facts and are subject to such risks, developments and uncertainties which by their very nature fall outside the control of Van Lanschot Kempen and its management. Actual results, performances and circumstances may differ considerably from these forward-looking statements and targets. Van Lanschot Kempen cautions that forward-looking statements and targets are only valid on the specific dates on which they are expressed and accepts no responsibility or obligation to revise or update any information, whether as a result of new information or for any other reason. Disclaimer and cautionary note on forward-looking statements Hooge Steenweg 29 5211 JN ’s-Hertogenbosch PO Box 1021 5200 HC ’s-Hertogenbosch T 0800 1737 vanlanschotkempen.com/about-us PRESENTATION TITLE 31 The financial data in this document have not been audited. Small differences in tables may be the result of rounding. Percentages are calculated based on unrounded figures. This document does not constitute an offer or solicitation for the sale, purchase or acquisition in any other way or subscription to any financial instrument and is not a recommendation to perform or refrain from performing any action.