Industria
Strong Q2 2025 financial results, PowerUp 2026 progressing according to plan
Q2 2025 RESULTS
at EUR 271 million, up 38.5% vs. Q2 2024
at 13.7% vs. 10.1% in Q2 2024
at EUR 0.30 up 42.4% vs. Q2 2024
at EUR 712 million, up 3.7% vs. Q2 2024
Underlying margins at 550 bps of average earning assets vs. 539 bps in Q2 2024
at EUR 143 million up 45.9% vs. Q2 2024
at EUR 86 million in Q2 2025, up from EUR 27 million in Q2 2024
at 57.6%, down 4.3pp vs. 61.9% in Q2 2024
at EUR 52.9 billion, broadly stable vs. end June 2024
at 13.5% as at end June 2025
On 31 July 2025, Tim Albertsen, CEO of Ayvens, commenting on the Q2 2025 Group results, stated:
Earning assets stood at EUR 52.9 billion as at 30 June 2025, a decrease of 0.7% compared to June 2024.
This decrease results notably from the reduction of the fleet in the United Kingdom and the subscription activity in Germany, both being under restructuring following the portfolio review undertaken in 2024, and in Turkey where the economy is still undergoing a hyperinflation phase. Excluding these three specific perimeters, earning assets at end Q2 2025 were up 0.7% compared to end Q2 2024, and up 1.1% when further excluding negative forex impact.
Ayvens’ total fleet amounted to 3.211 million at end June 2025, down 4.5% year-on-year and down 1.1% vs. end March 2025, reflecting the continued impacts of the portfolio review that was operated throughout 2024, the proactive actions taken to restore profitability and an overall sluggish environment (macro-economic uncertainties and changes in taxation of car leasing in some countries).
Full-service leasing contracts reached 2,563 thousand vehicles as at end June 2025, down 4.6% year-on-year and 0.8% vs. end March 2025.
Fleet management contracts reached 648 thousand vehicles as at 30 June 2025, a decrease of 5.6% vs. end June 2024 and 2.2% vs. end March 2025.
EV penetration reached 43% of new passenger car registrations in Q2 2025 vs. 39% in Q2 2024 and 41% in Q1 2025. Ayvens’ BEV and PHEV penetration stood at 30% and 13% respectively in Q2 2025.
Ayvens net income group share stood at EUR 271 million, marking a 38.5% increase vs. Q2 2024. This strong performance results from the combined effects of increasing revenues, both in margins and used car sales & depreciation adjustments, and lower operating expenses, highlighting the strength of Ayvens’ business model and the growing benefits of the integration.
In Q2 2025, gross operating income reached EUR 855 million, up 8.9% compared to Q2 2024 thanks to increased margins and higher used car sales result and depreciation adjustments.
Thanks to the continued successful execution of integration, gross revenue synergies on procurement, insurance and remarketing have reached EUR 86 million compared to EUR 27 million in Q2 2024, contributing positively to margins and UCS result.
Taken together, Leasing and Services margins reached EUR 712 million, an increase of 3.7% compared to Q2 2024.
Underlying margins increased by 2.4% compared to Q2 2024. Underlying margins stood at 550 bps vs. 539 bps in Q2 2024 and 562 bps in Q1 2025.
Non-recurring items totaled EUR -19 million vs. EUR -27 million in Q2 2024, consisting very largely in hyperinflation impact in Turkey for EUR -20 million vs. EUR -37 million in Q2 2024. Other non-recurring items were very limited in Q2 2025, with mark-to-market (MtM) of derivatives and breakage revenues for EUR 3 million vs. EUR 12 million in Q2 2024 and PPA impacts for EUR -2 million, unchanged vs. Q2 2024.
UCS result and Depreciation adjustments reached EUR 143 million, 45.9% higher than in Q2 2024 which stood at EUR 98 million. Overall, the UCS result was resilient, with distinct evolutions by powertrain. The UCS result and depreciation adjustments was positively impacted by the end of PPA amortization in Q1 2025 and the progressive reduction in the release of prospective depreciation:
As a result, UCS result and Depreciation adjustment per unit reached EUR 972 vs. EUR 618 in Q2 2024.
As from Q3 2025, the Group’s stock of reduction in depreciation costs yet to be reversed is EUR 208 million.
Operating expenses amounted to EUR 447 million, down from EUR 475 million in Q2 2024.
Cost to achieve (CTA) amounted to EUR 26 million compared to EUR 33 million in Q2 2024.
Excluding non-recurring items, operating expenses decreased by 4.8% vs. Q2 2024, underpinned by the ramp-up in cost synergies at EUR 27 million vs. EUR 7 million in Q2 2024 and continued strict cost monitoring across the organization.
Improvement in margins and reduction in operating expenses resulted in a strong decrease in the underlying Cost/Income ratio, at 57.6%, down 4.3 pp vs. Q2 2024.
Impairment charges on receivables came in at EUR 27 million, trending down when compared to Q2 2024 which stood at EUR 31 million. The cost of risk stood at 20 bps vs. 23 bps in Q2 2024.
Income tax expense came in at EUR -114 million up from EUR -71 million in Q2 2024, as a result of a higher profit before tax combined with a higher effective tax rate, which stood at 29.5% compared to 25.5% in Q2 2024.
Non-controlling interests were EUR -1 million vs. EUR -13 million in Q2 2024 following the redemption of LeasePlan’s Tier 1 capital with third parties on 29 May 2024.
Ayvens’ net income group share reached EUR 271 million, compared to EUR 196 million in Q2 2024.
Diluted Earnings per share was EUR 0.30, up 42.4% vs. EUR 0.21 in Q2 2024.
The Return on Tangible Equity (ROTE) came in at 13.7% vs. 10.1% in Q2 2024.
BALANCE SHEET AND REGULATORY CAPITAL
Group shareholders’ equity totaled EUR 10.4 billion as at 30 June 2025 compared to EUR 10.6 billion as at 31 March 2025. Net asset value per share (NAV) was EUR 12.77 and net tangible asset value per share (NTAV) was EUR 9.36 as at 30 June 2025, compared to EUR 12.70 and EUR 9.28 respectively as at 31 December 2024.
Total balance sheet decreased from EUR 73.6 billion as at 31 March 2025 to EUR 73.1 billion as at 30 June 2025, mainly due to lower net earning assets.
Financial debt stood at EUR 37.6 billion at the end of June 2025 compared to EUR 38.2 billion at the end of March 2025, while deposits reached EUR 14.6 billion compared to EUR 14.5 billion at the end of March 2025.
The Group has access to ample short-term liquidity, with cash holdings at central bank reaching EUR 4.8 billion and an undrawn committed Revolving Credit Facility of EUR 3.3 billion in place.
Ayvens has strong long-term debt credit ratings from Moody’s (A1), S&P Global Ratings and Fitch Ratings (A-).
Ayvens’ risk-weighted assets (RWA) totaled EUR 55.8 billion as at 30 June 2025, with credit risk-weighted assets accounting for 90% of the total. The EUR 0.9 billion decrease in total RWA compared to 31 March 2025 is explained by a EUR 0.2 billion decrease in earning assets, a EUR 0.3 billion decrease in market RWAs as a result of dividend distributions from non-Euro subsidiaries to the Group and a reduction of EUR 0.2 billion each for lower cash deposits and lower net equity in Ayvens insurance following intra-group dividend distribution.
Ayvens had a strong Common Equity Tier 1 ratio of 13.5%, i.e. 413 basis points above the regulatory requirement of 9.34%, and Total Capital ratio of 17.5% as at 30 June 2025 compared to 13.2% and 17.2% respectively as at 31 March 2025.
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AGENDA
The information contained in this document (the “Information”) has been prepared by Ayvens (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This document and its content may not be reproduced or distributed or published, directly or indirectly, in whole or in part, to any other person for any purpose without the prior written permission of the Company.
“Ayvens” refers to the Company and its consolidated entities.
The Information is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy, and does not constitute a recommendation of, or advice regarding investment in, any security or an offer to provide, or solicitation with respect to, any securities-related services of the Company. This document is information given in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consult the relevant offering documentation, with or without professional advice when deciding whether an investment is appropriate.
This document contains forward-looking statements relating to the targets and strategies of the Company. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union. These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Company may be unable to:
- anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;
- evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document.
Therefore, although the Company believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to various risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s strategic, operating and financial initiatives. Unless otherwise specified, the sources for the business rankings and market positions are internal.
Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, opinion, projection, forecast or estimate set forth herein. More detailed information on the potential risks that could affect the Company’s financial results can be found in the 2024 Universal Registration Document filed with the French financial markets authority (Autorité des marchés financiers).
Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Company when considering the information contained in such forward-looking statements. To the maximum extent permitted by law, none of the Company or any of its affiliates, directors, officers, advisors and employees shall bear any liability (in negligence or otherwise) for any direct or indirect loss or damage which may be suffered by any recipient through use or reliance on anything contained in or omitted from this document and the related document or any other information or material arising from any use of its materials or their contents or otherwise arising in connection with these materials.
The financial information presented for quarter ending 30 June 2025 was reviewed by the Board of Directors on 30 July 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. The limited review procedures carried out by the statutory auditors on the consolidated condensed financial statements are in progress.
By receiving this document, you will be deemed to have represented, warranted and undertaken to have read and understood the above notice and to comply with its contents.
CONSOLIDATED INCOME STATEMENT
BALANCE SHEET AS AT 30 June 2025
EARNINGS PER SHARE (EPS)
Return on tangible equity (ROTE)
CRR2/CRD6 prudential capital ratios and Risk Weighted Assets
Tangible book value per share
The Group's results as at 30 June 2025 were examined by the Board of Directors, chaired by Pierre Palmieri on 30 July 2025. The limited review procedures carried out by the statutory auditors on the consolidated condensed financial statements are in progress
Diluted Earnings per share, calculated according to IAS 33. Basic EPS for Q2 2025 at EUR 0.31
Excluding UCS result and non-recurring items
Management information
Net carrying amount of the rental fleet plus net receivables on finance leases
Q2 2024 on a like-for-like perimeter
Management information, in EU+: European Union, UK, Norway, Switzerland
Battery Electric Vehicles (BEV) and Plug-in Hybrids (PHEV)
Annualized
Management information
Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets
Calculated according to IAS 33. Basic EPS at EUR 0.31. Under IAS 33, EPS is computed using the average number of shares weighted by time apportionment
Excluding Additional Tier 1 capital
Before dividend provision
Temporary increase due to timing of cash transfer from overnight to short-term deposit for the amount of EUR 1.6 billion with Societe Generale with offsetting impact in other receivables
Assuming exercise of warrants as per IAS 33
The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital
The dividend provision assumes a payout ratio of 50% of Net Income group share, after deduction of interest on AT1 capital
The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital
The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares
Restated for the provision related to the UK motor finance commissions
Change in presentation of GOI components: prospective depreciation was reclassified from Leasing costs – depreciation in Leasing margin to Depreciation costs adjustments in Used car sales result and depreciation adjustments. This change is applied retrospectively to all periods.
Reclassification of depreciation costs for short-term rental vehicles from Leasing to Services margin applied retrospectively to all periods from 2023.
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