Ayvens (AYV) investor relations material

Executive summary

• Net income group share for 2025 rose 45.7% year-over-year to EUR 996 million, with strong margin growth and operational execution, including IT and legal integration in 17 countries and a leaner operating model.

• Strategic focus on profitability, margin improvement, prudent asset risk management, and balance sheet protection, especially for electric vehicles.

• PowerUp 2026 targets on cost/income and ROTE confirmed, with continued integration and customer satisfaction focus.

• Increased free float to 45% following exit of ex-LeasePlan shareholders, boosting trading volumes.

Financial highlights

• Revenues grew 11.3% year-over-year to EUR 3.4 billion; gross operating income for 2025 was EUR 3,355 million.

• Margins improved to 565 basis points, up 32 bps from 2024; Leasing & Services margins up 9.1% to EUR 2,944 million.

• Operating expenses decreased 3.9% to EUR 1,826 million due to LeasePlan synergies.

• Diluted EPS up 52.1% to EUR 1.11, aided by share buyback.

• Net UCS results up 29.6% to EUR 411 million, despite a decline in gross UCS offset by lower depreciation adjustments.

Outlook and guidance

• 2026 targets: cost/income ratio (ex-UCS, non-recurring) ~52%, pre-tax gross annual synergies EUR 440 million, CET1 ~12%, ROTE 13%-15%, payout ratio 50%.

• No longer targeting 6% CAGR in earning assets; focus shifts to profitability and strict reserve value setting.

• Used car market normalization expected, with gross UCS per unit guidance of EUR 200–600.

• Integration to continue, with IT migrations in Germany, Netherlands, and UK; cost to achieve below EUR 30 million.

• Fleet volume expected to be flattish in 2026, with low single-digit growth in earning assets.