Ayvens (AYV) H1 2025 earnings summary

Executive summary

• Net income group share rose 38.5% year-over-year in Q2 2025 to EUR 271 million, with ROTE at 13.7% versus 10.1% in Q2 2024 and diluted EPS up 42.4% to EUR 0.30.

• H1 2025 net income group share reached EUR 491 million, up 30.2% year-over-year, and ROTE at 12.4%.

• Strong Q2 2025 results driven by disciplined execution of the PowerUP 2026 plan, robust used car sales after depreciation adjustment, and cost efficiencies.

• Integration of acquired businesses progressing, with 70% of the fleet on a unified IT platform and EUR 146 million in synergies realized in H1 2025.

• CEO transition announced for December 2025, with Philippe de Rovira appointed as successor.

Financial highlights

• Gross operating income in Q2 2025 was EUR 855 million, up 8.9% year-over-year; leasing and services margins rose 3.7% to EUR 712 million.

• Used car sales result and depreciation adjustments rose 45.9% to EUR 143 million in Q2 2025; profit per unit after adjustment was EUR 972, up 57% year-over-year.

• Cost/income ratio improved to 57.6%, down 4.3 percentage points year-over-year; operating expenses declined 6%.

• Profit before tax was EUR 386 million, up 38% year-over-year.

• Diluted EPS for H1 2025 was EUR 0.54, up from EUR 0.41 in H1 2024.

Outlook and guidance

• PowerUP 2026 plan execution and integration remain on track, with further cost reductions and synergy realization expected.

• Guidance for 2025 and 2026 confirmed, with flexibility for other metrics if market growth does not resume.

• Used car sales results per unit guidance remains EUR 700–EUR 1,100, with normalization expected by year-end 2025.

• No material events after June 2025 affecting financial position or results.

• MREL requirements notified, applicable from 31 December 2026.