Ayvens (AYV) Q1 2025 TU earnings summary

Executive summary

• Net income group share rose 21.3% year-over-year to €220 million, with ROTE at 11% versus 9.4% in Q4 2024, driven by higher revenues, improved margins, and lower operating expenses.

• Integration and synergy realization continued, delivering €61 million in Q1 2025 synergies, with over half the fleet now managed on a unified IT platform.

• Commercial initiatives and restructuring are expected to drive further momentum and profitable fleet growth by year-end.

Financial highlights

• Gross operating income reached €819 million, up 3.3% year-over-year, with leasing and services margins at €708 million.

• Used car sales and depreciation adjustments totaled €111 million, up 5.8% year-over-year.

• Operating expenses decreased to €473 million, with cost/income ratio improving to 58%.

• Cost of risk at €31 million (23 bps), down year-over-year.

• Diluted EPS increased to €0.24 from €0.20.

Outlook and guidance

• Management maintains guidance, expecting to remain at the upper end if current trends persist, with commercial momentum anticipated in H2 2025.

• Integration and synergy ramp-up are on track, with asset risk and order book stabilizing.