Ayvens (AYV) Q1 2026 earnings summary

Executive summary

• Net income group share rose 21.2% year-over-year to EUR 266.5 million, with EPS up to EUR 0.32 basic and EUR 0.31 diluted, driven by higher margins and lower expenses despite normalization in used car sales results.

• ROTE improved to 13.9% from 11.0% in Q1 2025, and CET1 ratio increased to 13.9%, exceeding targets.

• Underlying cost/income ratio decreased to 54.0%, reflecting efficiency gains and synergy realization.

• Integration milestones achieved, with LeasePlan synergies reaching EUR 110 million and SBTi validation for CO2 reduction targets.

• Two successful EUR 750 million green bond issues completed, with total green bond issuance at EUR 1.5 billion and strong investor demand.

Financial highlights

• Leasing & Services margins increased 6.9% year-over-year to EUR 757.3 million, with gross operating income stable at EUR 816 million.

• Gross UCS per unit fell to EUR 470 from EUR 1,229 in Q1 2025; net UCS per unit at EUR 403 vs. EUR 703.

• Used car sales result normalized, down 64.6% to EUR 68.5 million, with net UCS result dropping 46.9% to EUR 59 million.

• Operating expenses fell 10.7% to EUR 422 million, with underlying expenses down 4.2% year-over-year.

• Cost of risk improved to EUR 25.5 million (19 bps of average earning assets), down 16.9% year-over-year.

Outlook and guidance

• On track to achieve Power of 2026/PowerUP 2026 targets, with continued focus on value over volume and further synergy realization.

• Fleet and NEA evolution consistent with internal budget, expecting small single-digit NEA growth and fleet stabilization.

• Order intake in Q1 2026 was 20% above Q1 2025, maintaining profitability focus.

• ESG commitments on track, with CO2 emissions of the financed fleet already within 2026 targets.

• No change in price scenario: slight increase in ICE prices, significant decrease in BEV prices expected.