Ayvens (AYV) Q3 2024 TU earnings summary

Executive summary

• Achieved robust business performance and steady integration progress, including IT migration in five countries and rebranding in 32 of 42 countries, despite a softening economic environment and non-recurring items.

• Launched Ayvens Bank to support funding and development, with synergies reaching €32 million in Q3 and €80 million for 9M 2024.

• Awarded EcoVadis Platinum Medal, ranking in the top 1% for sustainability.

Financial highlights

• Net income group share was €147 million in Q3 2024, impacted by non-recurring items, and €524 million for 9M 2024.

• Gross operating income for Q3 2024 was €724 million, down from €785 million in Q2 and 11.2% year-over-year.

• Leasing & Services margins at €647 million in Q3 2024, down 6.8% vs. Q2; used car sales profit per unit at €1,420, down from €1,480 in Q2.

• Cost-to-income ratio at 63.4% in Q3 2024.

• Earning assets up 5.8% year-over-year to €53.1 billion as of 30 September 2024.

Outlook and guidance

• On track to achieve €120 million in synergies for 2024, with €80 million realized year-to-date.

• Confident in maintaining margin guidance at 530–550 bps; no change to outlook despite lower interest rates.

• Ongoing reduction in derivatives portfolio expected to lower future income statement volatility.

• Commercial selectivity in fleet management to restore margins.