Ayvens (AYV) Q3 2025 TU earnings summary

Executive summary

• Net income group share reached EUR 273 million in Q3 2025, up 85.9% year-over-year, driven by strong margin growth, cost discipline, and integration synergies.

• EUR 700 million will be distributed to shareholders via a EUR 360 million share buyback and an exceptional EUR 0.42 per share dividend, optimizing capital structure.

• Strategic roadmap execution and operational scaling in used car leasing supported profitability and sustainable growth.

• Integration of LeasePlan progressing well, with 16 of 21 overlapping countries migrated and EUR 251 million in synergies delivered in the first nine months.

• CEO transition announced, with Philippe de Rovira to succeed Tim Albertsen on 1 December 2025.

Financial highlights

• Leasing and Services margins rose to EUR 776 million, up 20.1% year-over-year; underlying margins at 593 bps vs. 521 bps in Q3 2024.

• Gross operating income increased 17.6% to EUR 851 million.

• Cost-to-income ratio improved to 52.8% in Q3, down 10.6 percentage points year-over-year; 56.1% for nine months.

• Return on Tangible Equity (ROTE) at 14.3%, up from 7.2% in Q3 2024.

• Diluted EPS was EUR 0.30, up from EUR 0.15 in Q3 2024.

Outlook and guidance

• Full-year 2025 cost-to-income guidance maintained at 57%-59%.

• Management expects an increase in operating expenses for the remainder of 2025 due to year-end closing activities.

• UCS result and depreciation adjustment per unit for 9M 2025 is slightly above FY 2025 guidance range.

• Expect slight fleet growth in 2026 as restructuring efforts conclude and order intake improves.

• Guidance for cost to achieve (CTA) remains around EUR 120 million for the year.