Q4 and FY 2025 strong financial results
2025 NET INCOME GROUP SHARE OF EUR 996 MILLION, UP 45.7% VS. EUR 684 MILLION IN 2024
FULL YEAR 2025 RESULTS
Leasing and Services margins at EUR 2,944 million, up 9.1% vs. 2024 Underlying margins2 at 565 bps of average earning assets vs. 532 bps in 2024 Net used car sales (UCS) result^3 ^ at EUR 411 million up 29.6% vs. 2024. Net UCS result per unit at 1,075 EUR, at the high end of the guidance Synergies4 at EUR 357 million, in line with guidance Cost to income ratio5 at 56.1% better than guidance and down 7.1 points vs. 63.2% in 2024 Return on Tangible Equity^6 ^ (ROTE) at 12.9% vs. 8.6% in 2024 Earning assets^7 ^ at EUR 53.0 billion, down 1.0% vs. 2024 Total proposed distribution for 2025 of EUR 1,150 million8 CET1 ratio at 13.2% as at end 2025
Q4 2025 RESULTS
Leasing and Services margins at EUR 747 million, up 10.7% vs. Q4 2024 Underlying margins at 567 bps of average earning assets vs. 541 bps in Q4 2024 Net used car sales (UCS) result at EUR 83 million x2.2 vs. Q4 2024 Cost to income ratio at 56.2% down 4 points vs. 60.2% in Q4 2024 Net income group share at EUR 232 million up 45.2% vs. Q4 2024 Return on Tangible Equity (ROTE) at 12.3% vs. 7.8% in Q4 2024
Since my appointment as CEO of Ayvens on 1 December 2025, I have been positively impressed by the expertise and passion of Ayvens’ teams. Their commitment and focus over the last two years have strongly contributed to the delivery of strong financial results for 2025.
2025 has been marked by key milestones, notably on IT migrations in overlapping countries, with 17 countries and 90% of the Group’s fleet now operating on the targeted IT platform of each country. The Group has engaged into a leaner and more efficient operating model.
These actions have translated in growing synergies, higher margins and a lower cost base. The strengthening of Ayvens’ asset management capabilities and the strict monitoring of residual values have allowed the Group to anticipate effectively the impacts of the ongoing normalization of used-car markets which is expected to continue going forward.
In 2025 Ayvens has delivered a cost to income ratio better than guidance and a sharp increase in the Group’s ROTE. On the back of these achievements, I am pleased to confirm the PowerUp 2026 financial targets on cost to income and ROTE. For 2026, Ayvens will continue to prioritize profitability and asset risk management and enhance further its focus on customer satisfaction and operational excellence.
1 The financial information presented for the financial year ending 31 December 2025 was approved by the Board of Directors on 5 February 2026 under the chairmanship of Pierre Palmieri and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The audit procedures carried out on the consolidated annual financial statements are in progress 2 Leasing and services margins excluding non-recurring items 3 Used car sales result including depreciation adjustments 4 Management information 5 Excluding UCS result and non-recurring items 6 Net income group share after deduction of interest on AT1 capital divided by average shareholder equity before non‑controlling interests, goodwill and intangible assets 7 Net carrying amount of rental fleet plus net receivables from finance leases 8 Subject to the approval of the Annual General Meeting of shareholders on 13 May 2026
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