Strong Q1 2025 financial results and integration gaining momentum
Q1 2025 RESULTS
Gross operating income stood at EUR 819 million, up +3.3% vs. EUR 793 million in Q1 2024
Leasing and Services margins stood at EUR 708 million, up +2.9% vs. EUR 689 million in Q1 2024. Underlying margins1 stood at 562 bps of average earning assets in Q1 2025 vs. 522 bps in Q1 2024.
Used car sales (UCS) result and depreciation adjustments stood at EUR 111 million up +5.8% vs. EUR 105 million in Q1 2024 thanks to slower used car sales market normalization and lower depreciation adjustments. UCS result and depreciation adjustments per unit stood at EUR 703 up vs. EUR 689 in Q1 2024 and EUR 239 in Q4 2024
Synergies2 stood at EUR 61 million in Q1 2025, up from EUR 20 million in Q1 2024 and EUR 41 million in Q4 2024.
Cost to income ratio1 stood at 58.0%, down 9.7pp vs. Q1 2024 which stood at 67.7%
Cost of risk3 stood at 23 bps vs. 25 bps in Q1 2024
Net income group share stood at EUR 220 million, up 21.3% vs. EUR 181 million in Q1 2024
Return on Tangible Equity (ROTE)4 stood at 11.0% vs. 9.4% in Q1 2024
Earnings per share5 stood at EUR 0.24 vs. EUR 0.20 in Q1 2024
Earning assets6 up 1.4% vs. end March 2024, underpinned by the increase in vehicles’ value
CET1 ratio at 13.2% as at end March 2025, including favourable impact of CRR3 implementation
On 30 April 2025, Tim Albertsen, CEO of Ayvens, commenting on the Q1 2025 Group results, stated:
“I am happy to share that Ayvens has delivered a strong financial performance across the board for the first quarter of 2025 and has continued on its integration and transformational journey at a high pace.
Integration is progressing according to plans and in line with budget without deviation. Eleven out of twenty-one overlapping countries have migrated and today more than half of the total fleet is managed on a single IT platform in each country. Besides, following the approvals by work councils on the Group’s restructuring plans, Ayvens has now started to implement its target operating model for all corporate functions and IT activities to make our organization leaner, simpler and more efficient. As a result of the outstanding execution completed so far, synergies have accelerated, both on revenues and operating expenses.
As several key milestones have now been reached on our integration roadmap and after the 2024 thorough review of our business portfolio, we are now building-up a sustainable and profitable growth path for the coming quarters through targeted and complementary commercial initiatives with all our clients and partners, showing a commercial momentum that we expect to materialize towards the end of the year.
Lastly, I want to thank warmly all our teams for their high commitment, professionalism and resilience, keeping clients and partners in strong focus. I also want to thank our clients and partners who have been with us all the way. Together, we’re making this journey an outstanding success.”
Q1 2025 FINANCIAL RESULTS
Asset growth driven by increase in vehicle value
Earning assets increased by 1.4% year-on-year to EUR 53.5 billion as at 31 March 2025. Growth was driven by the transition to EVs, which have a higher value than ICE cars.
Ayvens’ total fleet amounted to 3.246 million at end March 2025, down -3.8%7 year-on-year and down -1.3% vs. end December 2024, reflecting the continued impacts of the portfolio review that was operated throughout 2024 and the proactive actions taken to restore profitability.
Fleet management contracts reached 662 thousand vehicles as at 31 March 2025, a decrease of -3.5% vs. end March 2024 and -1.5% vs. end December 2024.
Full-service leasing contracts reached 2,584 thousand vehicles as at end March 2025, down -3.9%7 year-on-year and -1.2% vs. end December 2024.
EV penetration reached 41%8 of new passenger car registrations in Q1 2025 vs. 36% in Q1 2024 and stable overall vs. 2024. Ayvens’ BEV9 and PHEV9 penetration stood at 30% and 11% respectively in Q1 2025.
Income statement
Ayvens net income (Group share) stood at EUR 220 million in Q1 2025, marking a 21.3% increase vs. Q1 2024. This strong performance results from the combined effects of increasing revenues, both in margins and used car sales, and lower operating expenses, highlighting the strength of Ayvens’ business model and the growing benefits of the integration.
Gross operating income
In Q1 2025, gross operating income reached EUR 819 million, up +3.3% compared to Q1 2024 and up +14.9% compared to Q4 2024, thanks to increased margins and higher used car sales result and depreciation adjustments compared to both Q1 2024 and Q4 2024.
Leasing contract and Services margins
Taken together, Leasing and Services margins reached EUR 708 million in Q1 2025, an increase of +2.9% compared to Q1 2024 and +4.9% compared to Q4 2024.
Underlying margins increased by +10.1% compared to Q1 2024 and +4.3% in euros compared to Q4 2024, supported by the continued measures to increase margins and by the robust ramp-up of revenue synergies, mainly from procurement and insurance, at EUR 42 million this quarter vs. EUR 20 million in Q1 202410. Underlying margins11 are trending higher, at 562 bps vs. 522 bps in Q1 2024 and 541 bps in Q4 2024.
Non-recurring items totaled EUR -44 million in Q1 2025 vs. EUR +5 million in Q1 2024, consisting in impact of hyperinflation in Turkey for EUR -34 million (vs. EUR -2 million in Q1 2024), mark-to-market (MtM) of derivatives and breakage revenues for EUR -7 million (vs. EUR +10 million in Q1 2024) and PPA impacts for EUR -2 million, unchanged vs. Q1 2024.
Used car sales result and Depreciation adjustments
Ayvens’ Q1 2025 UCS result and Depreciation adjustments reached EUR 111 million, higher than in Q1 2024 which stood at EUR 105 million. While the normalization of the UCS market is slowing, the UCS result and depreciation adjustments was positively impacted by the reduction in the release of prospective depreciation and PPA depreciation as well as by an increase in volume of cars sold:
- UCS result per unit stood at EUR 1,229 in Q1 2025, vs. EUR 1,267 in Q4 2024 and EUR 1,661 in Q1 2024;
- PPA impact amounted to EUR -28 million in Q1 2025 vs. EUR -75 million in Q1 2024 and release of prospective depreciation amounted to EUR -55 million vs. EUR – 72 million in Q1 2024.
- Volume of cars sold amounted to 157 thousand units vs. 152 thousand in Q1 2024.
As a result, UCS result and Depreciation adjustment per unit reached EUR 703 in Q1 2025 vs. EUR 689 in Q1 2024.
As at 31 March 2025, PPA on lease assets has been fully depreciated, hence will have no more impact on future UCS and depreciation adjustments going forward. As from Q2 2025, the Group’s stock of reduction in depreciation costs yet to be reversed was EUR 248 million.
Operating expenses
In Q1 2025, Ayvens’ operating expenses amounted to EUR 473 million, down from EUR 490 million in the same period last year and from EUR 475 million in Q4 2024.
Cost to achieve12 (CTA) amounted to EUR 36 million compared to EUR 26 million in Q1 2024 and EUR 41 million in Q4 2024.
Excluding non-recurring items, operating expenses decreased by -5.6% vs. Q1 2024. Restated for the impact of IFRIC 21 on business taxes, Q1 2025 underlying operating expenses stood at EUR 431 million compared to EUR 434 million in Q4 2024. With the combined effect of increased underlying revenues and operating expenses, the Cost/Income ratio (excl. UCS result and depreciation adjustments) improved to 58.0% from 67.7% in Q1 2024 and from 60.2% in Q4 2024.
Cost of risk
Impairment charges on receivables came in at EUR 31 million in Q1 2025, compared to EUR 33 million in Q1 2024 and EUR 36 million in Q4 2024. The cost of risk13 stood at 23 bps in Q1 2025 vs. 25 bps in Q1 2024, at mid-cycle level.
Net income
Income tax expense came in at EUR -95 million up from EUR -88 million in Q1 2024, as a result of a higher profit before tax. The effective tax rate decreased to 30.0% from 31.5% in Q1 2024, still impacted by non-deductible expenses related to hyperinflation accounting in Turkey.
Non-controlling interests were EUR -1 million vs. EUR -11 million in Q1 2024 following the redemption of LeasePlan’s Tier 1 capital with third parties on 29 May 2024.
Ayvens’ net income group share reached EUR 220 million in Q1 2025, compared to EUR 181 million in Q1 2024 and EUR 160 million in Q4 2024.
Diluted Earnings per share14 was EUR 0.24 vs. EUR 0.20 in Q1 2024.
The Return on Tangible Equity (ROTE) came in at 11.0% in Q1 2025 vs. 9.4% in Q1 2024 and 7.8% in Q4 2024.
BALANCE SHEET AND REGULATORY CAPITAL
Financial structure
Group shareholders’ equity15 totalled EUR 10.6 billion as at 31 March 2025 compared to EUR 10.4 billion as at 31 December 2024. Net asset value per share16 (NAV) was EUR 12.94 and net tangible asset value per share (NTAV) was EUR 9.52 as at 31 March 2025, compared to EUR 12.70 and EUR 9.28 respectively as at 31 December 2024.
Total balance sheet decreased from EUR 75.1 billion as at 31 December 2024 to EUR 73.6 billion as at 31 March 2025, due to lower financial debt.
Financial debt stood at EUR 38.2 billion at the end of March 2025 compared to EUR 40.1 billion at the end of December 2024, while deposits reached EUR 14.5 billion compared to EUR 13.9 billion at the end of December 2024.
As part of its active liquidity management strategy, Ayvens continued to diversify its funding by issuing EUR 1 billion bonds in Q1 2025, of which a EUR 500 million tranche maturing in November 2027 and EUR 500 million tranche maturing in February 2030. The amounts and maturities raised confirm the market’s robust appetite for Ayvens debt instruments.
The Group has access to ample short-term liquidity, with cash holdings at central bank reaching EUR 4.5 billion and an undrawn committed Revolving Credit Facility of EUR 2.2 billion in place. Ayvens has strong long-term debt credit ratings from Moody’s (A1), S&P Global Ratings and Fitch Ratings (A-).
Regulatory capital
From 1 January 2025, Ayvens has applied CRR3/CRD5 rules to compute risk-weighted assets (RWA) and prudential capital ratios resulting in an increase in its CET 1 ratio.
Ayvens’ risk-weighted assets (RWA) totaled EUR 56.7 billion as at 31 March 2025, with credit risk-weighted assets accounting for 90% of the total. The EUR 2.3 billion decrease compared to 31 December 2024 is mainly explained by a EUR 3.4 billion decrease in operational RWA under CRR3/CRD5 rules offset by a EUR 1.1 billion increase in off balance sheet (order bank, guarantees, forward deposit) and miscellaneous items vs. 31 December 2024.
Ayvens had a strong Common Equity Tier 1 ratio of 13.2%, i.e. 385 basis points above the regulatory requirement of 9.35%, and Total Capital ratio of 17.2% as at 31 March 2025 compared to 12.6% and 16.4% respectively as at 31 December 2024.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
- Date: 30 April, at 10.00 am Paris time – 9.00 am London time
- Speakers: Tim Albertsen, CEO / Patrick Sommelet, Deputy CEO and CFO
CONNECTION DETAILS
- Webcast: Click https://edge.media-server.com/mmc/p/7dj3p2nb
- Conference call:
- FR: +33 1 70 91 87 04
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Other countries: + 39 02 802 09 11
- Access code: 457698
AGENDA
- 19 May 2025: General assembly of shareholders
- 26 May 2025: Dividend detachment
- 28 May 2025: Dividend payment
- 31 July 2025: Q2 and H1 2025 results
- 30 October 2025: Q3 and 9M 2025 results
| About Ayvens | ||
| Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals. | With more than 14,000 employees across 41 countries, 3.2 million vehicles and the world’s largest multi-brand EV fleet, we are in a unique position to lead the way to net zero and spearhead the digital transformation of the mobility sector. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens majority shareholder. Find out more at ayvens.com | |
| Press contact | |||
| Elise Boorée Communications Department Tel: +33 (0)6 25 01 24 16 elise.booree@ayvens.com | |||
The information contained in this document (the “Information”) has been prepared by Ayvens (the “Company”) solely for informational purposes. The Information is proprietary to the Company. This document and its content may not be reproduced or distributed or published, directly or indirectly, in whole or in part, to any other person for any purpose without the prior written permission of the Company.
“Ayvens” refers to the Company and its consolidated entities.
The Information is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy, and does not constitute a recommendation of, or advice regarding investment in, any security or an offer to provide, or solicitation with respect to, any securities-related services of the Company. This document is information given in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Investors should consult the relevant offering documentation, with or without professional advice when deciding whether an investment is appropriate.
This document contains forward-looking statements relating to the targets and strategies of the Company. These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union. These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Company may be unable to:
– anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;
– evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document.
Therefore, although the Company believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to various risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in the Company’s markets in particular, regulatory and prudential changes, and the success of the Company’s strategic, operating and financial initiatives. Unless otherwise specified, the sources for the business rankings and market positions are internal.
Other than as required by applicable law, the Company does not undertake any obligation to update or revise any forward-looking information or statements, opinion, projection, forecast or estimate set forth herein. More detailed information on the potential risks that could affect the Company’s financial results can be found in the 2024 Universal Registration Document filed with the French financial markets authority (Autorité des marchés financiers).
Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Company when considering the information contained in such forward-looking statements. To the maximum extent permitted by law, none of the Company or any of its affiliates, directors, officers, advisors and employees shall bear any liability (in negligence or otherwise) for any direct or indirect loss or damage which may be suffered by any recipient through use or reliance on anything contained in or omitted from this document and the related document or any other information or material arising from any use of its materials or their contents or otherwise arising in connection with these materials.
The financial information presented for the three-month period ending 31 March 2025 was reviewed by the Board of Directors on 29 April 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date.
By receiving this document and/or attending this document, you will be deemed to have represented, warranted and undertaken to have read and understood the above notice and to comply with its contents.
Appendix
CONSOLIDATED INCOME STATEMENT
| in EUR million | Q1 2025 | Q1 2024 | Var. |
| Leasing revenues | 2,846.3 | 2,659.9 | 7.0% |
| Leasing costs – depreciation | (2,075.0) | (2,008.9) | -3.3% |
| Leasing costs – financing | (487.3) | (443.1) | -10.0% |
| Unrealised gains/losses on financial instruments | (18.9) | 73.3 | -125.8% |
| Leasing margin | 265.1 | 281.2 | -5.7% |
| Services revenues | 1,270.0 | 1,414.1 | -10.2% |
| Cost of services revenues | (826.7) | (1,006.7) | 17.9% |
| Services margin | 443.3 | 407.4 | 8.8% |
| Leasing & Services margins | 708.4 | 688.6 | 2.9% |
| Proceeds of cars sold | 2,313.4 | 2,157.9 | 7.2% |
| Cost of cars sold | (2,120.0) | (1,905.9) | -11.2% |
| Depreciation costs adjustments | (82.7) | (147.5) | 43.9% |
| Used car sales result and Depreciation adjustments | 110.6 | 104.5 | 5.8% |
| Gross Operating Income | 819.0 | 793.1 | 3.3% |
| Staff expenses | (289.6) | (301.3) | 3.9% |
| General and administrative expenses | (137.8) | (140.1) | 1.6% |
| Depreciation and amortisation | (45.4) | (48.2) | 5.8% |
| Total operating expenses | (472.8) | (489.6) | 3.4% |
| Impairment charges on receivables | (30.7) | (33.1) | 7.2% |
| Other income / (expense) | (1.0) | 9.0 | -110.8% |
| Operating result | 314.5 | 279.4 | 12.5% |
| Share of profit of associates and jointly controlled entities | 1.6 | 1.5 | 4.7% |
| Profit before tax | 316.0 | 280.9 | 12.5% |
| Income tax expense | (94.9) | (88.4) | -7.3% |
| Net income | 221.2 | 192.5 | 14.9% |
| Non-controlling interests | (1.2) | (11.1) | 89.0% |
| Net income group share | 219.9 | 181.3 | 21.3% |
BALANCE SHEET AS AT 31 MARCH 2025
| in EUR million | 31 March 2025 | 31 December 2024 |
| Earning assets | 53,483 | 53,565 |
| o/w Rental fleet | 51,464 | 51,550 |
| o/w Finance lease receivables | 2,019 | 2,015 |
| Cash & Cash deposits with the ECB | 5,377 | 5,023 |
| Intangibles (incl. goodwill) | 2,788 | 2,791 |
| Operating lease and other receivables | 7,581 | 8,786 |
| Other | 4,410 | 4,951 |
| Total assets | 73,638 | 75,116 |
| Group shareholders’ equity | 11,351 | 11,135 |
| o/w Group shareholders’ equity excl. AT1 | 10,601 | 10,385 |
| o/w AT1 | 750 | 750 |
| Tangible shareholders’ equity | 7,772 | 7,572 |
| Non-controlling interests | 28.9 | 27.2 |
| Total equity | 11,380 | 11,162 |
| Deposits | 14,500 | 13,891 |
| Financial debt | 38,209 | 40,142 |
| Trade and other payables | 6,321 | 6,465 |
| Other liabilities | 3,229 | 3,456 |
| Total liabilities and equity | 73,638 | 75,116 |
EARNINGS PER SHARE (EPS)
| Basic EPS | Q1 2025 | Q1 2024 |
| Existing shares | 816,960,428 | 816,960,428 |
| Shares allocated to cover stock options and shares awarded to staff | (432,602) | (839,734) |
| Treasury shares in liquidity contracts | (163,293) | (143,312) |
| End of period number of shares | 816,364,533 | 815,977,382 |
| Weighted average number of shares used for EPS calculation17 (A) | 816,163,003 | 815,843,462 |
| in EUR million | ||
| Net income group share | 219.9 | 181.3 |
| Deduction of interest on AT1 capital | (18.7) | (18.3) |
| Net income group share after deduction of interest on AT1 capital (B) | 201.3 | 163.0 |
| Basic EPS (in EUR) (B/A) | 0.25 | 0.20 |
| Diluted EPS | Q1 2024 | Q1 2023 |
| Existing shares | 816,960,428 | 816,960,428 |
| Shares issued for no consideration18 | 19,530,557 | 17,995,041 |
| End of period number of shares | 836,490,985 | 834,955,469 |
| Weighted average number of shares used for EPS calculation (A) | 835,640,591 | 835,066,308 |
| Diluted EPS (in EUR) (B/A’) | 0.24 | 0.20 |
Return on tangible equity (ROTE)
| in EUR million | Q1 2025 | Q1 202419 |
| Group shareholders’ equity | 11,350.7 | 11,036.1 |
| AT1 Capital | (750.0) | (750.0) |
| Dividend provision and interest on AT1 capital20 | (459.1) | (520.5) |
| OCI excluding conversion reserves | 11.6 | 20.7 |
| Equity base for ROE end of period | 10,153.2 | 9,786.3 |
| Goodwill | 2,128.3 | 2,128.3 |
| Intangible assets | 659.6 | 660.3 |
| Average equity base for ROE calculation | 10,103.3 | 9,704.9 |
| Average Goodwill | 2,128.3 | 2,128.3 |
| Average Intangible assets | 661.3 | 653.1 |
| Average tangible equity for ROTE calculation | 7,313.8 | 6,923.5 |
| Group net income after non-controlling interests | 219.9 | 181.3 |
| Interest on AT1 capital | (18.7) | (18.3) |
| Adjusted Group net income | 201.3 | 163.0 |
| ROTE | 11.0% | 9.4% |
CRR2/CRD5 prudential capital ratios and Risk Weighted Assets
| in EUR million | 31-Mar-25 | 31-Dec-24 |
| Group shareholders’ equity | 11,351 | 11,135 |
| AT1 capital | (750) | (750) |
| Dividend provision & interest on AT1 capital21 | (459) | (340) |
| Goodwill and intangible assets | (2,788) | (2,791) |
| Deductions and regulatory adjustments | 133 | 149 |
| Common Equity Tier 1 capital | 7,487 | 7,403 |
| AT1 capital | 750 | 750 |
| Tier 1 capital | 8,237 | 8,153 |
| Tier 2 capital | 1,500 | 1,500 |
| Total capital (Tier 1 + Tier 2) | 9,737 | 9,653 |
| Risk-Weighted Assets | 56,700 | 58,960 |
| Credit Risk Weighted Assets | 50,980 | 49,955 |
| Market Risk Weighted Assets | 2,666 | 2,547 |
| Operational Risk Weighted Assets | 3,054 | 6,458 |
| Common Equity Tier 1 ratio | 13.2% | 12.6% |
| Tier 1 ratio | 14.5% | 13.8% |
| Total Capital ratio | 17.2% | 16.4% |
Tangible book value per share
| in EUR million | Q1 2025 | Q1 2024 | |
| Group shareholders’ equity | 11,350.7 | 11,036.1 | |
| AT1 capital | (750.0) | (750.0) | |
| Interest on AT1 capital | (56.2) | (55.4) | |
| Book value of treasury shares | 15.3 | 18.1 | |
| Net Asset Value (NAV) | 10,559.8 | 10,248.8 | |
| Goodwill | (2,128.3) | (2,128.3) | |
| Intangible assets | (659.6) | (660.3) | |
| Net Tangible Asset Value (NTAV) | 7,771.9 | 7,460.3 | |
| Number of shares22 | 816,364,533 | 815,977,382 | |
| NAV per share | 12.94 | 12.6 | |
| NTAV per share | 9.52 | 9.14 | |
| Net Tangible Asset Value (NTAV) after dividend provision23 | 7,369.0 | 6,995.2 | |
| NTAV per share after dividend provision | 9.03 | 8.57 | |
| NTAV before dividend provision | 9.52 | 9.14 |
Quarterly series
| (in EUR million) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 202324 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
| Leasing margin25 26 | 210.6 | 247.7 | 239.6 | 77.6 | 281.2 | 260.2 | 231.7 | 297.7 | 265.1 |
| Services margin 26 | 156.2 | 293.2 | 413.1 | 388.4 | 407.4 | 426.7 | 414.8 | 377.5 | 443.3 |
| Leasing and Services margins | 366.7 | 540.9 | 652.7 | 466.1 | 688.6 | 686.9 | 646.5 | 675.2 | 708.4 |
| Used Car Sales (UCS) result | 233.2 | 269.5 | 321.1 | 254.7 | 252.0 | 234.0 | 222.3 | 199.6 | 193.4 |
| Depreciation adjustments | 131.7 | (24.5) | (141.7) | (161.0) | (147.5) | (136.3) | (145.2) | (162.0) | (82.7) |
| UCS result and Depreciation adjustments 25 | 364.9 | 245.0 | 179.4 | 93.7 | 104.5 | 97.7 | 77.2 | 37.7 | 110.6 |
| Gross operating income | 731.6 | 785.9 | 832.2 | 559.8 | 793.1 | 784.5 | 723.7 | 712.9 | 819.0 |
| Total operating expenses | (260.5) | (369.7) | (444.5) | (516.9) | (489.6) | (475.3) | (459.9) | (474.6) | (472.8) |
| Impairment charges on receivables | (8.8) | (15.7) | (21.8) | (24.4) | (33.1) | (30.5) | (28.8) | (36.1) | (30.7) |
| Other income/(expense) | (20.6) | 33.1 | (12.4) | (28.8) | 9.0 | (1.2) | (7.3) | (2.7) | (1.0) |
| Net result from equity method | 0.8 | 0.8 | 3.3 | 1.6 | 1.5 | 2.3 | 2.0 | 4.4 | 1.6 |
| Profit before tax | 442.6 | 434.3 | 356.7 | (8.7) | 280.9 | 279.9 | 229.7 | 203.9 | 316.0 |
| Income tax expense | (125.6) | (101.4) | (131.5) | (0.8) | (88.4) | (71.4) | (81.6) | (42.7) | (94.9) |
| Result from discontinued operations | – | (91.3) | 14.0 | (0.2) | – | – | – | – | – |
| Non-controlling interests | (1.5) | (4.8) | (11.2) | (10.4) | (11.1) | (12.5) | (1.4) | (1.6) | (1.2) |
| Net income group share | 315.5 | 236.7 | 228.0 | (20.2) | 181.3 | 195.9 | 146.7 | 159.7 | 219.9 |
| (in ‘000) | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
| Total Contracts | 1,815 | 3,496 | 3,394 | 3,420 | 3,386 | 3,373 | 3,332 | 3,288 | 3,246 |
| Full service leasing contracts | 1,473 | 2,755 | 2,692 | 2,709 | 2,699 | 2,686 | 2,653 | 2,616 | 2,584 |
| Fleet management contracts | 342 | 741 | 703 | 710 | 686 | 686 | 680 | 672 | 662 |
1 Excluding UCS result, non-recurring items and impact of PPA
2 Management information
3 Annualized impairment charges on receivables expressed as a percentage of average earning assets
4 Net income group share after deduction of interest on AT1 capital divided by average shareholder equity before non‑controlling interests, goodwill and intangible assets
5 Diluted Earnings per share, calculated according to IAS 33. Basic EPS for Q1 2025 at EUR 0.25
6 Net carrying amount of the rental fleet plus net receivables on finance leases
7 Q1 2024 on a like-for-like perimeter, restated due to derecognition of Morocco as at 31 December 2024
8 Management information, in EU+: European Union, UK, Norway, Switzerland
9 Battery Electric Vehicles (BEV) and Plug-in Hybrids (PHEV)
10 Management information
11 Annualized
12 Management information
13 Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets
14 Calculated according to IAS 33. Basic EPS at EUR 0.25. Under IAS 33, EPS is computed using the average number of shares weighted by time apportionment
15 Excluding Additional Tier 1 capital
16 Before dividend provision
17 Average number of shares weighted by time apportionment
18 Assuming exercise of warrants as per IAS 33
19 Group shareholders’ equity restated for PPA update and provision for UK motor finance commissions
20 The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital
21 The dividend provision assumes a payout ratio of 50% of Net Income group share, after deduction of interest on AT1 capital
22 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares
23 The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital
24 Restated for the provision related to the UK motor finance commissions
25 Change in presentation of GOI components: prospective depreciation was reclassified from Leasing costs – depreciation in Leasing margin to Depreciation costs adjustments in Used car sales result and depreciation adjustments. This change is applied retrospectively to all periods.
26 Reclassification of depreciation costs for short-term rental vehicles from Leasing to Services margin applied retrospectively to all periods from 2023.
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