Ayvens (AYV) investor relations material

Executive summary

• Q3 net income attributable to shareholders was €240.1m, down 11.9% YoY; stronger margins and lower costs partly offset sharply weaker used-car results.

• 9M net income was €754m, down 1.2% YoY; performance remained on track for 2026 financial targets.

Financial highlights

• Q3 gross operating income was €739.4m, down 13.1% YoY; profit before tax was €306.4m.

• Q3 underlying margins rose 4.6% YoY to €817m; leasing and services margins were €760.8m, down 2.0%.

• Q3 operating expenses fell 5.1% to €407m; underlying expenses were €402m, down 2.5% excluding costs to achieve.

• 9M gross operating income was €2,310m, down 8.5%; operating expenses fell 8.1% to €1,239m and profit before tax declined 7.3% to €1,011m.

• 9M diluted EPS increased to €0.90 from €0.87.

Outlook and guidance

• 9M performance remained on track for 2026 targets; full-year cost-to-income ratio is expected to beat prior 52% guidance.

• PowerUP 2026 targets remain on track, with execution of the 2029 strategic plan next.

• Gross used-car sales result per unit was €118 in Q3 and €313 for 9M, in line with guidance; 2027 used-car guidance is due with FY 2026 results.

• Full-year effective tax rate is expected to be similar to the 9M level; Q3 benefited from one-off tax gains.

• Management estimated each 100 bps increase in interest rates is worth €20m, citing the ability to pass rate increases to customers.