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Grenke (GLJ) investor relations material
Grenke Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Leasing new business volume grew 9.3% year-over-year to €2.4 billion for Q1–Q3 2025, with a CM2 margin of 17.1% and strong performance in DACH, Western, and Southern Europe, but a decline in Northern/Eastern Europe.
Group earnings after tax for Q1–Q3 2025 were €48.6 million, down 14.7% year-over-year, but Q3 2025 earnings rose 86.7% to €22.4 million, showing a positive quarterly trend.
Cost discipline improved the cost-income ratio to 55.4% for Q1–Q3 2025, with Q3 2025 at 53.5%, already meeting midterm targets.
Equity ratio remained stable at 16.0%, supporting a solid capital base.
The company maintained a profitable growth strategy, stable equity, and improved efficiency.
Financial highlights
Q3 2025 leasing new business was €781 million, up from €739 million in Q3 2024, with net interest income up 12.2% for Q1–Q3 2025.
Operating result before risk provisions rose 19.7% for Q1–Q3 2025, with group earnings for the period at €48.6 million.
Loss rate increased to 1.8% for Q1–Q3 2025, reflecting higher defaults and portfolio growth.
Cash position normalized to €775 million at September 30, 2025, after investments in new lease receivables.
Embedded value of leasing contract portfolio was €1.6 billion.
Outlook and guidance
2025 guidance reaffirmed: leasing new business expected at €3.2–3.4 billion, CM2 margin above 16.5%, cost-income ratio below 60%, and group earnings between €71–81 million.
Group earnings expected at the lower end of the range if the loss rate remains at 1.8%.
Equity ratio projected to remain around 16% for the full year.
Rationale for new business reporting change?
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Frequently asked questions
Grenke AG is a financial services company specializing in leasing, banking, and factoring solutions for small and medium-sized enterprises (SMEs). The company provides flexible leasing options for office equipment, IT infrastructure, and other business assets, enabling companies to manage their capital efficiently. Additionally, Grenke offers factoring services to improve cash flow by financing accounts receivable. Its banking division provides deposit and lending services. The company is headquartered in Baden-Baden, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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