Ayvens (AYV) H1 2024 earnings summary

Executive summary

• Net income group share reached €189 million in Q2 2024, stable versus Q1 and up 8% sequentially, with strong cost discipline and LeasePlan integration progress, including legal and IT milestones in key countries.

• Focus on profitable growth, sustainable mobility, and responsible EV asset management throughout the vehicle lifecycle.

• Earning assets rose 9.5% year-on-year to €53.2 billion, driven by higher car prices and EV transition.

Financial highlights

• Margins improved to 539 bps of earning assets, up 17 bps from Q1 2024; leasing & services margins at €693 million, down 1.9% sequentially.

• Used car sales result per unit at €1,480 in Q2 2024, slightly down from earlier in the year.

• Underlying cost-to-income ratio improved to 61.9%, a 6 percentage point improvement; operating expenses down 2.9% quarter-on-quarter.

• Net income group share for Q2 2024 was €189.5 million, down 22.9% year-over-year; return on tangible equity at 9.6%.

• Earning assets grew 9.5% year-on-year to €53.2 billion; funded fleet up 0.8% year-on-year; total contracts declined 3.5% year-on-year to 3,373,000.

Outlook and guidance

• 80% of 2024 funding program executed by end of Q2; on track to achieve €120 million pre-tax synergies for 2024, with €47 million delivered in H1.

• Underlying H1 2024 cost-income ratio at 64.7%, at the low end of full-year guidance (65%-67%).

• Commercial strategy shifting to reignite fleet growth, with margin guidance unchanged for the full year.

• Continued focus on integration, cost discipline, and prudent EV asset management.